Hampton University and the Society for Financial Education and Professional Development recently launched an initiative to teach financial education at the historically Black college and university (HBCU).

Armed with a wealth of strategic experiences, including the management of large global organizations, Hampton University President Darrell K. Williams is bringing innovative approaches to academics, including a focus on financial education financial success after graduation, and wealth creation.

“Too many college students receive an educational degree but do not acquire the financial skills that encourage economic health throughout their lives,” Williams said in a statement. “By working with SFEPD, we aim to eradicate the wealth and financial knowledge gap at Hampton University. Additionally, implementing a campus-wide financial literacy program will add value to our students’ degrees.”

The Society for Financial Education and Professional Development (SFEPD) has taught personal financial management skills at HBCUs for nearly 25 years, but the project with Hampton University marks the first time SFEPD will train students, parents, staff, administrators, and the surrounding local community.

“We applaud Hampton University’s President Williams for his vision and commitment to making sure financial knowledge and skills are taught to individuals throughout the university,” said Ted Daniels, SFEPD’s founding president. “Financial literacy skills are essential to managing money wisely and to foster economic growth, especially in underserved communities not exposed to the intricacies of personal money management.”

SFEPD will offer an array of financial literacy programs at Hampton, including a program that trains HBCU college students to manage finances and build wealth; a series of customized financial education and professional development seminars and workshops tailored for underserved populations, and lower-income individuals, and a financial literacy certificate program.

As broad sectors of the U.S. population confront economic hardships,  emphasis must be placed on guaranteeing that financial knowledge and skills are available for those who need it the most, Daniels said. “This is essential in communities of color who often live paycheck to paycheck with low savings and homeownership rates; however, SFEPD’s financial literacy programs will give Hampton University and the community tools to manage their money well.”