We recognized that Young Americans are faced with high-stakes economic decisions, yet financial literacy standards in the U.S. are disappointingly low. With the rise of economic inequality, our nation’s unpreparedness for retirement and the proliferation of student debt, young people need to be equipped with the tools needed to make smart, early financial decisions.
Through the FS Foundation (the philanthropic arm of FS Investments), we collaborated with the University of Pennsylvania and Bridges to Wealth to create FS Financial Scholars – a program aiming to tackle financial literacy education in the local Philadelphia community. FS Financial Scholars seeks to provide the tools needed to generate greater multigenerational wealth and achieve financial empowerment.
The FS Financial Scholars program was piloted at Boys’ Latin of Philadelphia Charter School in 2016, where a 40-student class showed significant increases in survey scores measuring financial behavior, knowledge and attitudes following the program’s completion.
By July 2017, the FS Foundation announced its first open application process to select two additional schools for the program, which received an overwhelming response. As a result, FS Investments decided to more than double its initial commitment to FS Financial Scholars – contributing funds to expand programming to five additional Philadelphia schools, including 2 of which that are part of Philadelphia mayor Jim Kenney’s Community Schools Initiative.
As of September 2018, The FS Financial Scholars program will expand to 11 schools in total, including public, charter, parochial and private high schools throughout the Philadelphia area.
To learn more about the program, visit FSFinancialScholars.org.
We believe FS Investments’ continued success depends upon harnessing the power of diverse skills, knowledge, experiences and backgrounds for the benefit of our investors, clients, colleagues and communities. I feel strongly that FS must be a place where diversity is valued and emphasized. As long as I’m leading the Firm, we will work hard to ensure we have an inclusive environment where all of our colleagues, regardless of nationality, religion, gender, race, sexual orientation, disability status or age, feel welcome, valued and empowered to perform at their best.