Mark Cuban partners with savings advocate Goalsetter, plans to give 1 million kids their first savings account

Mark Cuban is partnering with Goalsetter for Black History Month in its quest to give 1 million kids their first savings accounts with $40 and a debit card.

The company, which pitched to Cuban and other investors on "Shark Tank" in October, is partnering with the National Basketball Players Association and other influencers to try to achieve its 1 million savings accounts goal.

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"We are partnering with dozens of influential athletes, influencers, activists and organizations on a campaign we call Drafted – with the goal to draft 1 million Black and Brown kids to financial freedom by providing them their first savings account with $40 already deposited, and access to all the financial literacy content we offer at Goalsetter," the company wrote in announcing the goal.

It's a timely problem to tackle, as young Americans are declining in financial literacy, according to a 2018 report by the Financial Industry Regulatory Authority.

Only 7% of Americans could answer six basic questions about financial literacy correctly on mortgages, interest rates, inflation, risk, compound interest and bonds. Only 40% could even get four out of the six questions right.

"That’s why I started Goalsetter, a saving, smart spending and financial literacy app for kids K-12 that actually teaches them financial education through fun, game-based quizzes," Goalsetter CEO Tanya Van Court said in announcing the 1 million goal.

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Once a kid gets set up with their savings account, they also get a debit card backed by MasterCard.

"It has cool features like you have to do a certain amount of quizzes a week or your parents can freeze the card," a spokesperson for Goalsetter told FOX Business. "It ensures that as they're using their money, they're also learning about money and how to build financial wealth."

Goalsetter is also hoping that giving kids their first savings accounts will lead to better educational and work outcomes.

Kids who have savings accounts are four times more likely to own stocks as young adults and six times more likely to go to college, according to Goalsetter.

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The company raised $3.9 million in a seed round last month, and counts NBA stars like the Brooklyn Nets' Kevin Durant and Phoenix Suns' Chris Paul among its early investors.

Other current and former NBA stars are also involved in the campaign to draft 1 million kids, including Harrison Barnes, Anthony Tolliver and Baron Davis.