Providence, RI – PwC US and Junior Achievement (JA) today announced the launch of JA Build Your Future, an app designed to assist with financial planning as teens look towards post-secondary education and explore their desired careers. This educational resource aims to strengthen the message about the importance of prioritizing financial literacy in our education system while providing a newly developed tool that fits the lives of today’s students. The app is now available for downloading on mobile phones and tablets for both iOS and Android operating systems.
“Average student loan debt is about $26,000, and not all careers generate enough income to pay that off in a timely manner,” says Lee Lewis, president of Junior Achievement of Rhode Island. “JA Build Your Future is a tool that teens, their parents and their teachers can use to make more informed choices about how much money to borrow and to explore educational options.”
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JA Build Your Future allows teens to discover more than 100 careers; see what levels of education are required, from a high school education to a doctorate; learn about potential income; and then calculate the cost of education, including factoring the cost of attending in-state, out-of-state public universities and private universities. Teens can then adjust the level of money they and their parents may contribute, combined with student loans they may need to secure. At the end of the exercise, teens are given a Return on Investment (ROI) score between 1 and 5. A score of 1 suggests it will be difficult to pay off the debt accrued based on future income; 5 indicates that using current factors, there should be less financial hardship paying off debt with estimated future income.
“Through the creation of this app, PwC and Junior Achievement capitalized on our individual assets to create a new solution that will deepen our impact in the marketplace,” said Shannon Schuyler, US Corporate Responsibility Leader at PwC. “Like PwC’s financial literacy curricula, this app brings a new level of scalability to our Earn Your Future commitment, allowing us to reach students and teachers we may not have the opportunity to work with directly in the classroom.”
According to the Consumer Financial Protection Bureau, nearly one-in-three Federal student loans are in deferment, forbearance or default. Amid the rising cost of education, students need resources and tools to financially plan for these costs so they can achieve their goals.
About Junior Achievement of Rhode Island (JA)
Junior Achievement is the state’s largest organization dedicated to giving young people the knowledge and skills they need to own their economic success, plan for their future, and make smart academic and economic choices. JA programs are delivered by corporate and community volunteers and provide relevant, hands-on experiences that give students from kindergarten through high school knowledge and skills in financial literacy, workforce readiness and entrepreneurship. Today, JA reaches more than 7 percent of the Rhode Island student population per year in more than 26 communities across Rhode Island. For more information, visit our website at http://jarhodeisland.org, connect with us on Facebook at www.facebook.com/juniorachievementri, or follow us on Twitter at www.twitter.com/JARhodeIsland.
About PwC US
PwC US helps organizations and individuals create the value they are looking for. We’re a member of the PwC network of firms in 158 countries with more than 180,000 people. We’re committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com/US. Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +.
