Bank of America Foundation helps Clark students save
Grant for pilot program to provide financial coaching for low-income students
Thank you Bank of America for the lead grant in a pilot program to encourage Clark College students to save money and become financially savvy.
The grant from Bank of America Charitable Foundation will help launch Clark’s new individual development account program in fall 2022. It will prepare students to save for their education and careers. The grant offers a 4:1 match for every dollar a student saves, up to $1,500.
“Families and communities are strengthened when individuals have access to economic mobility,” said Jessica Hewitt, Oregon and Southwest Washington market executive, Bank of America. “Pairing comprehensive financial literacy with a tangible way for students to save money, this program empowers individuals to find their own true path to a strong future.”
The new initiative is part of Clark’s comprehensive financial wellness program. Students also get gift cards to motivate them to participate in financial coaching and workshops.
The financial wellness program offers 1:1 coaching, in-person and virtual workshops, emergency grants and referrals to college and community resources. The program exposes students to basic concepts of financial wellness at the beginning of their educational journey during a new student introductory course.
Studies show that access to financial resources, particularly for low- and moderate-income students, can improve student retention, college completion or transfer to other institutions and employment.
The COVID-19 pandemic laid bare systemic disparities and the need for enhanced services for Clark students who come from marginalized communities. Financial wellness is one of college’s responses to this burgeoning need.
Explore more details on Clark’s website.
Other banks that are supporting financial wellness by giving to Clark College Foundation are US Bank, Key Bank and Umpqua Bank.
