HBCU Community Development Action Coalition Launches New Financial Wellness Program: Our Money Matte
Seven HBCUs and MSIs selected for the first cohort: Bowie State University, Clark Atlanta University, Morgan State University, Morehouse College, Southern University, Spelman College, and Xavier University
Washington, DC — Today the HBCU Community Development Action Coalition’s (HBCU CDAC) announced the launch of a financial wellness initiative, Our Money Matters. The new initiative, supported by a 3-year multi-million philanthropic commitment from the Wells Fargo Foundation, aims to equip Black and minority college students, and surrounding communities with the financial knowledge, habits, and skills necessary to improve their financial stability and set them on the path to financial success after college and beyond.
Unlike most financial literacy programs, the new Our Money Matters financial wellness program offers a broadened approach including integration into Historically Black Colleges & Universities (HBCU) and Minority Serving Institution’s (MSI) online courses; one-on-one financial education counseling; on-campus support services such as food pantries, career closets, and emergency funds; outreach and collaboration with surrounding communities, and more.
Seven HCBUs have been selected to participate in the first cohort, including Bowie State University, Clark Atlanta University, Morgan State University, Morehouse College, Southern University, Spelman College, and Xavier University.
The economic burden of COVID-19 is projected to have a devastating impact on HBCUs, MSIs, and surrounding communities; resulting in severe financial losses and diminishing student enrollment. Pandemic-induced low enrollment at HBCUs will compromise Black America’s future earning potential.
“In the aftermath of civil unrest for racial equity, addressing economic equity is a crucial part of achieving racial equity. Now is a critical moment in time to support students attending HBCU’s and MSI’s. Our partnership with the Wells Fargo Foundation demonstrates our aligned interest in equipping students within HBCU, MSI, and surrounding communities with the financial tools needed to achieve financial vitality now and for future generations to come,” said Ron Butler, CEO of HBCU Community Development Action Coalition.
The innovative Our Money Matters financial wellness program is designed to equip students and their surrounding communities with financial wellness to promote community reinvestment, increase entrepreneurship, and expand homeownership opportunities. To learn how to get involved as a student, participating school, or community partner visit: www.OurMoneyMatters.com
About HBCU Community Development Action Coalition
HBCU Community Development Action Coalition promotes, supports, and advocates for historically black colleges and minority-serving institutions (MSIs), community development corporations (CDCs), and the community economic development industry whose work creates wealth, builds healthy and sustainable communities, and achieves lasting economic viability. HBCU CDAC fulfills its mission of service to its members working in disinvested urban and rural communities through education, resource development, advocacy, networking, and training.