New Initiatives Expand Reach of Investing for Success Investor Awareness Program
Ted Daniels, Society for Financial Education and Professional Development, 301/292-3528
Denise Murray, Investment Company Institute, 202/371-5420
Washington, DC, May 23, 2002 - Two initiatives were announced today to bring the important investor awareness messages of the national Investing for Success investor education program to new audiences, including many of the nation's Historically Black Colleges and Universities and to the Hispanic community.
The Investing for Success partnership includes the National Urban League, the Coalition of Black Investors-Investment Education Fund, and the Investment Company Institute Education Foundation, an affiliate of the Investment Company Institute, the national association of American mutual funds, closed-end funds, and unit investment trusts. The partnership's goal is to strengthen the understanding among African Americans of opportunities to invest for long-term goals such as retirement and higher education through a nationwide series of free investor education workshops and educational materials.
Since its formation two years ago, the Investing for Success partnership has sponsored workshops in cities across America. Each event was made possible by the support of ICI members who cosponsored the events with local National Urban League affiliates and representatives of the Coalition of Black Investors-Investment Education Fund.
"I believe we are making a difference. And we want to do more. As the Investing for Success partnership enters its third year, we are making enhancements that will allow us to make additional progress toward our goal of helping to close the investment knowledge gap," said Institute Executive Vice President Julie Domenick at the Institute's General Membership Meeting.
The first enhancement announced by Domenick will bring the important investor education and awareness messages of the Investing for Success program to many of the nation's Historically Black Colleges and Universities. Under an agreement with the Society for Financial Education and Professional Development, the Investment Company Institute Education Foundation will sponsor investor education seminars that the Society presents at Historically Black Colleges and Universities. The agreement calls for the Society to distribute Investing for Success materials and promote the Investing for Success website at its seminars.
"Our organizations share an ambitious goal of advancing investor knowledge within the African American community," said Theodore Daniels, the Society's president and chief executive officer. "As a result of this project, future graduates of Historically Black Colleges and Universities will be even better equipped to maximize their professional and financial growth."
The second initiative, Domenick said, is a new bilingual online investor education workshop developed for Hispanic audiences. The website, in both Spanish and English, will offer all of the important messages and resources of the Investing for Success workshops. Domenick also announced that the Hispanic College Fund, Inc. has agreed to help promote the program.
"We are excited about joining this innovative and much needed program," said Fernando Barrueta, the president and chief executive officer of the Hispanic College Fund, a private, nonprofit organization dedicated to developing the next generation of Hispanic business leaders in America by awarding scholarships to deserving Hispanic students.
"We look forward to helping to bring the Investing for Success program to new audiences and to encouraging the Hispanic community to harness the power of investing," Barrueta said. "I am confident that the Investing for Success program will help Hispanic investors make informed investment decisions and build a solid financial foundation for themselves and generations to come."
Domenick said the new bilingual website is intended to bring more financial knowledge to the Hispanic community. Hispanics are the fastest-growing segment of the U.S. population, but research shows that nearly three-quarters of Hispanic households are worried that they may not be saving enough to meet future needs, such as retirement and the higher education of their children.