Oakland High School Seniors Celebrate Graduation from Racial Equity Financial Education Program with Scholarships

Celebrating Achievements in Oakland: A Step Towards Financial Equality

On February 1, 2025, a momentous occasion took place at the University of California, Berkeley, where 23 high school seniors from Oakland proudly graduated from the PG&E Economic Equity and Financial Education Program. This initiative, designed to address the racial wealth gap, awarded each of these bright students a scholarship of $8,000, providing them with essential financial knowledge and support as they transition to college.

The program, launched by Pacific Gas and Electric Company (PG&E) and The PGE Corporation Foundation, has demonstrated tremendous success since its inception in 2022. Over 70 students have joined this enlightening journey, which is part of PG&E's commitment towards diminishing economic disparities within the African American community. The foundation not only provided scholarships but also funded the program, highlighting PG&E's dedication to social responsibility and community empowerment.

As part of the six-month course, students received advanced financial education at UC Berkeley's esteemed Haas School of Business. Instruction was imparted by distinguished Haas professors and experienced financial industry leaders, focusing on topics such as personal finance, capital markets, investment strategies, and wealth creation. The curriculum was crafted in collaboration with seasoned professionals like Jason Miles, an African American venture capitalist with over 25 years of experience, ensuring that the students received relevant and actionable insights.

Ty Carter, a 17-year-old graduate from Castlemont High School, expressed his gratitude, stating, "This program has been invaluable in teaching me how to manage my finances, an essential skill as I prepare for university." His sentiments resonate with the program's aim to cultivate financially knowledgeable leaders capable of executing informed financial decisions in their futures.

The program not only provided rigorous financial training but also fostered an environment for academic leadership. Students participated in weekly Saturday classes, culminating in presentations and discussions that reinforced their newfound skills. Mentorship from undergraduate students at the Haas School lent additional support, creating a robust support network as these high school seniors prepared for their next steps.

The initiative is the brainchild of PG&E, conceived in response to societal needs for racial justice, especially following the events surrounding the murder of George Floyd. With an annual funding commitment of over $500,000 through PG&E's Better Together Giving Program, the program aims to bridge the gap that exists in financial literacy among underprivileged communities.

The need for such programs is underscored by statistics from the 2019 Survey of Consumer Finances, which highlighted opaque disparities in wealth accumulation across racial lines. The findings revealed that a typical white family had eight times the wealth of a typical Black family, a glaring injustice prompting the necessity for educational initiatives like this.

PGE's Senior Vice President of Customer Experience, Vincent Davis, reaffirmed this mission, stating, "We recognize the profound impact the racial wealth gap has on perpetuating inequality in California and remain deeply committed to being part of the solution. Providing early access to financial education is a vital step in addressing equality."

One such remarkable success story from the program is Otis Ward, who participated in last year's cohort. Ward has actively shared his experiences through a PGE short film titled "Change the System: Building Black Wealth," further inspiring his peers and communities.

The groundwork laid by the PG&E program has sparked hope for a broader educational shift, with California recently passing legislation to integrate personal finance education into the high school curriculum by 2027. This transformative approach can empower future generations and equip them with the tools to foster their financial independence.

Overall, the PG&E Economic Equity and Financial Education Program exemplifies a meaningful effort towards dismantling systemic financial barriers and nurturing the potential of future leaders. By instilling confidence and knowledge, it empowers students to break the cycle of economic disadvantage and build a brighter, more equitable future for all.