What we know
“Lack of Rainy Day Fund”
In the U.S., 46% of individuals lack a rainy day fund to cover expenses for three months, in case of emergencies such as sickness, job loss or economic downturn. Individuals without this emergency fund lack adequate protection against financial emergencies or other shocks which may threaten their financial stability.1
“Unbanked”
13.8 percent of the U.S. households with black ethnicity were unbanked in 2019, which means that they had no account at an insured institution. The corresponding rate for households with American Indian or Alaska Native ethnicity was 16.3 percent.2
Tyehimba & Associates Consulting aims to reach individuals and communities who, by definition, are unbanked and unprepared.
It is the team’s vision to be a beacon of sound fiscal information that builds broader understanding of the fundamental financial principles of money management and financial literacy. Our primary objective is to use and share our earned and learned knowledge to build stronger, financially literate individuals, families and communities who are better educated and positioned to create generational wealth, while also updating the statistics, changing the narrative and closing the wealth gap.
Middle School Students
At Tyehimba & Associates Consulting, we believe that sound financial management begins with managing behavior. Understanding that managed behavior begins early, we believe that sharing fiscal responsibility at this age is the absolute best time for students, families and communities alike. Our aim is to connect with middle school students when their peer group and popular culture begin to show more influence over their daily lives. This is the perfect time to address things that set the tone later in our lives like knowing the difference between wants and needs, the importance of setting attainable savings goals and understanding expenses and income and how these things impact day-to-day life.
High School Students
High school is a crucial time for students to understand the long-term impacts of early financial decisions. In the U.S., many people have their initial employment experiences while still completing high school. These students generally lack the opportunities to discuss the basics of employment like paychecks, bank accounts, taxes and the money management principles of budgeting and saving. This leads to a population of students who enter the workforce without the necessary guidance, which can quickly lead to poor financial decisions early on that can negatively impact future endeavors that can not only cause personal challenges but can also have negative impact on the entire family. Tyehimba & Associates Consulting works diligently to educate this population of high school students with what they need to enter the workforce with baseline understanding of the foundational financial principles. The goal is to increase knowledge and sound fiscal decision making for the future.
College Students
In many of the underserved communities, approximately sixty percent of students are the first in their families to attend college, and that upwards of fifty-six percent of incoming class were recipients of need-based grants.3 Tyehimba & Associates Consulting is committed to introducing financial education to this pioneering student base. Arguably, there is a greater likelihood of current and future success if students are not saddled with excessive debt stemming from uninformed financial decisions.
We believe that exposing first-generation college students to the basic principles of financial education will help increase their long-term financial positions. Tyehimba & Associates Consulting created the “Money Talks” series with college students in mind.
1 From US Financial Capability
2 From Statista
3 Data taken from California State University, East Bay (2021)