Advances Access to Youth and Adults with Financial Education
Partnership Reinforces Synchrony’s Commitment to Education as an Equalizer
STAMFORD, Conn., April 27, 2023 /PRNewswire/ — Synchrony (NYSE: SYF), a premier consumer financial services company, today announced it has become a member company of Financial Literacy for All (FL4ALL) – a national initiative dedicated to embedding financial literacy into American culture.
Launched in May 2021 by Operation HOPE and a consortium of U.S. companies, including leaders from business, professional sports, non-profit and entertainment sectors, FL4ALL aims to reimagine the way Americans think about their relationship with money and provide the foundational skills for people to best manage their personal finances and build generational wealth.
“Improving financial literacy is a responsibility we all share.” – Synchrony President & CEO Brian Doubles Tweet this
Alongside member organizations, Synchrony will continue to champion financial resiliency, literacy, and capability.
“Improving financial literacy is a responsibility we all share because everyone should have access to the education and resources needed to secure a strong financial future,” said Brian Doubles, President & CEO of Synchrony. “Over the last few years, we’ve seen economic inequality increase, which is why we’ve invested so heavily in our Education as an Equalizer initiative and why we’re proud to stand alongside Operation Hope and so many others to ensure improve financial wellness and understanding.”
“We are honored that Synchrony has joined the FL4ALL movement and grateful for its commitment to help make financial literacy an integral part of the fabric of our nation,” said John Hope Bryant, Founder, Chairman, and CEO of Operation HOPE and Co-Chair of FL4ALL. “As we work to expand our reach and strengthen our impact, we look forward to collaborating to help build a better financial future for everyone.”
Synchrony’s Commitment to Financial Wellness
In addition to its long-term commitment to FL4ALL, Synchrony has been committed to improving the financial health and wellness of its communities and stakeholders, including its own workforce.
- Education as an Equalizer: In 2021, Synchrony committed $50 million to its Education as an Equalizer initiative, which aspires to increase access to higher education, skills training in high-growth fields, and financial literacy skills for underserved communities and its own workforce.
- Project REACh: Synchrony is an advisory board member of the Office of the Comptroller of the Currency’s (OCC) Roundtable for Economic Access and Change (Project REACh) where it supports a number of efforts, including working to improve credit availability and consumer financial literacy for underserved communities, individuals, and small businesses.
- JUST Capital – Worker Financial Wellness Initiative: Synchrony is part of JUST Capital’s Worker Financial Wellness Initiative, a coalition aimed at making workers’ financial security and health a C-suite and investor priority. Synchrony continues to conduct living wage assessments to understand if our workers can cover the local cost of necessities. In addition, Synchrony’s comprehensive wellness program – Synchrony 360 – includes focused and free resources designed to support the entirety of an employee’s life, including financial. Synchrony supports employees with financial counselors, 401(k) matching savings programs, fitness reimbursements, comprehensive health care (medical, dental and vision coverage) and life and disability insurance.
- America Saves Week: Synchrony participates in America Saves Week, an initiative of the nonprofit Consumer Federation of America. The program focuses on motivating everyday Americans to save money, reduce debt, build wealth, and create better financial habits. The company earned the “America Saves Designation Award,” made annually to financial institutions that go above and beyond to actively encourage members to save, increase savings, save automatically, and build wealth.
- Rainy Day Fund: To encourage employees to build their financial resilience by saving a small portion of each paycheck for the unexpected, Synchrony created the Rainy Day Savings Program. This year, more than 1,850 Synchrony employees enrolled in the Rainy Day Savings Program, choosing to automatically direct a portion of their pay into savings.
- Supporting minority-owned small businesses: With a $1 million grant, Synchrony is partnering with Operation HOPE to help digitally illiterate, marginalized small business owners and business dreamers gain the skills and knowledge to manage their day-to-day operations more effectively and efficiently.
- Partnership with National Foundation for Credit Counseling: Synchrony continues its longtime partnership with the National Foundation for Credit Counseling (NFCC). In 2023, Synchrony provided a $750,000 grant for NFCC to provide core credit counseling support services and help to expand its debt reduction plan expansion. Synchrony employee volunteers also support the NFCC through operational and organizational matters.
- Cost of Care Research: Synchrony has conducted extensive research to quantify the lifetime cost of healthcare and pet care.
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our “partners.” We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.
About Operation HOPE
Since 1992, Operation HOPE has been moving America from civil rights to “silver rights” with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. For more information visit OperationHOPE.org. Join the conversation on Twitter, Facebook, and Instagram.
About Financial Literacy for All
Financial Literacy for All (FL4ALL) is a national initiative to embed financial literacy in American schools, workplaces, communities, and culture, led by a prominent group of leaders from the business, sports, entertainment, and nonprofit sectors. This 10-year initiative will reach millions of youths and working adults by meeting them wherever they are on their financial journey, ensuring they have access to the tools, and resources needed to make informed financial decisions and take control of their financial lives. For more information, visit fl4a.org, and FL4ALL’s financial education resource library, which is accessible to the general public as well as to all member companies, their employees, and their customers.