Actor Terrence J is partnering with a Black-owned bank to help historically Black college and university (HBCU) students with financial literacy.
The North Carolina A&T State University alum is partnering with Black-owned bank First Boulevard for an initiative designed to give HBCU students the knowledge and resources needed to achieve financial success.
Through the partnership, known as Project Tassels, First Boulevard and Terrence J will release a video series covering an array of financial and money management-related topics including budgeting, savings, credit scores, and other topics. The partnership will help 1,000 HBCU students control their financial future.
“I wasn’t entirely knowledgeable about the importance of financial literacy while attending North Carolina A&T State University, or even at the beginning of my career,” Terrence J said according to HBCU Buzz. “Had I known then what I know now about wealth building, I would’ve taken small steps to better manage my finances sooner.”
According to the Brookings Institute, in 2016, the net worth of a typical white family ($171,000) is nearly 10 times greater than that of a Black family ($17,150). The gap has only grown, especially during the coronavirus pandemic. Additionally, many students, especially students in low-income areas and public schools do not learn financial literacy in school and know little about credit, bank accounts, or credit cards.
In a survey conducted by Self Financial, 43% of respondents (1,000 Black adults 18+) said they’d rather discuss their sex life as opposed to their credit. Another 47% said they were worried about being judged due to their credit score.
This isn’t the first time Terrence J has made it a point to help HBCU students. Earlier this month, the actor announced a commitment to raising awareness of healthy eating within HBCUs.
Terrence J has partnered with Aladdin Campus Dining, a student-inspired program in colleges and universities across the country. Jenkins and Aladdin will support healthy eating programs and initiatives throughout HBCUs all year.