Finance Academy to Empower Thousands with Critical Knowledge about Personal Finance and Entrepreneurship
Fifth Third Bank is launching Finance
Academy, a new financial and entrepreneurship education program. The
Bank is collaborating with education technology company, EVERFI, Inc.,
to launch Finance Academy throughout its 10-state footprint and expects
to educate 150,000 students in its first full year.
With its mission to improve lives through financial education, Finance
Academy is a key part of Fifth Third’s $30 billion Community Commitment
plan. Finance Academy is a Fifth Third L.I.F.E. (Lives Improved through
Financial Empowerment®) program, which will deliver interactive online
financial education at no cost to schools or taxpayers.
“Fifth Third is committed to growing the financial knowledge of students
so that they can successfully manage their lives,” said Brian Lamb,
executive vice president and chief corporate social responsibility and
reputation officer, Fifth Third Bancorp. “As high school students are
entering the life stage in which they’re making financial decisions,
it’s important that we play a role in that. This is part of who we are.
It’s a part of being a Fifth Third better. And it is exactly what will
make a long-lasting, positive difference in the communities we serve.”
By the time many Americans reach adulthood, they have already
experienced the burden of financial stress. Research shows that 95% of
parents agree that students should learn about personal finance in
school.1 These statistics support the need for Finance
Academy, where all students have an equal opportunity to learn essential
financial skills.
Fifth Third aims to reach 150,000 students annually through two,
web-based courses offered as part of Finance Academy. The financial
literacy course is a series of 30-45 minute financial education modules,
covering topics like investing basics and common financial accounts.
Each course module provides bite-sized instructional animations that
make the topics approachable and relatable to students. In addition,
Finance Academy will immerse students in real-life financial scenarios
and documentation, such as filling out a FAFSA form.
Through its Venture course, Finance Academy builds and empowers the next
generation of business owners and entrepreneurs by guiding them through
the creation of a business plan—from idea generation to taking a
business to market to sustainable business practices for growth.
“Entrepreneurs who establish and run small businesses are the future and
a key driver of healthy economies,” said Kala Gibson, senior vice
president and head of Business Banking at Fifth Third. “It’s just as
important to build financial capability around their future careers as
it is to build basic financial skills. If small business owners are
successful, they are empowered to improve their business and the lives
of their employees, and in turn, their communities.”
The course technology of Finance Academy uniquely tracks the progress of
each student. They are assessed before, during and after the course to
ensure financial proficiency. While students are on their computers and
mobile devices learning, teachers get real-time student score reports,
supplemental offline lesson plans, detailed standards alignment guides,
answer keys for all assessments and discussion guides. Additionally, the
learning doesn’t end when the courses do. Fifth Third has built
programming and outreach— called “Financial Empowerment Days”—into the
program offering. On Financial Empowerment Days, employee volunteers
visit schools and classrooms to lead continued education experiences.
High School administrators and teachers who are interested in
implementing Finance Academy in their classroom or district can visit http://financeacademy.53.com.
Since 2004, Fifth Third Bank has been a leader in the delivery of
financial empowerment programs in the communities it serves. Fifth
Third’s L.I.F.E. programs reach and help guide kids and adults
through every life stage and arms them with the knowledge and tools
needed to make wise financial decisions. Fifth Third’s $30
billion Community Commitment is a community development plan in
which Fifth Third has pledged to invest and lend more than $30 billion
in its communities through 2020. As of June 30, 2017, Fifth Third has
delivered $11.93 billion in Community Commitment support, ahead of pace
at 40 percent of its five-year goal.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of June 30, 2017, the Company had
$141 billion in assets and operated 1,157 full-service Banking Centers
and 2,461 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth & Asset Management. As of June 30, 2017,
Fifth Third also had a 17.7 percent interest in Vantiv Holding, LLC.
Fifth Third is among the largest money managers in the Midwest and, as
of June 30, 2017, had $330 billion in assets under care, of which it
managed $34 billion for individuals, corporations and not-for-profit
organizations through its Trust and Registered Investment Advisory
businesses. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the Nasdaq® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Member FDIC, Equal Housing Lender.
About EVERFI
EVERFI, Inc. is the leading education technology company focused on
teaching, assessing, and certifying K-12 and college students in the
critical skills they need for life. The company teams with major
corporations and foundations to provide the programs at no cost to K-12
schools. Some of America’s leading CEOs and venture capital firms are
EVERFI investors including Amazon founder and CEO Jeff Bezos, Twitter
founder Evan Williams, and Google Chairman Eric Schmidt. Learn more at everfi.com.
1EVERFI, Inc. survey of parents, 2016. http://info.everfi.com/rs/410-YCZ-984/images/FamilyFinancialCapability_Whitepaper10_14.pdf.
Fifth Third Bank
Stacie Haas, 513-534-5113
513-534-NEWS