The Associated Press today announced it will launch a two-year project to advance explanatory reporting on financial literacy, helping spread personal finance knowledge to audiences historically underserved by the financial services industry.
AP will create a financial literacy beat team to help reach a younger, less affluent, and racially and ethnically diverse group of Americans — including people of color, Spanish speakers, and middle and lower-income households.
The team will produce personal finance journalism in words, visuals and graphics, and in multiple languages, while leveraging the expertise of AP’s journalists across the globe to equip AP customers with data and ideas on localizing personal finance stories in their communities.
The effort is supported by Charles Schwab Foundation, a private foundation that is separate from The Charles Schwab Corporation.
AP retains complete editorial control of all content.
“There is a crisis of financial illiteracy in the U.S. that is taking place against a backdrop of widening wealth inequality,” said Noreen Gillespie, AP global business editor. “As government programs that bolstered Americans’ finances during the pandemic begin to fade away, many vulnerable individuals are likely to experience fresh challenges. Now more than ever, it is paramount for AP to build a team dedicated to personal finance journalism that speaks to a truly diverse audience.”
“Financial literacy is a critical life skill that everyone needs, yet too many people in our country don’t have access to the tools and education they need to make smart money decisions,” said Charles Schwab Foundation President Carrie Schwab-Pomerantz. “Together with The Associated Press, Charles Schwab Foundation is helping to level the economic playing field by supporting the creation of personal finance content that is responsive to the financial needs and wishes of underrepresented people and communities.”
The grant from Charles Schwab Foundation is the latest example of how AP works with foundations and nonprofits to expand coverage and reach new audiences.