CINCINNATI--(BUSINESS WIRE)--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.
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.