Springfield, Mass., April 21, 2022 – Massachusetts Mutual Life Insurance Company (MassMutual) today announced a $2.5 million 5-year commitment to the American College Center for Economic Empowerment and Equality, one of The American College of Financial Services' Centers of Excellence. This $500,000 annual commitment will help support the Center’s mission in promoting upward mobility and wealth building for underserved communities, including Blacks, Latinos, Asians, women, and other marginalized groups.
The Center for Economic Empowerment and Equality is the flagship center for research, thought leadership, curriculum and course development, programming, and scholarships aimed at narrowing the wealth gap and cultivating lasting relationships between financial services and all underserved communities.
The Center’s vision is of a nation where underserved communities can prosper through America’s inclusive economic engine, and benefit from and participate in all that the financial services industry has to offer.
MassMutual could not agree more.
“The financial services industry has an opportunity to leverage its resources to help close the wealth gap amongst all Americans and especially underserved communities in the US,” said Mike Fanning, head of MassMutual US. “We know that sustainable impact starts with education and building knowledge. We’ve seen the impact of the extensive training provided by the American College Center for Special Needs at The College in the lives of families with disabilities. And with our latest funding commitment, we aim to make a difference in the lives of more individuals and their families in underserved communities.”
Many in marginalized communities place their trust in those with similar cultural backgrounds, according to recent MassMutual research. MassMutual’s commitment aims to support the broadening and deepening of access to training for a career in financial services to build financial literacy in underserved communities.
“A career as a financial professional is a demanding and noble one,” added Fanning. “The more licensed financial professionals from and in communities that are not currently being reached can make a difference.”