NEW YORK, Feb. 8, 2021 /PRNewswire/ -- To address a
financial literacy knowledge gap in communities of color, The
Society for Financial Education and Professional Development, Inc.
("SFE&PD") and Carver Federal Savings Bank ("Carver") today
announced a partnership to teach personal financial skills to
students at three historically Black colleges and universities
("HBCUs").
One of SFE&PD's goals is to increase African Americans'
financial and investment knowledge to close America's wealth gap.
For example, a recent Federal Reserve Bank of St. Louis study states that only 6.5% of
African American households own stocks, bonds, or mutual funds,
compared to 25.3 for white families. If communities of color are to
build wealth, proactive steps must be taken in the formative
college years to educate students about becoming wiser with their
money.
Medgar Evers College, Howard University, and the University of the District of Columbia are the
HBCUs participating in the partnership. To combat challenges young
people of color face in building wealth, SFE&PD initiated a
Student Ambassador Program to train HBCU students to teach their
peers about making smarter personal finance decisions. Many HBCU
students come from low-to-moderate income families where money
management is not regularly discussed or taught. The SFE&PD
training sessions teach essential personal financial skills,
focusing on saving, investing, banking, budgeting, credit and
student loan management, and financial goal-setting.
"Thanks to our partnership with Carver, we can expand the
program's reach and teach more students the financial skills they
need to increase economic prosperity throughout their lives," said
Ted Daniels, SFE&PD Founder and
President. "These skills help to level the playing field for
diverse students who often do not have access to information or
a support system to make informed financial
choices. Financial literacy during the crucial college years
fosters long-term economic equality."
Michael T. Pugh, President and
CEO of Carver, agrees that financial education is a crucial tool to
help college students from communities of color achieve long-term
economic success. "Carver is proud to work with SFE&PD in a
groundbreaking partnership with three HBCUs to advance financial
skill-building and economic empowerment for the next generation of
leaders," Pugh said. "Investing in the Student Ambassador Program
gives HBCU students a solid foundation for developing their
financial health and the opportunity to become champions of
financial education in their local communities."
The pilot program sponsored by Carver supports SFE&PD's
financial literacy initiatives. Carver also provides
educational tools such as iPad teaching tablets for the Ambassadors
and access to Carver's leaders to increase the economic engagement
of HBCU students. With guidance from SFE&PD financial educators
and business school professors at the three HBCUs, the Student
Ambassadors are trained to teach personal finance classes to their
peers and run events for students and local community members.
A rising number of HBCU students face financial
difficulties due to the economic challenges stemming from the
pandemic. Two Howard University
business school professors, who advise the SFE&PD program, say
that financial education is crucial for the long-term economic
well-being of minority students.
"It is more important than ever for Howard
University students to learn financial literacy
principles so that they can effectively manage their money during
and after college," said Lynne J.
Kelly, Ph.D., Associate Professor of Finance. "College
students face increasingly complex financial decisions. Many
students have higher debt levels today than previous generations.
It is also far too easy for college students to get into financial
trouble, given the barrage of online shopping, gambling, and
trading options at their fingertips. I believe the partnership
between the SFE&PD and Carver is a step in the right direction
to alleviating these financial stress points."
"Based on a 2018 Federal Reserve Bank survey on consumer
finances, 40 percent of Americans do not have $400 for an emergency expense. These financial
worries are even worse within communities of color," said
Debby Lindsey-Taliefero, Ph.D.,
Associate Professor of Economics. "That's why we are pleased to
work with SFE&PD and Carver on this crucial program to equip
Howard University students with the
skills to teach their peers at this important point in their
financial journeys. This program is providing minority
students with a roadmap for financial well-being that will last
well beyond their college years."
About The Society for Financial Education and
Professional Development
For more than 22 years, SFE&PD,
based in the Washington, D.C.
area, has served as an award-winning financial literacy and
professional development nonprofit teaching financial skills to
people of all ages and backgrounds with a focus on underserved
communities and HBCU college students. SFE&PD is led by
President and Founder Ted Daniels, a
leader in the global financial literacy movement. Learn more at
www.sfepd.org. Be sure to connect with SFE&PD on
Facebook, LinkedIn, and Twitter.
About Carver Bancorp, Inc.
Carver Bancorp, Inc.
(NASDAQ: CARV) is the holding company for Carver Federal Savings
Bank, a federally chartered stock savings bank. Headquartered in
Harlem, NY, Carver was founded in 1948 to serve African-American
communities whose residents, businesses, and institutions had
limited access to mainstream financial services. The U.S. Treasury
Department has designated Carver as a Community Development
Financial Institution (CDFI) because of its community-focused
banking services and dedication to its local community's economic
viability and revitalization. Carver is the largest African- and
Caribbean-American managed bank in the
United States. Carver recently expanded its online presence
to include consumer checking and savings accounts across nine
states, from Massachusetts to
Virginia, and Washington, D.C. For further information,
please visit the Company's website at www.carverbank.com. Be sure
to connect with Carver on Facebook, LinkedIn, and Twitter.
Media Contacts:
Ginie
Lynch for SFE&PD
ginielynch@sfepd.org
443-614-2772
Michael Herley for Carver
mediainquiries@carverbank.com
203-308-1409
View original content to download
multimedia:http://www.prnewswire.com/news-releases/society-for-financial-education--professional-development-and-carver-bank-partner-to-reduce-financial-literacy-gap-for-students-at-historically-black-colleges-and-universities-301223716.html
SOURCE Carver Federal Savings Bank