First of its kind collaboration launches to address key gaps in financial literacy, career development and STEAM access designed for Latino students across the US.
SUMA Wealth, the fast-growing wealth technology company devoted to increasing prosperity for young US Latinos and their families has kicked off a collaboration with California State University Northridge’s (CSUN) Global Hispanic Serving Institution (HSI) Equity Innovation Hub (the hub) to enhance access to bilingual, technology-enabled educational programming designed for Latino students.
Apple, which helped to launch the hub, open to all CSUN students, is supporting this work through its Racial Equity and Justice Initiative.
Together, SUMA Wealth and the hub aim to address critical gaps in financial literacy, career development and access to STEAM (Science, Technology, Engineering, Arts, and Mathematics) educational pathways to promote opportunities for social mobility for Latino students, particularly at HSIs. T
The collaboration aims to deliver several educational programs, such as the Dinero 101 Bootcamp, a financial literacy course covering critical topics such as budgeting, debt reduction, savings, credit management, investing and retirement. In addition, the collaboration intends to host STEAM Pathways workshops which integrate financial education with STEAM career opportunities and equip students with the necessary skills to succeed in both financial and technical fields.
By combining SUMA Wealth’s expertise in delivering engaging and bilingual financial programs with the hub’s leadership in educational innovation and equity – and with support from Apple – the initiative is set to impact the growing Latino workforce as a key force for a thriving US economy.
“Through this collaboration, we have the potential to deliver culturally relevant financial education and career development tools that will equip Latino students and their families with the skills they need to build secure financial futures,” said Beatriz Acevedo, Co-Founder and CEO, SUMA Wealth.
“By addressing the unique challenges faced by the Latino community, we are not only bridging gaps in financial literacy but also providing access to critical STEAM resources to help students thrive academically and professionally.”
HSIs are colleges or universities in the US that have a student population where at least 25% of full-time undergraduate students identify as Latino.
HSIs have a profound reach and impact, with more than 500 HSIs across the US serving nearly 5 million Latino students. These institutions are vital in shaping the academic, financial and social mobility of Latino students, many of whom are the first in their families to earn a college degree and become professionals in STEAM careers.
However, many students face significant barriers to financial literacy and remain underrepresented in educational pathways that lead to careers in STEM and tech industries, limiting their full potential.
The partnership between SUMA Wealth, CSUN’s Global HSI Equity Innovation Hub and Apple, aims to bridge those gaps by delivering bilingual, culturally relevant programs that directly address the needs of these students and inspire them to become the creators and innovators of the future.
The impact goes beyond the students themselves – on average SUMA users are responsible for managing the finances of three or more family members. By reaching these students, this initiative will have a ripple effect, supporting up to 15 million Latinos across the country, transforming not just individual futures but entire families and communities, boosting their economic mobility.
The hub works with leaders throughout the nation to transform HSIs in order to increase student success and equip Latinx and other historically underserved students with skills to pursue careers in STEAM.
“HSIs are uniquely positioned to authentically serve Latinx students and propel a more diverse and inclusive future workforce in STEAM and this collaboration has the potential to enhance our ability to provide students with the tools they need to succeed and disrupt inter-generational inequity,” said Dr Amanda Quintero, CSUN’s HSI Equity Innovation Officer.
The Global HSI Equity Innovation Hub
Apple partnered with California State University Northridge (CSUN) to launch the Global HSI Equity Innovation Hub in 2021 as part of its Racial Equity and Justice Initiative which was created to support students, innovators and advocacy organizations that are leading the charge in creating a more inclusive, more just world.
“Together with SUMA Wealth and with Apple’s support, we are creating a national model for academic and inclusive excellence that will empower students to reach their highest aspirations, benefit from social mobility, and transform their communities,” said Dr. Erika D. Beck, CSUN President.
Alisha Johnson Wilder, Director of Apple’s Racial Equity and Justice Initiative, said: “Education and economic empowerment go hand-in-hand, and we’re thrilled to support this important work to enhance financial literacy programming for students across the HSI community.
“This collaboration between SUMA Wealth and California State University Northridge will ensure that more young people have access to critical tools and resources to increase financial stability as this next generation of leaders embarks on their careers.”
As the collaboration evolves, SUMA Wealth and CSUN’s Global HSI Equity Innovation Hub will seek to expand their efforts to include HSIs and Latino students across the country.
About SUMA Wealth
SUMA Wealth is the leading wealth technology company devoted to increasing prosperity for young US Latinos and their families.
SUMA’s innovative approach deploys technology to build financial tools that are engaging, culturally relevant and useful to its community.
SUMA also creates personalized user-centric content and brand-based experiences intended to ‘inspire, inform and support’ their consumers to build wealth and control their financial future.
