Regina King’s mom always told her to be careful of how much money she spent in comparison to what was saved. Credit cards and loans were also something that was discussed from the time King was a little girl. Because of these early conversations, the Oscar-winning actress now knows she’s had a head start on financial education that others haven’t, especially in the Black community.
Financial literacy rates in the U.S. have been dropping since 2009. Less than one-third of adults ages 18-54 can answer basic questions related to personal finance, creating urgency for new approaches to early financial education. The numbers are even more concerning when we take a look at Black youth.
To help remedy this, King has partnered with Wells Fargo to promote financial health through the work the banking giant has been doing for years. “I was drawn to Wells Fargo given the bank’s continued commitment to underserved communities,” Regina shared with Essence.
One example of this is Wells Fargo’s commitment to making a $1 million donation to inspire more African American participants to join Kollab, a new, Los Angeles-based results-driven program that exposes underserved kids to career opportunities.
King is the first celebrity to majorly partner with Wells Fargo. A big part of her decision to join forces with them is personal. “I was born and bred in LA, so Wells Fargo’s investment into Kollab’s work is something that resonated very deeply with me,” King said. “As a product of LA Unified School District, I’m aware of the lack of resources Black kids in the public school system don’t ha provided at an early age. It’s really incredible I get to be a part of changing that.”
In addition to her support of Wells Fargo’s investment into Black youth, she’s also aligned herself with their latest customer-centered product, the Active Cashcard as the star of their mini-commercials. She says that it’s not just another credit card, it actually puts money back into its users’ pockets no matter what.
“When you hear about cashback for credit cards, it’s usually relating to something really specific,” King explains, referring to most banks that require customers to spend money at certain airlines, stores, or restaurants to receive money back. “The great thing about Active Cash Card is you get a cash reward on everything you purchase. I hadn’t ever heard of a cash card working in that way. It’s something that can benefit everyone from my son’s age who is just now establishing his credit to someone like you and me.”