Spelman Students Participate In Pilot Program To Build Generational Wealth
Fintech in Action is in its third year of teaching students how to make the most of their money and introducing them to several career pathways. The company partnered with digital investment platform Stackwell to launch a financial wellness pilot program with Spelman College students.
Stackwell announced the initiative on Aug. 8. The program is geared toward accelerating progress for Black students in finance and fintech.
Fintech in Action Director Korene Smith and Dr. Venetta Coleman, the director of Institutional Effectiveness and the “Quality Enhancement Plan” at Spelman College, discussed the program’s goals during the Oct. 30 episode of WABE’s Closer Look.
According to the episode, the program aims to eliminate the racial wealth gap and teach students about investing and building generational wealth, teaching students early on how to budget money, manage student debt, and manage credit, especially as the target market for creditors.
“You have to start somewhere, which is why we decided to start at the university level,” said Smith, one of the executives heading the program. “We challenged the Spelman students to dig deeper,” she said and posed the question, “How do we help Black women become more comfortable with money, knowing that it starts before the career?” The fintech expert explained that starting at the university level was how to accomplish this goal.
Technology plays a key role in securing generational wealth. Coleman said that access to technology significantly impacts the ability to have access to educational and other experiences. In terms of money, Smith said financial technology makes areas such as banking more accessible to people. The company partners with financial institutions, such as Visa and JPMorgan Chase, to provide post-graduate placement opportunities. Coleman said obtaining generational wealth allows students to be able to be able to pay off student loan debts and purchase things, such as a corporate wardrobe, that they may have never been able to because of their financial status.
The August press release provided details that the first cohort of students included the 16 Spelman students who won the Braven Accelerator Capstone Challenge. The winners were awarded a $250 investment kickstart with their own Stackwell accounts. Over three years, the companies will track the students’ progress and provide resources as they build sustained wealth over time.
This fall, Fintech in Action also launched its national HBCU financial wellness tour with Rapunzl Investments, the “HBCU Invest More Tour.”