Economics of personal finance: Community College students learn financial literacy with $1.2 million support from Guardian Life
Economics of personal finance: Community College students learn financial literacy with $1.2 million support from Guardian Life
Financial literacy can mean the difference between generational wealth and systemic poverty. UDC Community College (UDC-CC) ensures that graduates gain a solid financial foundation before receiving their diploma due to The Guardian Life Insurance Company of America’s eight-year investment of $1.2 million. The Guardian-UDC-CC partnership has launched courses, provided financial and technical support, inspired students toward innovation and will fund plans for a financial literacy hub for students and the community.
Guardian’s initial grant from 2015 helped establish an elective course entitled “Economics of Personal Finance” and paid for tuition and books for an average of 10-15 students. Their contributions grew, which allowed all UDC-CC students to take the course as a requirement–with more than 800 students completing it.
Fritza Camille is one of those students.
“All students should be required to take the class,” Camille said. “If the legal age to get a credit card is 18, students should be taught financial management as early as possible. As an adult, there were certain things that I wasn’t prepared to tackle. I was drowning in debt, but I have now been able to reduce it.”
Camille completed UDC-CC and will be graduating in fall 2023 with a B.A. in hospitality management and tourism with a minor in finance. She is also a certified Student Ambassador with the Society for Financial Education & Professional Development, a nonprofit that trains students at HBCUs to conduct peer-to-peer financial literacy training.
“I like learning, and I want to be a better version of myself. I want to share what I’ve learned to help others.”
UDC-CC has expanded its reach by offering the financial literacy course in D.C. Public Charter Schools–five schools per semester, which has helped increase dual enrollment numbers by 75-150 students each academic year. UDC-CC is one of only a few colleges requiring a financial literacy course.
“Financial literacy is one of our core values,” said Tony Elder, innovation specialist and business analyst at Guardian. “We realized there was a gap. The relationship with UDC began as something organic and grew, surpassing our goals. Partnering with UDC adds value to companies by having teams with diverse talent.”
In fall 2020, UDC-CC participated in the first Guardian Student Innovation Challenge. In this competition, student teams developed creative ideas that holistically address the individual’s well-being, prepare them for uncertainty and help them plan. Winners of the challenge received cash awards as well as valuable business experience.
In addition to supporting the Innovation Challenge, Guardian awarded UDC-CC a $25,000 technology grant to purchase laptops for students in need during the pandemic.
“A lot has evolved from the first seed money from Guardian,” said Rodney Trapp, vice president for advancement. “They’ve been a phenomenal partner. ”
Trapp hopes that UDC can continue growing and expanding this course to make it a requirement for the flagship population.
“It’s essential for our students to have a good grasp on their finances. Financial literacy is the building block for wealth creation,” he said. “They must understand how money works. Some of them get in over their heads with student loans and do not understand what they are getting into.”
For the last two years, UDC-CC has offered faculty and community seminars on financial literacy. In addition, the College’s approach to financial literacy as a requirement in high schools has been presented at national conferences. It partners with other universities to assist in exploring a required course option.
UDC-CC’s efforts have not gone unnoticed. As a result of the College’s work developing and teaching the financial literacy course, Albert Pearsall, III, assistant professor of business, received the 2019 Excellence in Financial Literacy Education (EIFLE) Educator of the Year award from the Institute for Financial Literacy, among many others.
“It’s been a great opportunity for us,” said Pearsall, who spearheaded the initiative with professor Scott King. “We’ve been able to support so many students around financial literacy. The course is one semester, but it is changing lives.”
Pearsall is preparing for the next initiative, a Community Empowerment Center, to support students and the community. The center may also serve as an incubator for student entrepreneurship and minority businesses.
