In celebration of our partners and the great work they do to advance economic progress for all, we interviewed some of our Nasdaq Foundation quarterly grant recipients about their roles, backgrounds and the importance of their work. We spoke with Joe’Mar Hooper, Chie Executive Officer of 3rd Decade, on its vision to empower young adults with the knowledge, tools, and most importantly, the professional guidance they need to build a more secure financial future.
Tell us about 3rd Decade. What is its core mission?
3rd Decade is a national nonprofit providing young adults in and around their “3rd Decade” of life with free financial education and mentoring to help them achieve financial success. Our mission is to change financial futures forever, starting today. We do this through combining 3 key financial literacy components. 3rd Decaders benefit from 10 hours of financial education on core topics that young adults need to take control of their finances, including budgeting, managing debt, building credit, and saving and investing for their future. 3rd Decaders are matched with one of our dedicated volunteer mentors—many of whom are financial advisors—who generously offer their time to work with 3rd Decaders through a structured, 2-year mentoring relationship. This mentorship helps young adults set meaningful goals and build a lasting financial plan for their future. Finally, 3rd Decaders receive a $250 matching contribution to a Roth IRA, giving them a head start on their long-term savings journey.
Why is 3rd Decade’s mission so important?
3rd Decade’s mission is crucial, as young adults today face unprecedented financial challenges. Over 50% of them are living paycheck to paycheck, and 57% of millennials lack basic financial education. For the first time, millennials are earning less than their parents did at the same age. Compounding this issue, schools and families often fall short in providing effective financial education, and social media can sometimes lead young people astray. Our mission at 3rd Decade is to bridge this gap by offering essential financial education and mentorship. We aim to empower young adults with the knowledge, tools, and most importantly, the professional guidance they need to leverage their most valuable asset—time—so they can build a secure financial future.
What impact are you hoping the Nasdaq Foundation’s Quarterly Grant will have on the Financial Education and Mentoring Program’s success?
With the Nasdaq Foundation’s Quarterly Grant, we aim to significantly enhance the reach and effectiveness of our Financial Education and Mentoring Program. This support will enable us to continue expanding our services nationwide, particularly targeting women and underrepresented communities, and contribute to closing the gender and racial wealth gaps. Our program has already proven impactful, with nearly 96% of participants experiencing an increase in their net worth by an average of over $61,000 during the two-year program. By broadening our outreach, we hope to empower even more young adults with the financial knowledge and guidance they need for long-term success. Partnering with the Nasdaq Foundation will be instrumental in achieving this ambitious goal.
Can you share one or two stories that illustrate the impact of 3rd Decade?
The highlight of each quarter as CEO of 3rd Decade is reading the feedback from our program graduates. That feedback shows that we have made a meaningful difference in the lives of the over 1,175 young adults who have gone through our program. Here are just a few recent testimonials that showcase the profound impact we’re having on their personal journeys:
“Before joining the 3rd Decade program, I was struggling to find my financial footing after two years of inconsistent work. The lack of stability left me feeling hopeless, especially when it came to managing my finances effectively. I had dreams of owning a home and building up emergency savings, but I couldn’t seem to make any progress.
Joining the 3rd Decade program was a turning point for me. It provided me with the tools and resources I needed to finally get back on track. Learning how to budget properly and set achievable financial goals gave me a newfound sense of confidence and direction. I now have a clear plan in place for saving towards my big goals, and I’m determined to make them a reality.
The support and guidance I’ve received from the 3rd Decade program have been invaluable. It has equipped me with the knowledge and skills necessary to navigate the challenges ahead, and I’m more prepared than ever to tackle whatever comes my way. Thanks to the program, I’m optimistic about the future and excited to continue my journey towards financial stability and success.“ – Dominique P., 2024 Participant
“As an Indigenous woman growing up on the reservation, I was not offered any type of financial literacy which led me to make some poor financial choices. 3rd Decade gave me the tools and hope to allow me to strive for financial stability and success.” -Taylor C., 2024 Participant
What’s on the horizon in 2024 for 3rd Decade?
Throughout the next year, we plan to continue expanding the awareness of the programming and opportunities we offer in order to grow our impact and bring financial education to those that need it. Some of the key items we plan on focusing on include:
- Strengthening our strategic partnerships as we look to add more corporate and non-profit collaborators that understand our mission and hope to bring our program to the young adults they both serve and employ.
- Growing and diversifying the base of financial mentors that volunteer with 3rd Decade.
- Investing internally in capacity building measures to grow our ability to not only serve more participants but to serve them in the most effective and efficient manner possible.
- Seeking out new and innovative ways to tell our story and share the impact we are having with the communities we serve to attract both new program interest and increased support.
By focusing on these areas, 3rd Decade is confident that we will continue to be well positioned to serve those that need our program the most.