Shawn Carter Foundation in Collaboration with Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania with support from Toyota Launch 'Champions for Financial Legacy' Program for HBCUs

News provided by

Nov 13, 2024, 12:05 ET

NEW YORK, Nov. 13, 2024 /PRNewswire/ -- The Shawn Carter Foundation, with generous support from Toyota Motor North America, is proud to introduce Champions for Financial Legacy (CFFL), a comprehensive financial education initiative designed to empower students at Historically Black Colleges and Universities (HBCUs) and surrounding communities.

Developed in collaboration with The Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania, CFFL is modeled after Professor Keith Weigelt's accredited curriculum at the Wharton School and Bridges to Wealth, a financial education and wealth-building program that Dr. Weigelt has offered to the Shawn Carter Foundation community of scholars and families since 2017.

CFFL is the latest initiative resulting from the ongoing collaboration between the Shawn Carter Foundation (SCF) and Toyota Motor North America, a long-time supporter of SCF's annual HBCU Bus Tour. With Toyota's generous support of CFFL, the vision to expand the program to HBCU students and local communities is made possible.

"We are excited to see our partnership with the Shawn Carter Foundation evolve to include this innovative initiative," said Monica Womack, general manager, D+I and community engagement, Toyota. "One that not only provides resources to HBCU students but also reaches the heart of the community, through advocacy for financial literacy."

CFFL aims to reduce the growing wealth gap by equipping students with the financial knowledge and skills needed for economic success and social mobility. Topics include budgeting, market risks and returns, mutual funds, credit scores, stock markets, and more. By fostering financial fluency and community engagement, the program seeks to change the trajectory of intergenerational wealth and build a more equitable future.

"Every day at the Shawn Carter Foundation, we dedicate ourselves to uplifting students and communities that are underserved," said Dr. Gloria Carter, Shawn Carter Foundation CEO and Co-Founder. "To launch a financial education program that will reach more students and communities, along with dedicated partners like Toyota and the Wharton School of Business, is a vision we are finally seeing come to fruition. We are so excited to see the incredible impact of CFFL unfold and look forward to its growth."

"One way to strengthen the resiliency of middle-class households is to increase their ability to generate wealth," said Dr. Keith Weigelt, Marks-Darivoff Family Professor of Strategy at The Wharton School, University of Pennsylvania and Founder of Bridges to Wealth. "I thank both the Shawn Carter Foundation and Toyota for their foresight in addressing a long-neglected social disparity."

The curriculum includes real-world applications and service-learning components, allowing students to apply their financial knowledge in community settings, thereby expanding the ecosystem of wealth-building and fostering local development.

"The Wharton Coalition for Equity and Opportunity (CEO) is pleased to partner with the Shawn Carter Foundation and Toyota in launching the financial legacy program with several HBCUs. This partnership will help us remain committed to closing the wealth gap through an evidence-based approach," said Dr. Fareeda Griffith, CEO managing director.

The inaugural CFFL program will be implemented in Spring 2025 at Lincoln University, Norfolk State University, and Virginia State University, with plans to expand to other HBCUs. University-appointed faculty from each school will receive free professional development training, and trained student ambassadors will amplify the Champions for Financial Legacy course offerings on their respective campuses for enrollment.

For more information, visit Champions for Financial Legacy.

SOURCE Shawn Carter Foundation