Kerry Woodward, a Wyndmoor resident and the founding executive director of the nonprofit Philadelphia Financial Scholars, believes she was fortunate growing up when it came to financial matters. Her parents made “strategic financial decisions” that set her on the right path to success.

“[My parents] were savers,” Woodward told the Local. “They were effective budgeters. They were very invested in the future of our family. … Their parents raised them to do a little better than their parents had done, and they were trying to do the same for me.”

However, there were some financial topics that Woodward didn’t learn at home. For example, she was unaware of the “miracle of compounding interest.” In her first job out of college, Woodward worked as an investment banking analyst on Wall Street, where she gained knowledge about investing and building wealth. These days, Woodward calls herself an “evangelist” about spreading this knowledge to friends and family.

Aiming to share this information as much as possible, Woodward helped found Philadelphia Financial Scholars, an organization that partners with city high schools to provide free personal finance curriculum and training to teachers. Northwest area schools including Martin Luther King High School, Parkway Northwest High School, and Hill-Freedman World Academy use these programs.

A ‘life-changing’ course

In 2020, Woodward personally called 44 high school principals in Philadelphia.

She asked, “Do you offer a personal finance class? If not, what are the barriers to offering one?” Woodward recalled. “I kept hearing similar themes across all of the high schools I was calling. And at that point, which was now almost six years ago, 43 out of the 44 high school principals I talked to said ‘I would love to offer a personal finance class with your support.’”

The demand was apparent, and in December 2020, Philadelphia Financial Scholars began its work with a six-school pilot program. Over the years, the program has grown exponentially. Last year, Philadelphia Financial Scholars worked with 55 high schools, and this year it is working with 68. That includes partnering with 97 teachers and reaching at least 7,500 students.

When Philadelphia Financial Scholars was founded, Woodward was focused on securing universal access to personal finance education. This goal has since shifted with the passing of a state law in 2023 requiring high school students to complete a personal finance course. The law was first implemented in the 2026-27 school year.

“Now, my main body of work and what I’m most focused on is making sure every student gets access to a great, trajectory-changing, life-changing personal finance course,” Woodward said.

A four-part model

Philadelphia Financial Scholars has a four-part model to describe the organization’s work. First, and most significantly, the nonprofit supports schools in launching or improving a personal finance course that meets the state mandate. Philadelphia Financial Scholars provides free curriculum materials from Next Gen Personal Finance, which offers training for educators.

Second, the organization gives teachers 30 hours of paid professional development outside of school hours so they can teach the materials with confidence.

Third, Philadelphia Financial Scholars offers enrichment programs to complement learning in the classroom. This programming includes a Teen Investors Summit and paid summer experiences in the financial-services industry.

Lastly, the nonprofit offers on adult financial empowerment workshops for parents and caregivers in partnership with the school district.

A ‘generational opportunity’

According to Woodward, when someone turns 18, “the financial stakes can get very real, very quickly.” Eighteen-year-olds can open a credit card, borrow thousands of dollars for college, or sign a lease.

“These decisions are things that can follow you in your life for years, so we are trying to get ahead of all those things,” Woodward said. “We are teaching students budgeting, behavioral economics, banking, credit, taxes, how to buy a house, how to buy a car, investing, and college affordability.”

Woodward believes the legislation mandating personal finance courses is a “generational opportunity for Pennsylvania.” Based on test scores at the beginning and end of each course, Woodward said there have been strong outcomes for students. She is committed to helping teachers implement the content and create a positive impact.

“Philadelphia is leading the way,” Woodward said. “We are being cited statewide as one of the strongest implementations of personal finance across the Commonwealth. I’m proud that Philadelphia is kind of torch-bearing here and showing what strong implementation can look like.”

Learn more at philadelphia.financialscholars.org.

Maggie Dougherty can be reached at Margaret@chestnuthilllocal.com.