Walmart Advances Financial Literacy

Walmart has always been known for breaking new ground, becoming the largest retailer in the world and the biggest private employer globally with more than two million employees.  Now the company is moving aggressively into the financial literacy space with as much focus and energy as the multinational retailer devotes to other corporate and philanthropic initiatives.

In one of Walmart’s latest moves in supporting financial education, the company recently provided funding to Junior Achievement of Alaska to develop and launch financial literacy programs for K-12 students across the state.  The selection of Alaska is particularly fitting given Walmart’s status as the largest global retailer and Alaska’s status as the largest state in the United States by area.  The emphasis of Junior Achievement’s financial education programming is on personal finance topics and preparation of students for future vocational and entrepreneurial opportunities.

While Walmart’s recent support of financial education has been in the spotlight within the financial literacy industry, the company’s efforts in this area are not new.  Nearly five years ago, Walmart declared “National Money Management Day” which was created to assist Walmart customers with their personal financial affairs.  As part of that initiative, Walmart launched a $3 rollback price on its MoneyCard with the company’s objective for the broader program being to save consumers half a billion dollars.  This effort gained significant attention at the time, in part because it targeted the increasing number of individuals who do not use traditional checking accounts to manage their finances.

Similarly, in August 2012, the Walmart Foundation joined six women’s foundations to roll out the Partnership for Women’s Prosperity, a national alliance created to assist economically vulnerable women in gaining greater understanding and control over their financial lives.  And when Walmart gets behind an effort, the impact is far-reaching; to that point, the Walmart Foundation’s grants to the Partnership for Women’s Prosperity helped approximately 5,000 women and girls in more than 15 regions throughout the United States.

Walmart also has taken a more “hands-on” approach to financial literacy than many other national corporate foundations.  One example is the company’s hosting of financial literacy workshops throughout the U.S. designed to teach individuals about a broad range of financial topics, including budgeting, saving, credit, debt and long-term money management.  To broaden the reach of these workshops, Walmart also has partnered with many national organizations, such as the National Urban League, the National Disability Institute, AARP and the National Council on Independent Living, all of which have worked with the retail giant to connect the company’s financial literacy programs to local participants in communities throughout the nation.

Additional information about the Walmart Foundation’s financial literacy efforts, including funding, scholarship and volunteer opportunities, can be found here.   Many other multinational corporations are beginning to follow Walmart’s lead in the area of financial education, which should bode very well for the continued growth and success of the financial literacy industry in 2014 and beyond.