Fifth Third Finance Academy Educates Nearly 150,000 Students in First Year; Financial Education is Key Part of Bank’s Commu...
November 15 2018 - 9:55AM
Business Wire
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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20181115005595/en/
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.
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.”
*FAFSA is an abbreviation for Free Application for Federal
Student Aid.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181115005595/en/
Stacie Haas513/534-5113513/534-NEWS
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Apr 2023 to Apr 2024