In today’s volatile economy, Americans lacking adequate financial knowledge risk losing ground, especially if they are already dealing with income disparities. Indeed, one-third of the financial inequality in our nation can be attributed to the differences in financial literacy.
To help narrow the wealth gap, OneAmerica has committed $1 million to launch an innovative financial literacy program for residents of central Indiana. OneAmerica is partnering with The American College of Financial Services to develop the financial wellbeing initiative, which beginning in August 2022 will provide participants with vital personal finance concepts via an e-learning design and delivery platform.
The program will build upon The American College’s financial wellness curriculum created initially for Historically Black Colleges and Universities. OneAmerica and The American College are working with Indianapolis-based Martin University, Ivy Tech Community College and other community partners to tailor the program, which will be made available to other nonprofit organizations in the region.
The research-based program is designed to facilitate learning and engagement as the course modules allow for self-pacing and progression from any remote location. There will be no charge for participants, who will gain practical financial understanding and acquire tools and confidence to develop strong financial habits.
This initiative is just one of the concrete steps that ACLI and its member companies are taking to achieve greater economic empowerment of financially underserved communities across the country with a focus on financial education. Another example is our ongoing partnership with Junior Achievement USA to improve financial education for students across the country.
The life insurance industry believes everyone, no matter their age, job, income, gender, or race, deserves the chance to build financial certainty. Unfortunately, inequities have prevented many Americans from accessing established pathways to financial security.
Programs like this one can establish a foundation for transformative economic empowerment and wealth building. By providing important financial education resources we can help build financial certainty and enhance prosperity and financial security across generations.
Kim Thomas is Chief Diversity Officer at OneAmerica.
