Why is Money Path needed now?
Money Path is our newest innovation in equipping teens with the tools for financial freedom. Sponsored by Heartland Advisors Inc., this cutting-edge, web-based financial education application allows students to explore how their decisions about college, career, budgeting, and saving will impact their long-term goals and lifelong financial success.
- There are 45 million borrowers who collectively owe over $1.6 trillion in student loan debt in the U.S. (US Federal Reserve)
- Among those with student loans, nearly half (48%) are concerned that they will not be able to pay off their loans. (2018 FINRA National Financial Capability Study)
- Nearly half of high school seniors graduating in 2020 have changed their post-graduation plans in light of current events. (CNBC)
- More than half of Americans feel that their personal finances are a source of anxiety. For young adults, the percentage is even greater. (2018 FINRA National Financial Capability Study)
In 2013, after nearly 30 years helping others manage risk in the financial planning industry, Pat Rorabeck decided to take a risk of his own and pursue a new career path focused on changing lives with teen literacy organization SecureFutures.
Pat’s insight and professional knowledge, combined with the experience of the SecureFutures team in working directly with teens on managing their finances, gave the organization a unique perspective on the needs of young adults graduating high school. Teens didn’t have all of the tools and resources to evaluate the important decisions that faced them: what form of higher education or job training to pursue, starting pay for career options, how to save and budget for major purchases, how much student loan debt they could manage.
Pat and the SecureFutures team decided it was time for a solution: a high-impact, easy-to-use software application that would empower young adults to learn, plan, and make decisions about their futures with knowledge and confidence. After an extensive process of soliciting feedback from educators and students, Money Path was launched in 2018 with key sponsorship from Bill and Marian Nasgovitz and Heartland Advisors Inc. Since then, it has set more than 10,000 young adults on the road to financial capability and independence.