Fifth Third Finance Academy Educates Nearly 150,000 Students in First Year; Financial Education is Key Part of Bank’s Community Commitment
CINCINNATI--(BUSINESS WIRE)--Nov 15, 2018--Fifth Third Finance Academy, the Bank’s financial and entrepreneurship education program for high school juniors, educated 149,900 students in its full school year, 2017-2018. The majority of the students reside in the Bank’s 10 market states of Ohio, Indiana, Kentucky, Michigan, Florida, Illinois, North Carolina, Tennessee, Georgia and West Virginia.
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Students take a Fifth Third Finance Academy class. (Photo: Business Wire)
A part of Fifth Third’s $32 billion Community Commitment, which is currently in its third year, the Bank collaborated with EverFi to develop Finance Academy for high school students. Additionally, the Bank created the Fifth Third Finance Academy scholarship program and awarded them to 28 students during last school year.
The overall Commitment includes mortgage lending, small business lending and community development lending and investments as well as the delivery of impact programming in low- and moderate-income (LMI) and/or high minority communities. During the 2017-2018 school year, Finance Academy was delivered to 62,717 students in underserved communities who completed over 160,000 hours of coursework.
Fifth Third Finance Academy, which includes courses on financial education and entrepreneurship, delivered 2,700 courses and students spent over 380,000 hours immersed in the Finance Academy curriculum. More than 44,000 students took the financial education course and the entrepreneurship course reached over 88,000 students. Approximately 18,000 students were reached through scholarship and summer programs.
Upon completion of the financial education course, there was a reported average knowledge gain of 74 percent in topics like saving, banking, owning versus renting, and insurance, as determined by assessment tests taken before and upon completion of the course.
“Finance Academy has assisted me in so many different ways that I never knew it could,” said Matt Leyesa, Fifth Third Finance Academy student in Florida. “Through the modules I learned how to open up a savings account, what credit scores are and how it can greatly impact you, how to apply for FAFSA*, how to file your taxes, the best way to become financially secure in the future, and countless other beneficial methods and techniques that I will surely need to understand once I take my first step in the real world. I can take from what I’ve academically experienced and apply it to day-to-day life.”
Students participating in the Fifth Third Finance Academy entrepreneurship course improved their assessment scores by an average of 94 percent while covering topics including business pitches, ideas versus opportunities and the difference between fixed and variable expenses. The entrepreneurship course also met a growing need for today’s students, including the 75 percent who said they are interested in owning their own business in the future.
“I dream of becoming a successful African-American entrepreneur,” said Kiara Fuller, Fifth Third Finance Academy student in Illinois. “With the help of Finance Academy, I have learned so much. I have learned the importance of a budget and how I should start one. Finance Academy has also furthered my understanding of banks and how they work. Additionally, this will help me manage my money when I get older and start pursuing my dreams as an entrepreneur.”
In addition to collaborating with EverFi to develop Fifth Third Finance Academy and educate students across Fifth Third’s markets, the Bank also sponsored a scholarship program, which awarded scholarships to students in June 2018. Fifth Third continues to offer its Finance Academy programs in schools and expects to educate 450,000 students by 2020.
Finance Academy is a key part of Fifth Third’s L.I.F.E. (Lives Improved through Financial Education®) programs, which have educated more than 1.675 million people since 2004. Fifth Third Finance Academy is powered by EverFi, Inc. Finance Academy information is available at financeacademy.53.com.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of September 30, 2018, the Company had $142 billion in assets and operates 1,152 full-service Banking Centers, and 2,443 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. As of September 30, 2018, Fifth Third also had a 3.3% interest in Worldpay Holding, LLC, a subsidiary of Worldpay, Inc. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2018, had $376 billion in assets under care, of which it managed $38 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. and can be viewed at . Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.”
*FAFSA is an abbreviation for Free Application for Federal Student Aid.
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CONTACT: Stacie Haas
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SOURCE: Fifth Third Bank
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PUB: 11/15/2018 09:55 AM/DISC: 11/15/2018 09:55 AM