Partner Spotlight: Rooted School Foundation
Community Financial Resources (CFR) welcomes you to our Partner Spotlight series highlighting the amazing work of our partners and the impact they have on their community. Meet this month’s spotlight: Rooted School Foundation!
Rooted School exists to reimagine and support the role schools play in providing students with personal pathways to financial freedom and then scaling those opportunities so that more students may excel in school and after graduation.
The $50 Study, facilitated by the Rooted School Foundation, is a multi-state randomized control trial that aims to explore the impact of disbursing unconditional cash to high school students. Participating students (grades 9 – 12) receive $50 a week for 40 weeks; in collaboration with the University of Pennsylvania Center for Guaranteed Income Research, Rooted School explores the impact of these cash transfers on outcomes such as academic achievement, school attendance, participant perception of self, and financial well-being.
About the Partnership
The $50 Study / Rooted School Foundation has partnered with CFR to provide participating students with the CFR Focus Card. These cards serve as the disbursement method for the weekly cash transfers.
To date, 173 students have been enrolled in CFR Focus Cards, and over $200,000 has been deposited to students. Rooted School reports that the CFR Focus Cards have been an ideal disbursement mechanism, as students are able to use the cards at stores, online, and at ATMs. Students are also able to check their account balances and transfer money through online and mobile banking platforms. CFR has also been instrumental in providing transaction data to researchers, which is critical to the success of the program.
Impact
Participants have articulated increased financial capability and literacy through their enrollment in Focus Cards. Students can check their balances using the online/mobile app and, because of this, can make decisions regarding how to spend their money in ways that align with their needs, goals, and wants. For many students, this was their first time having access to money that was theirs, and for many students, it was their first time having access to a bank account. Anecdotally, students have articulated that they have learned how to manage and save money better because of their participation in The $50 Study and their access to the Focus Cards through CFR.
Rooted School Staff Member
Final Thoughts
When asked why the economic justice work that CFR does is important to Rooted School and their students, they shared:
We know that our country’s banking laws, policies, and practices are often discriminatory and exclusionary. The students and communities that Rooted School Foundation serves have lived experiences of the impact of these structures and systems. Just as The $50 Study aims to create pathways for upward economic mobility for those often left behind, CFR is equally dedicated to creating a just and fair economy for all.
Rooted School Staff Member
CFR is proud to partner with Rooted School and share their critical work uplifting our community. Learn more about our guaranteed basic income work here.
