James: This country's the land of opportunity, there's just a group of people in this country who have not been afforded the opportunity yet.  

Maverick: Advancing Black Pathways has been started by JPMorgan Chase. We put together a council to really focus on three areas of concern for black people in this country.  

Soledad: Wealth,education and careers are actually intertwined. They have to be considered simultaneously. If you can solve the problem, and it is a problem, about the lack of black wealth, you can move the needle on a lot of issuesin not just the black community, but in America as a whole.  

Richelieu: Part of those pillars is the Advisory Board, right, of people that come from different walks of life and that have figured out ways to break through in each of those ways, now getting together to collectively think through how to bring this breakthrough. 

Mellody: The numbers are very, very clear. For every $100 that a white American has in wealth, African-Americans have five dollars. So there are these wealth gaps that exist that ultimately lead to less economic prosperity for the black community.  

Kevin: As a person that came up with nothing, um, and there was a bunch of people just like me that didn't ask, didn't know, didn't care. I got to a point in my life where I was around people who gave information that I never knew existed. So Advancing Black Pathways is giving people understanding.  

Richelieu: We now have a well-resourced organization that is intentional, that is building pillars underneath that intention so that these intentions can be executed.  

Soledad: Calling it Black Pathways, we're very clear. This is about black people and we're going to advance the multiple pathways in which they can be successful and actually grow wealth for black people.  

[Upbeat Music] 

A girl boss is someone who is redefining success for herself. 

Anonymous: I'm no longer afraid of taking it all over. [Inaudible] I'm coming for you, I'm not afraid!  

Sam Saperstein: We are committed to this, we are committed to the success of supporting more women-owned businesses. 

Keosha Burns: For the last many decades, women have really been coming up in the business world.  

Kendra Scott: I knew what I was good at, but more importantly, I knew what what I wasn't good at.  

Aniyia Williams: The most important thing is to learn everything you can about money.  

Winnie Sun: I love the idea of actual stocking away some of the money into a roth IRA.  

Kelli Keough: It's not just investing as a goal, it's what's your goal, what are you saving for, what are you personally investing for?  

Genia Wilbourn: Being genuine, I think staying grounded  

Jenny Galluzzo: Women enter the workforce at nearly 50% participation, yet at Fortune 500 companies, 5% of women are CEOs.  

Renae Bluitt: This is the best way that I could have ever invested in myself.  

Jocelyn Wong: What does it mean to know my value?  

Jessica O. Matthews: We are who we are because of this, because we have so many different perspectives in the room, at the table, when it counts.  

Christina Dello Buono:

Many parents often wonder how to teach their kids about the value of money. Especially now, parents are busier than ever, whether they're overseeing virtual schooling, balancing work and home life, or making budget decisions amidst a global pandemic. Chase just launched Chase First Banking, its newest tool to help parents teach teens and kids about money matters. We have Head of Digital for Consumer and Community Banking Allison Beer with us.

Allison, what is Chase First Banking and what makes this account unique?

Allison Beer:

Chase First Banking is a digital, first bank account for kids. And the unique feature is that it's geared for kids that are ages six and up. It is a tool that's meant to facilitate the kinds of conversations that so many American families are having right now around the dinner table about healthy financial habits, so learning to earn, save and spend healthily. The team in the Consumer Bank really got to know the customer and got to know the real pain points for parents and kids. And the team in Digital partnered with them to make sure that we had this great, digital, first experience for kids and parents. Kids are able to get their own Chase.com app, but it's completely controlled by the parents.

Christina Dello Buono:

Many kids have been home with their parents during the pandemic. Would you say this tool is more important now than ever?

Allison Beer:

Absolutely. I think for a couple of reasons. One, the macro environment really leads families to be reconsidering how they're spending, how they're saving. You know, it hearkens back to past financial crises, and anyone who grew up during that, it was a pivotal moment for kids to watch their families really confront that. And I think a lot of people learned that those were really great teaching moments. And so we're seeing more and more people use this as an opportunity. And the research that the Consumer Bank has done is that parents want tools to be able to facilitate those conversations.

And parents are busier than ever, right? I know my kids were homeschooled through the spring. And the idea of me sitting down between my Zoom calls and their Zoom calls to launch a financial education lesson just seemed unrealistic. And so the beauty of this tool is that it is so simple. Parents can open a kid's account through Chase.com or on the Chase Mobile app, and they learn by doing. It's just a really easy tool to help parents have those conversations.

Christina Dello Buono:

In grade school, you don't always learn about financial education. Why is it critical to learn good money habits early?

Allison Beer:

Well, I think for a few reasons. The first is the research shows that the younger that kids have savings accounts, the more likely they are to graduate from college. Financially healthy families really help to have financially healthy kids. And that outcomes are better the earlier that you learn about financial health. We hear that from customers. The Consumer Bank really did a ton of research on exactly “how do we meet the needs of families” and came up with the design for Chase First Banking. And then it's been a real pleasure to be with the Digital team as we fulfill on that mission to bring forth a product just like Chase First Banking.

Christina Dello Buono:

Allison, you have young children. Have they used this debit card or digital technology yet? And what do you hope they learn from it?

Allison Beer:

So they have used it. I believe in testing all of our products. And so they were early adopters because I wanted to make sure that everything worked the way that we intended it to work. They're seven years old, and they love it. And it has done what it was meant to do, which is facilitate conversations about what healthy financial habits look like.

So when you get $5 for allowance, it doesn't mean that you have $5 necessarily to just go and spend on video games.

That some of that funds are something that you should be saving over time, which is a concept that even seven- and eight-year-olds can grasp. And they absolutely love having their own debit card.

Christina Dello Buono:

Great. Well, thank you for joining me today.

Allison Beer:

Thank you.