$1M to support the narrowing of racial wealth gap in central Indiana
INDIANAPOLIS (WISH) — Eliminating the racial wealth inequality in Indiana is the goal of a new educational program.
The $1 million program aims to empower Black and brown communities.
“This is an amazing step to being able to create generational wealth with the communities that deserve it the most,” said Sean Huddleston, the president of Martin University.
On Monday, OneAmerica announced a $1 million commitment to begin a financial literacy program in central Indiana that gives Black and brown communities new opportunities to build wealth. “We view this program as an opportunity to provide an important financial education resource,” said Scott Davison, the chairman, president and chief executive officer of OneAmerica financial services company.
It’ll be funded over five years without cost to the participants. “It’s building legacies, so that we are creating that generational wealth that ends poverty forever in these communities that have been stricken forever by poverty,” Huddleston said.
The Indiana program uses The American College of Financial Services‘ e-learning design and financial wellness curriculum that was originally created for historically Black colleges and universities. Martin University, Ivy Tech Community College, Marian University’s Saint Joseph’s College and the Indianapolis Urban League are among groups that will distribute the information to its participants.
“The course is looking at personal finance. You know, ‘How am I managing my money?’ ‘How much am I bringing in?’ ‘What is my financial goal?’ And then, ‘How do I get there?’” said Leon Jackson, chancellor of Marian University’s Saint Joseph’s College.
Tony Mason, the president and chief executive officer of the Indianapolis Urban League, said, “It’s online but it will also augment the financial literacy, training and coaching that our participants receive in our program.”
Huddleston said, “We’ve got a course that’s part of our core curriculum called Student Success. We’ll make sure we implement it there. … We also want to make sure that our alums have an opportunity to take advantage of this partnership and the information.”
Some of the organizations will commence their initiatives in the summer.