Financial Services Firm, Education Group Offer Financial Literacy Courses to Students at HBCUs
WASHINGTON, D.C. HSBC-North America and the Society for Financial Education and Professional Development (SFEPD) recently announced a $750,000 multi-year partnership through which HSBC, one of the nation’s largest financial services firms, will fund credit and personal money management training for more than 20,000 students in the next three years at historically Black colleges and universities nationwide. SFEPD will administer the training sessions, with the curriculum focusing on credit management, savings and investments, budgeting, establishing financial goals and other personal finance topics.
Seminars will be held at 61 universities during the 2005-2006 academic year. The first course under the new HSBC-SFEPD partnership was delivered in late August at Virginia State University. Additional workshops will be offered at Rust College in Mississippi, Savannah State University in Georgia, Elizabeth City State University in North Carolina and Delaware State University.
“Now more than ever, it’s critical that young adults understand how their short-term financial decisions affect them over the long term,” says Loretta Abrams, HSBC’s vice president of community development and consumer advocacy. “Our credit profile is inextricably linked to the interest rates we pay when buying a home or a car and our ability to get certain jobs. The knowledge of how to make wise credit choices is one of the best gifts we can give to our next generation of leaders.” SFEPD has offered financial literacy training to college students since 2001.
“The seminars offered by the Society for Financial Education and Professional Development and HSBC will give students a better understanding of personal financial management and the practical, everyday uses of financial management strategies,” says Theodore R. Daniels, SFEPD’s president and chief executive officer.
HSBC’s partnership with SFEPD is managed by the HSBC Center for Consumer Advocacy, which was established in 2003 to direct the company’s financial education and housing programs and its community outreach initiatives.
“The Society for Financial Education and Professional Development and HSBC should be applauded for empowering young consumers with the tools they need to be fiscally fit and fiscally confident, and for ensuring that their efforts reach a diverse audience,” says Dr. John A. Wheatland, director of freshman programs at Morgan State University in Maryland. “With many Americans expressing increasing discomfort about their future credit situation, partnerships like this one between private businesses, nonprofits and universities will go far in helping young people manage their money and reach their potential.”
HSBC’s support also includes a two-year, $200,000 commitment to fund scholarships and financial education at historically Black Bennett College for Women in Greensboro, N.C.
Through the HSBC/UNCF Corporate Scholars Program, a four-year, multimillion-dollar initiative launched in 2001, HSBC offers scholarships and internship opportunities to outstanding minority students majoring in accounting, business, computer science, economics, finance, human resources, marketing and mathematics. Through the program, administered by the United Negro College Fund, HSBC has employed 29 interns since summer 2002 and contributed more than $2 million. HSBC employees raised an additional $287,000 through a workplace giving campaign in 2004, making HSBC one of UNCF’s largest contributors.
HSBC also has granted $800,000 to the Hispanic Scholarship Fund in a multi-year commitment to fund scholarship opportunities and the organization’s newsletter.
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