Financial Services Firm, Education Group Offer Financial Literacy Courses to Students at HBCUs

Article excerpt

WASHINGTON, P.C.

HSBC-North America and the Society for Financial Education and Professional Development (SFEPD) recently announced a $750,000 multi-year partnership through which HSBC, one of the nation's largest financial services firms, will fund credit and personal money management training for more than 20,000 students in the next three years at historically Black colleges and universities nationwide.

SFEPD will administer the training sessions, with the curriculum focusing on credit management, savings and investments, budgeting, establishing financial goals and other personal finance topics.

Seminars will be held at 61 universities during the 2005-2006 academic year. The first course under the new HSBC-SFEPD partnership was delivered in late August at Virginia State University. Additional workshops will be offered at Rust College in Mississippi, Savannah State University in Georgia, Elizabeth City State University in North Carolina and Delaware State University.

"Now more than ever, it's critical that young adults understand how their short-term financial decisions affect them over the long term," says Loretta Abrams, HSBC's vice president of community development and consumer advocacy. "Our credit profile is inextricably linked to the interest rates we pay when buying a home or a car and our ability to get certain jobs. The knowledge of how to make wise credit choices is one of the best gifts we can give to our next generation of leaders."

SFEPD has offered financial literacy training to college students since 2001.

"The seminars offered by the Society for Financial Education and Professional Development and HSBC will give students a better understanding of personal financial management and the practical, everyday uses of financial management strategies," says Theodore R. Daniels, SFEPD's president and chief executive officer.

HSBC's partnership with SFEPD is managed by the HSBC Center for Consumer Advocacy, which was established in 2003 to direct the company's financial education and housing programs and its community outreach initiatives. …