Society for Financial Education and Professional Development, Inc. (SFEPD) Receives State Farm Grant to Teach Financial Education to Students at Three Historically Black Colleges and Universities
The program utilizes peer-to-peer learning model at Howard University, Hampton University, and Winston-Salem State University
ALEXANDRIA, VA. – FEBRUARY 3, 2022 –The Society for Financial Education and Professional Development, Inc. (“SFEPD”) is pleased to announce an education grant from State Farm that will bolster its efforts to teach critical financial knowledge and skills to students at Howard University, Hampton University, and Winston-Salem State University.
“Thanks to the support of State Farm, we can increase the financial savviness of students at Historically Black Colleges and Universities (HBCUs) giving students, many of whom are first-generation, a solid foundation for a successful financial future,” said Ted Daniels, SFEPD Founder and President.
“For 100 years State Farm has personified the good neighbor philosophy in numerous ways, like supporting organizations, initiatives, and causes where our employees and agents live and where we do business,” said Rasheed Merritt, Assistant Vice President, Corporate Responsibility, Public Affairs, State Farm.
“State Farm enthusiastically supports SFE&PD’s Student Ambassador Initiative,” Merritt said “This financial education program is an opportunity to help college students at HBCUs build a firm foundation for their financial future, which is integral to developing economically vibrant communities. State Farm values the longstanding partnership with SFE&PD and their commitment to a shared vision of building stronger and better-educated communities.”
A top priority for SFEPD, one of the nation’s leading educational nonprofits, is to increase the financial and investment knowledge of communities of color to help to close America’s wealth gap. The opportunity to educate young adults during the formative college years represents a proactive way to help students become better informed with their money decisions.
Oftentimes, HBCU students come from low-to-moderate income families where money management is rarely discussed or taught. In 2017, SFEPD initiated a Student Ambassador Program to train HBCU students to teach their peers about making informed personal finance decisions to combat the misuse of money, which limits the ability to build wealth and improve their financial well-being.
With instruction from SFEPD financial educators and business school professors, college students learn essential personal financial skills, focusing on saving, investing, banking, budgeting, credit, debt, student loan management, and financial goal-setting. Upon completion of the training, Student Ambassadors teach personal finance classes to their peers and run educational events on campus for students and local community members.
SFEPD has begun conducting financial training sessions at Howard University and Winston-Salem State University and has sessions planned for Hampton University.
State Farm’s assistance comes at a timely moment, according to Daniels. “A rising number of HBCU students are facing greater financial hardships due to the current economy and challenges resulting from the pandemic,” he said. “With this grant, we can reach students and teach them money management skills to use throughout their lives.”
About The Society for Financial Education and Professional Development
For more than 24 years, SFEPD, based in Alexandria, VA, has served as an award-winning financial literacy and professional development nonprofit teaching financial skills to people of all ages and backgrounds, focusing on underserved communities and HBCU students. SFEPD is run by President and Founder Ted Daniels, a global financial literacy leader. Learn more at www.sfepd.org.
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Ginie Lynch, Director of Communications