Participatory Budgeting in Schools

In this brief overview video, FirstRoot founder Luke Hohmann explains the basics of participatory budgeting in schools and the role that FirstRoot plays in teaching financial literacy.

https://youtu.be/xI3_KWBWXSE

About this video:

This video was originally posted by FirstRoot, a Benefit Corporation I founded in 2020 to promote financial literacy, financial equity, design thinking, and positive civic engagement through Participatory Budgeting in Schools.?

The approach was simple and profound: we taught kids how to manage money by giving them money to manage. The program was managed by a teacher, with the budget given to the students based on the scope of the program. A single classroom might give the students $100 to $1,000. A program that includes an entire school would often have a budget of $2,000 to $10,000. The source of these funds was most commonly the Principal, the PTA, or a corporate/non-profit organization as a sponsor. Many principals also contributed discretionary funds to the program.?

Despite being supported by many passionate investors, FirstRoot ultimately failed, as I was unable to find a viable economic model for the company.?

As part of the shutdown process, I decided to repost these articles and other relevant content from FirstRoot into LinkedIn. My hope is that they may inspire other entrepreneurs and companies to promote financial literacy, financial equity, design thinking, and positive civic engagement.