A bank and NBA player jointly declared the establishment of the SoFi Generational Wealth Fund, a $1 million bequest established to “enable family-sustaining wealth and advance financial literacy” earlier this month.

Jayson Tatum reflects on the impact that his upbringing in a “single-parent household” had on his perspective regarding financial security. In his announcement of his partnership with SoFi, the NBA’s official new banking partner, the 25-year-old Boston Celtics star expressed gratitude to PEOPLE for the opportunity to assist families in his birthplace of St. Louis, Missouri, whether or not they are single parents. Tatum states, “I’m fortunate to be able to assist others from St. Louis, particularly single-parent households like the one in which my mother raised me.” He further explains that his “beliefs and principles” regarding financial education “are congruent” with those of SoFi. The SoFi Generational Wealth Fund, a $1 million donation from SoFi to “promote financial literacy and create family-sustaining wealth,” was jointly announced by Tatum and the bank earlier this month, according to a press release. The Fund will support the NBA star’s S.M.A.R.T Project, an initiative administered by the Jayson Tatum Foundation that facilitates single parents in navigating parenthood, education, and financial wellness. More precisely, the endeavor will facilitate the expansion of homeownership prospects for families that participate.

Tatum explains to PEOPLE: “We are distributing $1 million from the SoFi Generational Wealth Fund toward homeownership, the first critical component of establishing generational wealth. That would have had a transformative impact on both my mother and myself.” “I’m proud to offer that with SoFi through my Foundation,” he continues. The National Basketball Association and SoFi announced a multi-year partnership earlier this month that designates SoFi as the official banking partner of the NBA, NBA G League, NBA 2K League, and USA Basketball. Tatum disclosed that he and his mother “lived check to check” and “did not understand the concept of saving money” when they were children, according to a podcast live taping at Tinker House in Indianapolis during NBA All-Star Weekend, which was hosted by Kenny Beecham. Tatum told Beecham that he, now that he “can provide for” himself financially, desires to “make an impact” and “assist those who came from the same background as I did.”

Fan favorites include the NBA superstar and his 6-year-old son, Jayson “Deuce” Christopher Jr., as Tatum’s career continues to flourish with the Celtics. Tatum was a guest contributor for the NBA’s Starting 5 newsletter just prior to the start of the current NBA season. In the newsletter, he discussed how he manages to father Deuce while pursuing a professional athletic career. Tatum acknowledged that he is privileged to experience wonderful moments with his son, stating, “During the season, the games are the best part about being his father. “On account of that, we have truly bonded.”

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“He takes great pleasure in attending games and being in the Garden, as well as running around in the back and playing in the locker room,” “It has been awe-inspiring to observe his personality develop over the years, particularly in the Garden, where we have both spent our childhoods,” Tatum remarked. Furthermore, despite his hectic schedule, Tatum asserts, “Being a father is paramount to me; therefore, I will consistently allocate time to spend with him, and our car rides have created some of my most cherished memories.”