NFL Safety Malcolm Jenkins Opening 1,000 Savings Accounts For Students

PHILADELPHIA (CBS) -- NFL safety Malcolm Jenkins, who's played for the New Orleans Saints and Philadelphia Eagles, is taking on a new challenge. Jenkins is teaching children how to build wealth.

Jenkins and his foundation, The Malcolm Jenkins Foundation, will open 1,000 savings accounts for students in Pennsylvania, New Jersey, Ohio, and Louisiana.

The initial deposit is $40.

Jenkins told CBS Eyewitness News in Philadelphia that he is teaming up with Goalsetter to help eliminate the racial wealth gap in America.

"When you look across education, criminal justice, health care, anything, it comes down to money, right? How are you doing financially? Financial freedom in education is a place, a journey I went on myself but one that we see as a real solution in moving communities forward and not just the individuals that come through our programs," Jenkins said. "And right around that time as we started to look at financial literacy and financial freedom, we had an opportunity with Goalsetter, a company that is looking to educate kids on banking and savings and investing as early as possible. We saw that as an opportunity to create a partnership."

The children can't make withdrawals until they're 18 years old.