Leading consumer financing company Synchrony has announced plans for a $2 million grant to improve financial literacy among US high school students. The seven-figure grant continues a strong streak by Synchrony to introduce money management skills to emerging adults.
Synchrony unveils fresh $2 million grant amid Financial Literacy Month
According to an official announcement, Synchrony will continue its campaign to improve the money management skills of high schoolers with a $2 million grant. The grant comes as the US observes Financial Literacy Month in April, with several organizations raising awareness on the issue.
Right off the bat, Synchrony disclosed that half the grant amount will support teacher development and the building of Synchrony Financial Literacy Labs in 10 public high schools in the US. The incoming Synchrony Financial Literacy Labs will be retrofitted with digital whiteboards, a stock ticker, and interactive games to improve learning experiences.
Meanwhile, Synchrony will back a raft of nonprofits supporting teachers across the US. While the exact endowments are not public, the nonprofits earmarked include DonorsChoose, Council for Economic Education, and Jobs for America’s Graduates, among others.
Furthermore, Synchrony has committed $1 million to set up free financial counseling services for US public school teachers. The National Foundation for Credit Counselling and Operation HOPE will lead the initiative, with both organizations pledging to support teachers in reaching their financial goals.
“We are teaming up with education experts and investing millions of dollars to equip America’s educators and community organizations with the resources to build healthier financial futures for our children,” said Denise Yap, President of Synchrony Foundation.
The latest grant announcement brings the total commitment under its Empowering Financial Futures philanthropic program to $3 million in less than a year.
At the moment, financial education in the US schools is expanding but remains inconsistent across states. The absence of a uniform curriculum across states leads to varying quality and depth, with students in low-income areas less likely to receive quality financial education.
Placing teachers at the center of the campaign
A closer look at the scope of the Synchrony grant reveals that teachers are at the heart of the initiative.
In an interview with Charity Journal, Synchrony revealed that the support goes beyond financial and emotional support for teachers. A spokesperson revealed that the labs will take into account the personal finance teachers’ design choices, with a range of personalization features.
“Each Lab will be co-designed with the schools’ personal finance teachers to ensure we’re creating a vibrant and welcoming space they want to teach in and providing new resources and technology personalized to their lessons and how their students learn best,” said a Synchrony spokesperson to Charity Journal.
Meanwhile, the financial services company has put guardrails in place to allow teachers access to counseling without stigma. The company told Charity Journal that all conversations remain confidential and can only be accessed through the nonprofit’s websites, protecting their professional standings.
As financial literacy grants continue to gather steam in the US, broader education grants are also on the rise. However, funding for nonprofits is in decline as donor fatigue and federal cuts hit hard for community organizations.