About Dollar Scholars
Dollar Scholars is a nonprofit organization dedicated to providing free financial literacy education in both English and Spanish. Founded by Jeffrey Dickinson, PhD, an Economics professor at American University, the organization began with a simple idea: to combine the passion of eager students and volunteers with the growing need for practical financial education in the local community.
Recognizing that financial literacy is a lifelong necessity, Dollar Scholars offers classes designed to help individuals at all stages of life better manage their money. From budgeting basics to understanding the U.S. financial system, our curriculum is tailored to address the unique needs of a diverse audience, particularly immigrants and underserved communities.
The idea for Dollar Scholars was sparked during a conversation with his friend Tere about her local church festival. There, Dr. Dickinson witnessed firsthand how strong community support could drive change. With his deep connections to both the American University and Hispanic communities, and with the help of the FDIC’s Smart Money materials, Dollar Scholars was born. These resources, available in both English and Spanish, form the core of our curriculum and are freely accessible to all participants.
What began with two pilot classes—one in English and one in Spanish—has since grown into a larger mission to serve the DMV area. Dollar Scholars empowers individuals by providing the financial knowledge necessary to make informed decisions, fostering long-term stability and success.
We also offer unique opportunities for volunteers to expand their horizons and develop valuable teaching skills. Volunteers work directly with Professors Kara Reynolds, Jeff Dickinson, and Dr. Veronica Frisancho, an expert in gender and behavioral economics. As volunteers gain experience, they can take on more responsibilities, such as managing instructors or leading recruitment efforts.
Additionally, our volunteers engage with the local community in English or Spanish and grow their professional networks through events hosted by Dollar Scholars, in collaboration with American University, local and federal governments, the IMF, and private banks.
Our motivation: the Gap in Financial Literacy Knowledge:
Data show that financial literacy is low in the United States, with only 57% of US adults considered to be financially literate, though the U.S. is higher than the global average of 33% of adults, according to the Standard & Poor’s Ratings Services Global Financial Literacy Survey.
The United States lags behind other similar countries such as Canada, where 68% of adults are considered financially literate, United Kingdom (67% of adults), Germany (66% of adults). The U.S. has comparable levels of financial literacy compared to countries such as France (52% of adults), Australia (64% of adults), Singapore (59%), and Switzerland (57%).
In the United States, as well as many countries around the world, men score higher on financial literacy tests than women, with about 62% of U.S. men considered financially literate, while only 52% of U.S. women were considered financially literate.
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To learn more about the organization, classes, volunteering, research, donations or anything else, please reach out. We would love to hear your feedback.
