Recent Study Shows Nearly 80 Percent of Past
Participants Feel Better Prepared to Manage Their Money
TSX/NYSE/PSE: MFC SEHK:
945
BOSTON, July 6, 2021 /PRNewswire/ - Today, John
Hancock, the US division of
Toronto-based Manulife (NYSE:
MFC), announced the launch of its 14th annual MLK Scholars Program.
The most comprehensive corporate summer jobs program of its kind in
the country, MLK Scholars provides summer employment and digital
financial capability through EVERFI, a leading education technology
company for digital learning, for more than 600 of Boston's youth. A recent study shows that the
MLK Scholars Program and EVERFI curriculum have helped boost
students' financial confidence, with 77 percent of past
participants feeling more prepared to manage their money now than
they did before the program.
"Economic empowerment and financial education are critical for
Boston's young people, and
meaningful work experience helps build long-term positive financial
behaviors and skills," said Boston
Mayor Kim Janey. "For too many,
these opportunities aren't accessible. It is great to see
initiatives like John Hancock's MLK Scholars Program help level the
playing field and foster a diverse future pool of job-ready young
people for Boston's
communities."
The MLK Scholars Program is a unique, cross-sector collaboration
led by John Hancock in partnership with The Boston Globe,
Boston University, Mass General
Brigham, and the City of Boston.
This year, the $1.2 million
initiative will provide over 600 Boston youth with summer job
assignments and bi-weekly, virtual personal development workshops
called Leadership Forums that incorporate the teachings of Dr.
Martin Luther King Jr. and focus on
empowering students on the job, at school and in the community.
Since 2018, the John Hancock Well-Being Education Center through
EVERFI has been a resource not only for participants in the MLK
Scholars program, but for all youth participating in summer
employment programs supported by the Boston Private Industry
Council and the City of Boston.
EVERFI's one-of-a-kind digital education program features financial
capability training and mental wellness resources for young
adults.
EVERFI's platform is proven to help Scholars manage their
financial lives and help them achieve future-oriented goals. Joint
research conducted by EVERFI and John Hancock, titled Employment
and Financial Capability: Experiences of John Hancock Summer Youth
Employment Program Participants, shows that eight in 10 past
program participants feel the education they received through the
John Hancock Well-Being Education Center helped them manage the
money they received. Furthermore, 69 percent of participants
confirm they feel prepared or very prepared when it comes to
setting up and following a budget to manage spending and saving,
compared to 46 percent of their Massachusetts high school peers.
"John Hancock remains deeply
committed to our MLK Scholars program, as we understand the
important role it plays in preparing students for their careers and
financial futures," said Marianne
Harrison, John Hancock president and CEO. "Pairing
employment experience with financial capability training helps open
doors for our City's young people and empowers them to make
educated financial decisions, laying the groundwork for economic
growth and a more equitable Boston."
Last summer, MLK Scholars adjusted to a remote program due to
the pandemic and this year, the program will be held in a hybrid
format, allowing opportunities for both remote and in-person
connections for Boston youth. MLK
Scholars are selected by nonprofit partners for their leadership
potential and will be employed for approximately 20 to 25 hours a
week across 50 local nonprofits and corporations, including John
Hancock, where 36 Scholars will work as high school interns. Of the
36 Scholars working at John Hancock, 14 are returning Scholars and
another 7 are coming back to the company as college interns.
"We know that the best path to a secure financial future is to
learn financial basics from a young age and we are pleased to work
with John Hancock to bring this education to so many young people
across Boston," said Ray Martinez, president and co-founder, EVERFI.
"Ensuring a solid financial understanding has never been more
important than right now, when our youth are being inundated with
opportunities to make financial mistakes that can have a
long-lasting negative impact. The era of learning financial matters
from our mistakes is over and it's our collective responsibility to
ensure the next generation has all the education they need to
achieve financial wellness."
For more information, visit
https://www.johnhancock.com/about-us/corporate-responsibility/mlk-nonprofit.html
Research Methodology
The Employment and Education: Experiences of John Hancock
Summer Youth Employment Program Participants report summarizes
the findings from 85 youth who responded to surveys between July
and August, 2020. Where possible, comparisons are made to responses
from a sample of Massachusetts
high school juniors and seniors participating in EVERFI's financial
education course. Comparisons are drawn from responses collected
before students began an EVERFI financial education course.
About John Hancock and Manulife
John Hancock is a unit of
Manulife Financial Corporation, a leading international financial
services group that helps people make their decisions easier and
lives better. We operate primarily as John Hancock in the United States, and Manulife globally,
including Canada, Asia and Europe. We provide financial advice, insurance
and wealth and asset management solutions for individuals, groups
and institutions. Assets under management and administration by
Manulife and its subsidiaries were CAD$1.3
trillion (US$1.0 trillion) as
of March 31, 2021. Manulife Financial
Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945
on the SEHK. Manulife can be found at manulife.com.
One of the largest life insurers in the United States, John Hancock supports more
than 10 million Americans with a broad range of financial products,
including life insurance, annuities, investments, 401(k) plans, and
education savings plans. Additional information about John Hancock
may be found at johnhancock.com.
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SOURCE John Hancock