Shawn Carter Foundation and Toyota Launch Financial Education Program for HBCU Students
Written by on November 14, 2024
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The Shawn Carter Foundation, with support from Toyota Motor North America, has introduced Champions for Financial Legacy (CFFL), a financial education initiative aimed at empowering students at Historically Black Colleges and Universities (HBCUs) and their surrounding communities.
CFFL, developed in collaboration with the Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania, builds on a curriculum originally designed by Wharton professor Keith Weigelt and his Bridges to Wealth program. This program has been part of the Shawn Carter Foundation’s educational efforts for its scholars and their families since 2017.
“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 represents the latest joint project between the Shawn Carter Foundation and Toyota, which has previously supported the foundation’s HBCU Bus Tour, an annual event that connects students with opportunities at historically Black institutions. Toyota’s backing enables the expansion of this financial literacy initiative to HBCU students and their communities, with the ultimate goal of reducing the wealth gap by equipping participants with essential financial knowledge.
“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 CFFL curriculum covers crucial topics such as budgeting, market risk, credit scores, mutual funds, and stock market basics. Designed to foster financial independence, the program also incorporates real-world applications and service-learning components, allowing students to directly apply their learning within their communities and contribute to local economic 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 initiative will launch in Spring 2025 at Lincoln University, Norfolk State University, and Virginia State University, with plans to expand to additional HBCUs. Faculty members at participating institutions will receive free professional development training, and selected student ambassadors will help promote the program and its benefits on campus.
For more information, visit the Champions for Financial Legacy initiative.
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