First-ever program will provide seeded investment accounts for every student in the freshman class to promote financial education and empower students to build wealth throughout their college career
Hampton, VA and Boston, MA – Hampton University and Stackwell, the digital investment platform designed to eliminate the racial wealth gap, today announced the launch of a new student investment program that will provide funded investment accounts and financial investment education to every member of the university’s freshman class. Hampton is donating a total of $25,000 to seed Stackwell investment accounts for each student in the Class of 2026, which will be coupled with a financial literacy program from the Society for Financial Education and Professional Development (SFEPD). SFEPD’s program will allow every student, faculty member, staff member, and parent access to an online financial literacy course valued at $3,000 – free of charge. The goal of the program is to empower students and their families’ financial futures and encourage wealth building throughout their lives.
Hampton and Stackwell hope to grow the size of the program in the future, and will provide the same program and seeded investment accounts for successive incoming classes of students, continuing with the class of 2027 and beyond. The addition of corporate partners and benefactors will be vital in expanding the program in the coming years.
“This new program is a key component to delivering the #1 student experience in America,” said University President Darrell K. Williams. “Hampton University is committed to investing in the advancement of our students as future leaders and building generational wealth on a national scale. We are proud to partner with Stackwell to bring such a unique and important program to our campus.”
This is the first program in the country to provide financial education and funded investment accounts for an entire class of students. Eligible students will sign up for their own Stackwell investment account, which will be seeded with funds from the university’s donation. Each student will also participate in a financial literacy program as part of their core curriculum, receiving a certificate upon its completion. Stackwell will engage with students throughout their time on campus to encourage the development of long-term saving and investing behaviors, highlighting the importance and impact of a lifetime commitment to investing and wealth building. The university’s goal is to graduate students who will have the benefit of a world class education, a fundamental understanding of finance and investing, and an investment portfolio that they can take with them and continue to build throughout their lives.
The Hampton-Stackwell program takes a holistic approach to financial literacy and wellness, differentiating it from other financial education programs at colleges and universities. The partners believe it is crucial to establish good financial habits at a young age to prepare students for long-term financial stability. By normalizing wealth building and participation in the markets, the students will be empowered to stay engaged in the market, establishing generational wealth building not only for the students, but their families and communities as well.
“We are honored to launch this new program with Hampton University and support the entire Class of 2026 as they embark on the critical first steps of their long-term financial journey,” said Trevor Rozier-Byrd, Founder and CEO of Stackwell. “We share a vision and mission of investing in our community, and together, we have created a program that will have an outsize impact across the Black community. This program can set a new standard for financial wellness and wealth creation, and we look forward to extending its reach to benefit thousands of students for years to come.”
According to the National Bureau of Economic Research, the racial wealth gap is the largest of the economic disparities between Black and white Americans. Federal Reserve data show the racial wealth gap for the Black community grows larger with each passing generation: white households hold on average eight times more wealth than Black households, with that figure growing to 17-times for the Millennial population and Gen Z. This new program focuses on the youngest generation of Hampton students who are disproportionately affected by the wealth gap and have the greatest opportunity to eliminate it by starting wealth building at an early age.
Hampton students will be able to sign up for their investment accounts starting on December 19, 2022.
About Hampton University
Hampton University is a comprehensive institution of higher education. For more than 150 years, it has been dedicated to the promotion of learning, building of character and preparation of promising students for positions of leadership and service. It emphasizes a scientific and professional curriculum with a strong liberal arts undergirding. In carrying out its mission, the University requires that everything that it does be of the highest quality. A historically black institution, Hampton University is committed to multiculturalism. The University serves students from diverse national, cultural and economic backgrounds. Research and public service are integral parts of Hampton’s mission. In order to enhance scholarship and discovery, the faculty is engaged in writing, research, and grantsmanship. In achieving its mission, Hampton University offers exemplary programs and opportunities which enable students, faculty and staff to grow, develop and contribute to our society in a productive and useful manner. Visit www.hamptonu.edu
Stackwell Capital, Inc., is a fintech company that has created a digital investment platform for the Black community that is designed to eliminate the racial wealth gap in America. Stackwell provides the financial investment tools and guidance necessary to help build lasting wealth, equity, and equal opportunity. Stackwell is a member of the 2022 Financial Solutions Lab, and MassChallenge U.S. Early Stage accelerator programs. For more information, visit stackwellcapital.com.