Truist-Perspectives-AUGUST_2021

Community
Truist’s purpose is to inspire and build better lives and communities. And often, that can
start with a solid financial education. Here are a few ways that Truist is trying to improve
the financial literacy of our teammates, our clients, and the communities we serve.
It starts close to home
In 2016, CEO Bill Rogers set out to improve the financial
well-being of his employees at SunTrust now Truist. He
hired Ford, who was running an independent company
called 8 Pillars, to launch an internal wellness program.
“We didn’t just roll out a program. We really put our money
where our mouth was, with $18 million paid out to our
employees over six years, helping them establish employer-sponsored
emergency savings accounts, and giving
them a full financial wellness curriculum,” says Ford.
The program worked so well that “we thought, what if we
take this out to our corporate clients?” says Ford. Now,
270 companies participate in the program, called
Truist Momentum.
Financial well-being
for everyone
Ford, along with Bright Dickson, Truist’s resident expert
on positive psychology, also launched a new content
program intended to reach a wider audience.
“Money and Mindset is a website and podcast—a movement—where
anyone can go to get unbiased, accessible
information on financial education,” Ford says. “We said,
‘What can help someone get in a better place financially?’
We have the education, the principles, the rules … but are
we really helping people get the right mindset?”
Together, Ford and Dickson created Money and Mindset
to help people create financial peace of mind. “All of
a sudden, we’re reaching people in a way that hasn’t
been done in the past,” says Ford. “This isn’t, ‘You need a
spreadsheet for budgeting.’ This is a new approach.”
Ford and Dickson do, in fact, talk about budgeting, but
they talk about it in relation to the things you really care
about—such as your family, pets, travel, and health.
“Let’s frame up your finances within the things that are
important. Then sprinkle in some positive psychology
and talk about the science behind optimism, the science
behind a growth mindset. And it’s exciting, unique, and
fun,” Ford says.
Financial literacy improves
student retention
Like a ripple in a pond, the financial education that began
with Truist teammates has expanded in ever wider circles,
with long-lasting effects. Financial education helps build
a strong foundation for economic mobility and well-being,
according to Truist Foundation Director of Strategic
Initiatives Meghan Pietrantonio.
For example, she says Georgia State University “learned
that a significant number of students drop out of college
because of a very small debt or bill—like $500 on their
student meal plan,” not because of poor grades.
GSU is one of the most diverse universities in the U.S.,
and annually graduates more African American students
than any other public or private institution. Many of the
students who dropped out were from minority groups or
the first in their family to attend college.
Building on the success of a grant from 2015, the Truist
Foundation awarded $2.8 million to Georgia State University’s
National Institute for Student Success, followed by
an additional $2.5 million in May, 2021. The Institute for
Student Success offers a universal self-service diagnostic
tool for institutions to learn where they stand in terms of
student preparedness and student success outcomes.
It also offers interactive financial coaching to students.
Both of these tools have been extended beyond GSU to a
cohort of historically Black colleges and universities.
Setting up high school students
for success
Another grant from Truist Foundation is helping Florida
International University launch a program to teach
financial education to high school students. FIU partnered
with the National Academy Foundation, a nonprofit
organization that runs career academies within traditional
high schools. Specifically, FIU will be supporting NAF’s
Academy of Finance, which operates in 193 high schools
with high minority enrollment in more than 140 cities
across the U.S.
“One of our main goals is to revamp the curriculum for two
classes: Principles of Finance and Applied Finance,” says
professor Flavio Carrillo, faculty director of the Capital
Markets Lab and senior director of the Truist FIU Financial
Wellness Clinic. Another goal is to train teachers in the
Truist FIU curriculum. Ultimately, Carrillo hopes
the program will give high school students a strong
foundation for financial success.
“As an educator, I wholeheartedly believe that education
is the great equalizer,” says Carrillo. “If we adequately
prepare students from economically challenging areas to
effectively compete on a level playing field, we may truly
move the needle in a significant way.”
Listen to the
Money and Mindset
podcast to get tips
and tools to help
manage your
fi nancial progress.
August 2021 | 21