Financial freedom shouldn’t be a luxury, and Jay-Z’s Shawn Carter Foundation is taking steps to ensure it isn’t.
In an effort to empower the next generation, the foundation has partnered with a group of HBCUs, aiming to equip students with the financial knowledge needed to secure their futures. With guidance from the Wharton School of the University of Pennsylvania, this program dives into the essentials—credit, debt, investing—giving students real-world tools to build wealth that lasts.
The Shawn Carter Foundation, co-founded by Jay-Z and his mother, Gloria Carter, has long been dedicated to supporting underprivileged communities. This latest initiative is part of their broader mission to empower young Black students, especially at HBCUs, with tools to succeed financially in a world where financial stability often determines opportunity. Backed by Toyota and inspired by Wharton’s Bridges to Wealth program, Jay-Z’s foundation and Wharton School’s Coalition for Equity and Opportunity introduce Champions for Financial Legacy to build financial skills at HBCUs.
Research consistently shows a racial wealth gap that leaves Black families at a disadvantage; according to data from the Federal Reserve, the average wealth of Black families is less than 15% of that of white families. This disparity has prompted conversations around generational wealth and the need for targeted financial education—especially for Black students who may face additional financial challenges.
According to the Shawn Carter Foundation, the new program’s curriculum includes “real-world applications and service-learning components allowing students to apply their financial knowledge in community settings, thereby expanding the ecosystem of wealth-building and fostering local development.”
The inaugural program will begin in spring 2025 at Missouri’s Lincoln University, Virginia’s Norfolk State University, and Virginia State University, with expansion plans to reach other HBCUs.
“We are excited to see our partnership with the Shawn Carter Foundation evolve to include this innovative initiative,” said Monica Womack, general manager of diversity & inclusion and community engagement at Toyota, in a press release. “One that not only provides resources to HBCU students but also reaches the heart of the community, through advocacy for financial literacy.”
Since its inception, the foundation has provided millions of dollars in scholarships, reaching over 750 students, with a specific focus on reducing student debt. The foundation’s decision to concentrate on financial literacy at HBCUs is part of a larger vision for economic empowerment within Black communities. By bringing the program to institutions that have historically fostered Black talent and leadership, the foundation is tapping into a powerful network of young minds who can bring this knowledge back to their communities, furthering the mission of economic equality.
In addition to classroom learning, students will have access to online resources, workshops, and one-on-one mentorship opportunities, ensuring they receive a well-rounded education in personal finance. These efforts aim to dismantle financial barriers and establish long-term success pathways for HBCU students. Notably, this program is designed to be sustainable, with hopes of expansion to reach more HBCUs in the coming years.
Jay-Z’s initiative arrives at a time when financial literacy has become a pressing issue. With college costs at an all-time high and student debt impacting over 40 million Americans, young people, especially those in Black communities, face significant financial hurdles. Programs like this one, grounded in practical financial skills, can help bridge the gap, offering a foundation of knowledge that will serve students well beyond graduation.