Morgan Stanley’s Institute for Inclusion (IFI) has launched an initiative dedicated to promoting equity in education and career paths.
The IFI Education and Career Equity Consortium seeks to collaborate with organizations to help high school and college students achieve better professional and financial outcomes.
The bank has allocated $ 20 million for the initiative, which also aims to address systemic inequalities in education and work outcomes for young adults from low to moderate income backgrounds.
“We are investing in solutions that improve access to education and social mobility more broadly and have a significant impact on communities” said Susan Reid, Global Head of Diversity and Inclusion at Morgan Stanley and Director of IFI at Morgan Stanley.
“We believe this investment will help tackle racial inequalities and generate better long-term financial results for these students and their families,” she added.
In partnership with the Morgan Stanley Foundation, the initiative brings together partners with a proven track record in helping students achieve stronger education and career goals.
The partners primarily serve low- to moderate-income high school and college students across the United States, many of whom are the first generation in their families to attend college.
The initial group of partners includes the nonprofits A Better Chance, America Needs You, Braven, Hispanic Federation, iMentor, and SEO.
Some of the consortium’s goals include awareness, access and advancement, while exposing students to career paths and opportunities that may not be visible in their communities.
Last month, Citi launched an initiative to close the racial wealth gap in the United States. The Action for Racial Equity initiative, which invested $ 1 billion to tackle wealth inequalities, was first launched in September 2020.
By the end of 2023, Citi aims to accelerate home ownership and affordable housing support for minority groups with an allocation of $ 550 million.