Students at Florida A&M University (FAMU) and other historically Black colleges and universities are participating in a new research study that examines how financial education can impact their broader communities. The project, known as the Ripple Effects study, will analyze how financial knowledge gained by students spreads beyond the classroom and influences the habits of their peers and family members.
The initiative is led by Inger Daniels-Hollar, Ph.D., an assistant professor at FAMU and principal investigator on the grant. Daniels-Hollar said the research aims to evaluate whether financial education provided at FAMU and other HBCUs leads to measurable changes outside campus boundaries.
Student ambassadors from the Society for Financial Education and Professional Development Inc. (SFEPD) play a key role in this initiative. They lead workshops, classroom presentations, and outreach events to teach personal finance skills both to fellow students and members of the community.
Laurie Accede, a third-year accounting student from Miami who serves as an SFEPD ambassador, discussed her experience with the program’s outreach efforts. Accede stated, “Programs like this are really important to teach financial literacy. It’s important that people gain the skills to properly manage their money. Building these skills during college helps them transfer into their careers after graduation. Generational wealth is especially lacking in the African American community, and programs like this help close that knowledge gap.”
Ramona Copeland, a second-year business administration student from metro Atlanta who also acts as an SFEPD ambassador, emphasized the importance of making financial education more accessible. “Everyone has some type of relationship with money,” Copeland said. “It’s important to know how to make your money work for you and not become a hindrance to your development. Programs like this provide education behind financial concepts that can be difficult to grasp and not always accessible to everyone.”
Copeland noted that being part of SFEPD has influenced her academic path. “Upon enrolling at FAMU, I was a business administration major, but now I have a finance concentration because I want to go more in depth on the topics I’m teaching others,” she said. “I want to continue sharing financial education in the future as a financial adviser or planner. I don’t think I would be as passionate about spreading financial knowledge if it weren’t for the SFEPD program.”
Funding for the Ripple Effects study comes from both the National Endowment for Financial Education and the FINRA Investor Education Foundation, each contributing $100,000 for a total grant amount of $200,000.
University officials view this study as part of ongoing efforts led by students to boost financial literacy through educational programs and community engagement initiatives.
