An Interview With Jason Hartman
Introduce your employees to brands that can help them with financial concerns. Acorns helps you invest in the background of life, even your spare change. Some brands help you consolidate debt payments, like student loans and credit cards. Don’t make your team hunt down solutions in their minimal spare time. Bring them in!
Most of us take it for granted that we can open a bank or a credit card. But the truth is, according to the World Bank, close to one-third of adults — 1.7 billion — are still unbanked, and have no access to a transaction account. About half of unbanked people include women in poor households in rural areas or out of the workforce. What can be done and what is being done to promote more financial inclusion? To address this Authority Magazine started a new series about Companies Helping To Promote Financial Inclusion. As part of this series I had the pleasure to interview Kennedy Reynolds.
Kennedy Reynolds is the Chief Content & Education Officer at Acorns, the leading saving and investing app. She joined Acorns five years ago, personally committed to elevating financial access and education. Today, she spearheads the company’s education and impact initiatives, working to unite financial literacy and consumer decision-making, and make money tools mainstream for everyday Americans.
Thank you so much for doing this with us! Before we dig in, our readers would like to ‘get to know you’. Can you tell us a bit about how you grew up?
Thank you for having me! I was born in rural North Carolina, the youngest of four in a blended family. At around 10 years old, I started playing tennis and got serious pretty quickly. I moved to Florida at 12 to live and train at tennis academies, and traveled all over to play throughout my high school years.
Then, I burned out. I got injured several times and saw my tennis dreams slipping away, so I decided it was time to move on. I went to Harvard University, then got an MFA in Creative and Life Writing in London. After graduation, I began my career at a small advertising agency in San Francisco, after a pit stop in Jackson Hole, WY as the entertainment journalist for the Jackson Hole News & Guide.
And, given my current role, Chief Education Officer of Acorns, it should be noted that my first check bounced because I didn’t understand checks, and I knew NOTHING about investing.
Is there a particular book that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
The Shel Silverstein books of poetry were like a creativity drug for me as a kid. I used to read them under my bed with a flashlight, and write my own poems in the margins. They made me realize you can break conventions with writing — there’s no right or wrong way to create.
Do you have a favorite “Life Lesson Quote”? Do you have a story about how that was relevant in your life or your work?
It’s not very fancy, but as I’ve grown I’ve realized the power of “Trust your gut.” I’ve had a hard time following it. Logic and cultural expectations slip in. But, when I look at the decisions that have lasted the longest and brought the most joy — my marriage, my kids, my friendships, my collaboration with our CEO, Noah, and our work at Acorns — they were made from the gut. The gut knows best.
How do you define “Leadership”? Can you explain what you mean or give an example?
Leadership is having the courage to know when you’re right, know when you’re wrong, and speak up about both. I’ve seen leaders who knew a client was mistreating a team and advocated for that team, despite the risks. I’ve worked alongside badass women who stood their ground in rooms full of people who didn’t look like them. I’ve heard leaders apologize with authenticity and humility. I’ve been a part of projects that got killed because even after all the work, someone had to step up and say, “This isn’t worth it.” I’ve been on simple emails with a leader who asks for feedback on an idea, and says simply, “You’re right. I wasn’t thinking of it that way.” On the other side, I’ve also seen people in leadership positions not model this, and it’s a bummer. It’s not inspiring.
The courage to speak up, right or wrong, is inspiring, and leaders should be inspiring in their own, organic ways.
Can you share the most interesting story that happened to you since you began your career?
Oh man, what a question! That’s like what’s your favorite movie. The first thing that came to mind was for a photo shoot for a kitchen appliance brand, and we needed a replacement appliance. So, I went to their studio to get it. I crawled up on a display with some pliers to start disconnecting this appliance, and didn’t realize it was connected to power. I got ZAPPED and flew off of the counter, and watched the skin on my arm sear off.
It was intense! But, we got that new appliance to the shoot alright.
Ok, thank you for all that. Now let’s move to the main focus of our interview. Let’s start with a basic definition so that all of our readers are on the same page. What exactly is Financial Inclusion?
