EducationLocal

Our Money Matters Launches at Bowie State Promoting Financial Health

Wells Fargo Awards $5.6 Million to Support Program for Black College Students

In May 2021, The Historically Black Colleges & Universities Community Development Action Coalition [HBCU CDAC] announced the kickoff of a comprehensive financial wellness initiative, Our Money Matters [OMM] for college students of color. The $5.6 million initiative, funded exclusively by the Wells Fargo Foundation, takes a holistic approach to helping students who may be facing food and housing insecurity, college debt and other financial hardships to increase opportunities for financial inclusion and future economic success.
HBCU CDAC launched OMM on the campus of Bowie State University, Maryland’s first historically black public university. In 2020, U.S. News & World Report ranked Bowie State University as “one of the nation’s top 30 HBCUs.”
Over the next three years, OMM will expand to 25 HBCU and Minority Serving Institution [MSI] campuses across the U.S., equipping roughly 40,000 students of color and the extended community with much needed financial capability skills, personalized tools for managing finances and student loans and access to support services like career closets and emergency financial assistance. Over the long term, the initiative aims to accelerate opportunities for building generational wealth within communities of color to help to close the racial wealth divide.
“The initiation of the OMM program is especially timely as the economic burden of COVID-19 is projected to have a devastating impact on HBCUs, MSIs and surrounding communities,” said Ron Butler, CEO of HBCU CDAC.
“The OMM program is a proactive solution positioned to address these issues and generational wealth disparities within communities of color. Our partnership with the Wells Fargo Foundation demonstrates our aligned interest in equipping our partner institutions and their surrounding communities with the financial tools needed to create wealth for generations to come,” Butler said.
“As a financial institution, we believe we have a responsibility to do even more to accelerate financial inclusion for people of color,” said Darlene Goins, head of Financial Health Philanthropy at Wells Fargo. “HBCUs and MSIs are known for helping generations of Black youth and other students of color achieve academic and professional success. Working with HBCU CDAC, we hope to support students who may be navigating complex financial challenges and give them a stronger foundation for future success and opportunities for wealth generation,” Goins said.
Through its holistic “wrap around” approach to addressing the myriad of factors that have contributed to the persistent wealth gap, OMM’s programs and resources will engage, educate, support and scale financial capability and wealth creation in communities of color while disrupting and removing barriers to economic opportunity.
The program has three primary components:
The Online Financial Counseling Hub, powered by iGrad, is a digital platform that helps students manage their day-to-day finances and build new skills and habits for life after college, including personalized tools for managing student loans, car loan calculator, investment analyzer and access to certified financial planners.
The Financial Curriculum, developed in collaboration with academics and financial professionals, includes a wide variety of financial health courses and interactive activities, which faculty and staff can also integrate into general education and degree programs.
OMM Service Suite connects students with on campus and community-based support services such as housing assistance, employment opportunities, and career closets that provide access to appropriate interview and work attire.
To learn how to get involved as a student, participating school, or community partner visit: www.OurMoneyMatters.com.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Adblock Detected

Please consider supporting us by disabling your ad blocker