The American College of Financial Services has partnered with the Society for Financial Education and Professional Development (SFE&PD) to address the financial literacy gap in communities of color, as well as lack of diversity in the financial services industry.

Through their collaboration, the two organizations will offer HBCU (Historically Black Colleges and Universities) scholarships; mentorship and internship opportunities; access to the college’s education programs; and peer-to-peer financial literacy programs that help students build out successful career pathways, the institutions announced in a news release. 

According to George Nichols III, the college’s president and CEO, underrepresented communities have faced institutional barriers to financial security and wealth for decades, leaving a significant gap between those benefiting from the current system, and those being left behind. 

“It’s more important than ever for all generations in underserved communities to learn financial literacy principles so that they can effectively manage their money throughout their lifetime and act as ambassadors in closing the economic equality gap,” he said in the news release. “That’s why we are pleased to partner with SFE&PD on this crucial program to equip our next generation with a roadmap for financial well-being at this important point in their financial journeys that will last for years to come.” 

Ted Daniels, SFE&PD founder and president, indicated in the news release that the partnership would not only change lives, but destinies. 

“Collaborative partnerships like this help to level the playing field for diverse students who want to enter the field of financial services, but often do not have access to information or a support system to make informed financial choices or build a career in the industry,” he said in the news release. 

Karim Hill, executive director of the Center for Economic Empowerment and Equality at The College, also discussed the importance of the partnership and what it meant to the industry’s future.

“Empowering underserved communities and positioning them for success requires action,” he said in the news release. “With our collaboration with SFE&PD, we hope to amplify their decades-long work educating Black men and women through our strong partnerships with the nation’s leading financial services companies. We are confident this program will help develop a new pipeline of well-qualified and aspiring professionals who will innovate and lead across the industry.”

Founded in 1927, The American College of Financial Services is the nation’s largest accredited, nonprofit institution dedicated to applied financial knowledge and education. 

The Society for Financial Education and Professional Development (SFE&PD), founded in 1998, is a national non-profit organization that teaches financial literacy in underserved communities.