Great question. I’d love to hear definitions from a diverse swath of people. In the work I do at Acorns, financial inclusion is giving everyone the tools to save and invest responsibly every day, and build generational wealth over time.
What does it mean to be “unbanked”?
Unbanked means not served by a bank or financial institution.
For the benefit of our readers, can you explain some of the typical reasons why a person might be unbanked? Why can’t they just walk into the local bank and open an account? Why can’t they simply open an account online?
A lot of people who have been left behind by traditional financial institutions don’t use banks. Many people manage their money independently instead, or use alternative options like payday loans or money orders. There’s risk in these alternatives, and that’s one of the reasons we’re working to build something for everyone.
Can you tell our readers a bit about your work to promote Financial Inclusion? Without saying names, can you share a story about a person who was helped by your initiative?
My role as Chief Education Officer is to do exactly that — educate. Right now, access to financial tools is easier than ever, with thousands of apps on the market helping people manage their money. However, with access comes responsibility, and it is our responsibility to provide our customers with access to education. At Acorns, I go the extra mile to ensure that our customers have the proper education to complement the tools they are given to save and invest responsibly — that is how we promote financial inclusion.
We recently announced the winner of the Acorns Path to $1M, a year-long program created to help everyday investors reach their financial goals by achieving small milestones. Our winner, a father, grandfather and active member of his local community, will use the investment to sustain a long, healthy retirement and give back. The program not only provided the roadmap to achieve each milestone, but the education behind why these small steps lead to long-term financial success.
This may be obvious to you, but it will be helpful to spell this out. Can you articulate to our readers a few reasons why it is so important for businesses to promote financial inclusion?
Financial inclusion is essential to leveling the wealth gap and supporting a thriving economy. Think of it as a circle composed of 3 arcs: 1) Employment, 2) Financial inclusion, and 3) Economic growth. When employers promote financial inclusion, they promote opportunity, financial education, and financial security. This means financially included citizens more regularly contribute to our economy, which boosts economic growth, which goes back around to boost employment, and so on. And this cycle has an infinite trickle-down effect in areas like education and healthcare.
A business wouldn’t expect some employees to achieve the same results with lesser tools than their colleagues. How can we expect people to achieve economic equality if we don’t promote financial inclusion?
Ok. Here is the main question of our discussion. You are an influential business leader. Can you please share your “5 Steps Businesses Should Take To Promote Financial Inclusion”. Kindly share a story or example for each.
- Listen. Have learning sessions with a diverse selection of employees to understand their situations, and how your business can be inclusive of everyone, not just a few.
- Offer a financial planning program to your employees, and start with the basics. I give these types of courses and presentations to employers and teams, and people are highly engaged!
- Introduce your employees to brands that can help them with financial concerns. Acorns helps you invest in the background of life, even your spare change. Some brands help you consolidate debt payments, like student loans and credit cards. Don’t make your team hunt down solutions in their minimal spare time. Bring them in!
- Listen more.
- The 5 As of Financial Inclusion are Accessibility, Affordability, Awareness, Advocacy, and Availability. Look beyond traditional financial solutions for your team and make sure there’s a solution for everyone.
You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
Thank you! I’m really proud of what we’re doing at Acorns. Our mission is to look after the financial best interests of the up-and-coming, beginning with the empowering, proud step of micro investing. If we can help everyone save and invest every day, regardless of where you’re starting, then we can make strides toward leveling the playing field. I’d love for my kids to live in that future.
Is there a person in the world, or in the US, with whom you would like to have a private breakfast or lunch, and why? He or she might just see this, especially if we tag them. 🙂
Just one!? If you guys can set me up for a pancake breakfast with Michelle Obama, I’ll just go ahead and keel over. I want to get financial education into the core curriculum starting with kindergarten. If anyone can show me how to get stuff done, it’s her.
How can our readers further follow your work online?
Check out Acorns in your app store or at acorns.com, and connect with me on Linkedin!
This was very meaningful, thank you so much. We wish you only continued success on your great work!
Kennedy Reynolds of Acorns On How They Are Helping To Promote Financial Inclusion was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.