Mother-Son Duo Jay-Z and Dr. Gloria Carter Lead Financial Literacy Push for HBCUs

Photo Courtesy Shawn Carter Foundation

Jay-Z and his mother, Dr. Gloria Carter, co-founders of the Shawn Carter Foundation, pictured together at a past event, continue their commitment to uplifting underserved communities through initiatives like the newly launched Champions for Financial Legacy program, aimed at financial education for HBCU students.

The Shawn Carter Foundation, founded by entrepreneur and rapper Shawn "Jay-Z" Carter and his mother, Dr. Gloria Carter, has announced a new initiative aimed at empowering students at Historically Black Colleges and Universities through financial literacy. With support from Toyota Motor North America, the Champions for Financial Legacy program seeks to reduce the wealth gap and build long-term economic success for participants.

Developed in collaboration with The Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania, CFFL is based on a financial education curriculum created by Wharton Professor Keith Weigelt. The program, previously known as Bridges to Wealth, has provided financial education to Shawn Carter Foundation scholars and their families since 2017.

Toyota, a consistent supporter of the foundation’s annual HBCU Bus Tour, played a pivotal role in expanding CFFL’s reach. The tour has introduced high school and college students to HBCUs and provided access to college preparatory resources, continuing the foundation’s mission of educational access and equity. Monica Womack, Toyota’s general manager for diversity, inclusion, and community engagement, praised the evolution of the partnership.

“We are excited to see our partnership with the Shawn Carter Foundation evolve to include this innovative initiative,” Womack said. “One that not only provides resources to HBCU students but also reaches the heart of the community, through advocacy for financial literacy.”

Since its founding in 2003, the Shawn Carter Foundation has focused on removing socioeconomic barriers to higher education and career development for underserved youth. Its initiatives have included college scholarships, study abroad opportunities, and career exposure programs. More than $20 million has been invested in initiatives that have benefited thousands of students and families across the United States.

CFFL aims to continue this legacy by equipping students with critical financial skills, such as budgeting, understanding credit scores, navigating market risks, and investing in stocks and mutual funds. By fostering financial literacy, the program hopes to promote economic mobility and transform intergenerational wealth trajectories.

"Every day at the Shawn Carter Foundation, we dedicate ourselves to uplifting students and communities that are underserved," said Dr. Gloria Carter, CEO and co-founder of the foundation. "To launch a financial education program that will reach more students and communities, along with dedicated partners like Toyota and the Wharton School of Business, is a vision we are finally seeing come to fruition. We are so excited to see the incredible impact of CFFL unfold and look forward to its growth."

Jay-Z’s philanthropic involvement extends beyond the Shawn Carter Foundation. Through his work with REFORM Alliance, he has advocated for criminal justice reform and the rights of incarcerated individuals. In partnership with high-profile figures such as Meek Mill, Jay-Z helped raise awareness and funding to transform probation and parole laws across multiple states. His work has included assisting in providing legal aid and pushing for policy changes, which have directly impacted the lives of many disadvantaged communities.

In addition to advocacy and educational initiatives, the Shawn Carter Foundation’s work has had tangible results in expanding educational opportunities. Its scholarship fund supports promising students facing financial hardships, while other programs, like the "College Prep and Exposure" initiative, have provided guidance, mentoring, and college readiness resources for high schoolers aspiring to higher education.

"One way to strengthen the resiliency of middle-class households is to increase their ability to generate wealth," said Dr. Keith Weigelt, founder of Bridges to Wealth and Marks-Darivoff Family Professor of Strategy at Wharton. "I thank both the Shawn Carter Foundation and Toyota for their foresight in addressing a long-neglected social disparity."

The inaugural CFFL program will launch in Spring 2025 at Lincoln University, Norfolk State University, and Virginia State University, with plans to expand to additional HBCUs. University-appointed faculty will receive professional development training, and trained student ambassadors will promote CFFL courses on their respective campuses.