Kevin Cohee, Chairman & CEO, OneUnited Bank, an award-winning CDFI and America’s largest Black owned bank.
Financial empowerment is often viewed as a personal milestone, but its influence reaches much further. A single household that manages money wisely sets a precedent for financial stability in families, resilience in neighborhoods and strength in local economies. Multiply that impact, and the result is a more vibrant, inclusive national economy. Yet even with these far-reaching effects, financial literacy continues to be treated as an optional skill set rather than as a cornerstone of true economic progress.
The value of financial literacy is literally “in my blood.” As far back as the 1800s, my great-great-grandfather Charles Cohee Jr., president of the Chickasaw Freedmen, fought for the rights of Black and Indigenous communities by securing land and citizenship and promoting the importance of education and financial literacy, including founding Dawes Academy.
This legacy has continued to guide and empower the mission of OneUnited Bank. As a designated Community Development Financial Institution (CDFI),we are invested in providing our services to all communities, including low- to moderate-income areas where solutions that provide financial empowerment are literally life-changing.
The State Of Financial Literacy In America
Eight years. That’s how long Americans have been hovering around the same level of financial literacy—with little sign of real progress. The latest 2025 P-Fin Index reports that adults, on average, could only answer 49% of its financial knowledge questions. That result is almost identical to where the nation stood in 2017. This stagnation underscores a hard truth: Financial literacy doesn’t improve on its own. Knowledge gaps persist when education isn’t built into our systems.
Considering that only 29% of Americans report taking a personal finance course in high school, many of us enter adulthood without the critical skills to manage our finances effectively. Thus, Americans often make crucial decisions about debt management and retirement savings without a solid financial foundation.
The Broad Benefits Of Financial Literacy
A more financially literate citizenry doesn’t just benefit individuals; it strengthens the entire economy. When people understand how to manage money, they are better equipped to budget wisely, avoid predatory lending and plan responsibly for the future. This can lead to less financial stress, more stable households and communities with stronger purchasing power. On a broader scale, financial literacy helps fuel smarter investing, retirement readiness and long-term wealth creation. The ripple effect is undeniable: When individuals thrive financially, so do neighborhoods, businesses and the national economy.
For over 10 years, OneUnited Bank has partnered with the Black Economic Council of Massachusetts (BECMA), the Miami-Dade Chamber of Commerce (MDCC) and the Pacific Coast Regional Small Business Development Corporation to promote financial literacy and support small business growth. Our collective work and financial contributions have helped hundreds of businesses secure multi-million-dollar contracts, hire more people and achieve growth.
From Literacy To Impact: Community-Driven Solutions
Community development financial institutions (CDFIs) are uniquely positioned to bridge the financial literacy gap. As highlighted by Growth Partners Arizona, partnerships between CDFIs and mission-driven organizations expand the reach and effectiveness of financial literacy programs.
These collaborations pool expertise and resources to deliver culturally competent education, real-time financial support and tools for economic empowerment. CDFIs do not just fund growth; they help communities sustain it.
Understanding the economic impact of financial literacy on the communities that we serve, OneUnited Bank has been intentional in our strategic development of resources that provide supportive financial education. One example is a custom Black Panther Comic Book, created by Marvel Comics and Visa, Inc., featuring our financial literacy exercises designed for children.
To accelerate the positive ripple effect of financial empowerment, public and private institutions must embrace scalable, community-rooted solutions.
Here are a few strategies other institutions can get started with today:
• Mandate financial education early. Embed personal finance into K-12 curricula to establish financial understanding at a young age.
• Expand digital access. Use mobile apps, online courses and fintech solutions to reach underbanked and geographically isolated populations.
• Fund community-based programs. Invest in financial counseling initiatives that meet people where they are—culturally, emotionally and economically.
• Strengthen CDFI partnerships. Amplify the reach of mission-driven collaborations to bring financial services and literacy into underserved areas.
• Champion inclusive policy reform. Advocate for laws that promote financial education access, curb predatory lending and support economic inclusion.
OneUnited Bank has integrated all of these strategies within our roster of services with amazing success. We have developed an online financial literacy education program, which has been accessed by over 50,000 families. Additionally, our “I Got Bank” financial literacy art and essay contest for children has provided over $100,000 in savings accounts to children ages 8 to 12 and attracted over 10,000 family participants.
These initiatives show that when financial literacy is approached as a community effort, its impact extends far beyond individual households. Each family that learns, saves and grows contributes to a stronger collective foundation, demonstrating that true financial empowerment is built through shared knowledge and shared progress.
Financial Understanding, Collective Strength
Financial knowledge as the foundation for fiscal responsibility is a catalyst for community-wide resilience and progress. When individuals are given the tools to understand and shape their financial lives, the communities they live in can become more prepared, more connected and more capable of withstanding what comes next.
While the journey to financial empowerment begins with individuals, its true power lies in how it transforms communities and redefines futures for the next generation. Now is the time to prioritize financial literacy as a national commitment, not a personal afterthought, so that prosperity is not the privilege of a few, but the shared reality of many.
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