scholly, sallie mae

Wells Fargo’s Financial Literacy Program for Minorities Now at 28 Universities

Continuing its 2021 investment into financial literacy and wellness for students of color in higher education, Wells Fargo is extending its Our Money Matters (OMM) program.

The program also includes tools to assist in easing food and housing insecurity, with the long-term aim of helping to close the racial gap in financial health and wealth retention.

As Forbes reported, the program was endowed with $5.6 million from the Wells Fargo Foundation and was administered by the HBCU Community Development Action Coalition (HBCU CDAC). At the time, it was expected for the program to grow beyond the seven HBCUs and Minority Serving Institutions it started with to potentially 25 institutions over the next three years. 

The OMM program consists of several points. It’s an online hub where students can access financial literacy education and personal finance tools, a curriculum integrating general education and degree programs into a financial curriculum which fosters financial literacy, and a service suite with resources for well-being, in partnership with partner universities. 

According to Darlene Goins, head of Financial Health Philanthropy at Wells Fargo the program has slightly outpaced initial projections. In its second year, OMM has served 15,600 students across 28 institutions.

“We have really seen great interest and engagement in the platform, and we want to continue to expand,” Goins told The Grio. “We want to also include the smaller HBCUs and not just the largest ones that get the most attention.”

Goins said in select cities Operation Hope financial coaches can be found in certain Wells Fargo locations, and students enrolled at partner institutions do not need to have an account to be allowed to use these services.

The program represents a tremendous value for students who may come from communities where the only way to pay for their education is to take out loans—and possibly risk a hit to their credit.