The Power of Financial Education

Maggie Lena Walker: A Trailblazer in Banking and Financial Literacy — and a Powerful Example of What Financial Empowerment Can Achieve

By Dr. Doreen Carter

Maggie Lena Walker’s story is one of courage, vision, and determination. As the first Black person in the United States to charter and serve as president of a bank, Walker broke barriers that limited generations before her — and created opportunities that uplifted her community for generations to come.

Born in 1864 in Richmond, Virginia, Walker rose to prominence as the leader of the St. Luke Penny Savings Bank. At a time when both racism and sexism worked against her, she boldly created a safe space where Black families could save, buy homes, and start businesses. Walker understood that financial independence was key to freedom, once saying:

"Let us put our moneys together; let us use our moneys; let us put our money out at usury among ourselves, and reap the benefit ourselves."

Her passion extended beyond banking — Walker was deeply committed to financial literacy. She believed knowledge was power, and that understanding money management, savings, investment, and collective economics would unlock opportunities and strengthen communities. Her work laid a powerful foundation that continues to inspire and empower today.

Her legacy encourages me, but I want to be clear: my passion for financial education comes directly from God. I believe I am on a mission — called to educate, equip, and empower people to create, maintain, and grow their wealth so they can walk in the freedom and purpose God intends for their lives.

This mission led me to create the Wealth & Wisdom Resource Group, where we provide practical tools, guidance, and community support. Through my book, The Mis-Education of the Christian on Money and Giving, I challenge harmful misconceptions about money and teach faith-based financial stewardship. I also developed Who Mooved My Money?, a money management software that helps individuals take control of their finances in practical, accessible ways. And through the Financial Warrior Community, I offer One Eleven — a 111-day transformational experience designed to help people break free from financial bondage and build lasting financial freedom.

Maggie Lena Walker’s life reminds us of the power of vision, knowledge, and courage. I pray that I can continue to be a vessel that God uses to help others rise, thrive, and leave a legacy of strength, wisdom, and financial freedom.

➡ Ready to start your own journey to financial freedom?

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