Thanks to Fifth Third Bank and education-technology company EverFi Inc., more than two dozen high school students have been awarded scholarships through the Finance AcademySM 529 College Savings Scholarship contest.
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The 28 winners from the Fifth Third 10-state footprint were chosen based on an essay they submitted that detailed how Finance Academy coursework had a positive impact on their plans and understanding of the core concepts of personal finance and entrepreneurship. Each winner is to receive $2,500 in a 529 savings plan to use. The 2017-18 school year was the first for Finance Academy and the scholarship contest.
“Finance Academy allows students the opportunity to leverage technology to make sound financial decisions. We are excited about playing a role in providing financial empowerment education to so many students across the country,” said Byna Elliott, chief community and economic development officer at Fifth Third. “The students who are receiving the scholarships have excelled in the program and we are pleased to offer them a savings scholarship to help them with their future.”
Fifth Third Bank launched Finance Academy, a digital personal finance and entrepreneurship education program, in October 2017. The program already has reached more than 130,000 students, closing in on its goal to reach 150,000 students annually. With its mission to improve lives through education, Finance Academy is a key part of Fifth Third’s $30 billion Community Commitment. Finance Academy is a Fifth Third L.I.F.E. (Lives Improved through Financial Empowerment®) program and delivers interactive online financial and entrepreneurship education to students at no cost to schools or taxpayers.
To apply for the scholarship, students had to be in grades 9-12 and be an active participant in at least one Finance Academy course during the 2017-18 school year.
Maniah, a scholarship winner from Cass Technical High School in Detroit, MI, said she learned several lessons this year. “Finance Academy taught me a lot about becoming an entrepreneur and the steps it takes to start a business. In the real world, there are products and services that people need. When owning a business, you need to identify how your company is different and why people should choose you over the competition.”
Finance Academy offers two web-based courses. The personal finance course is a series of 30- to 45-minute financial education modules that cover topics ranging from budgeting and savings to identity protection. Through its entrepreneurship 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 generating ideas to taking a sustainable business concept to market.
Each course module includes real-world scenarios and instructional animation that makes the content approachable and relatable for students.
“At EverFi, we are passionate about working with partners who are committed to ensuring that young people have the resources they need to follow their dreams and build secure futures,” said Ray Martinez, EverFi co-founder and president. “Fifth Third’s Finance Academy embodies that commitment. Together, we have reached more than 130,000 students this school year with over 400,000 hours of critical entrepreneurship and personal finance education.”
Fifth Third and EverFi plan to offer additional scholarships to students at the end of the 2018-19 and 2019-20 school years. High school administrators and teachers interested in bringing Finance Academy to their classroom or district can visit financeacademy.53.com.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2018, the Company had $142 billion in assets and operated 1,153 full-service Banking Centers and 2,459 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2018, had $363 billion in assets under care, of which it managed $37 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.
About EverFi Inc.
EverFi Inc. is the leading education-technology company that provides real world education to learners of all ages through innovative and scalable digital learning at no cost to K-12 schools. Founded in 2008, EverFi is fueled by its software-as-a-service subscription model and has reached over 20 million learners in critical skill areas. Some of America’s leading CEOs and venture capital firms are EverFi investors, including Amazon founder and CEO Jeff Bezos, Google Chairman Eric Schmidt, Twitter founder Evan Williams, TPG Growth, The Rise Fund, Advance Publications, Rethink Education and Rethink Impact. The EverFi Education Network powers more than 3,700 partners in their education initiatives across all 50 states and Canada. Learn more at everfi.com.