PG&E’s Economic Equity and Financial Education Program Empowers Oakland-Area High School Seniors with Scholarships and Financial Knowledge
On Saturday, February 1, 2025, twenty-three high school seniors from the Oakland area will graduate from the PG&E Economic Equity and Financial Education Program at the University of California, Berkeley. These students will also receive $8,000 scholarships to support their higher education pursuits, thanks to the program’s commitment to addressing racial wealth disparity and fostering financial literacy within underserved communities.
The PG&E Economic Equity and Financial Education Program was designed specifically to address the racial wealth gap affecting African Americans, an issue highlighted by the racial injustice and inequality that became even more apparent following the tragic death of George Floyd in 2020. This initiative is part of PG&E’s ongoing racial justice efforts and is backed by the PG&E Corporation Foundation’s Better Together Giving Program.
A Robust Financial Education Program
The program, which has already benefited more than 70 high school students since its pilot in 2022, equips students with essential financial skills needed for long-term success. Over the past six months, the high school seniors participated in an advanced financial education course taught at UC Berkeley’s prestigious Haas School of Business. Topics covered included personal finance, capital markets, wealth creation, investments, and more, with the help of financial industry professionals and UC Berkeley professors.
“The program has been incredibly beneficial for me, especially as I prepare for college,” said Ty Carter, a 17-year-old student from Castlemont High School in Oakland. “Learning how to manage my finances is something I’ll carry with me for life, and it’s a crucial skill as I take the next step toward a four-year university.”
The $8,000 scholarships awarded to the students upon graduation from the program were funded by the PG&E Foundation, which also covers the program’s operational costs. Notably, the funding for this initiative comes entirely from PG&E shareholders, not customers, ensuring that the program remains a charitable effort aimed at making a meaningful difference in the community.
Partnering for Success
PG&E collaborated with UC Berkeley’s Haas School of Business and Berkeley Executive Education to offer these students an immersive learning experience. Other key partners include Mills College at Northeastern University and Amenti Capital Group, a venture capital firm dedicated to fostering financial literacy and empowerment within underserved communities.
Mills College at Northeastern University played an instrumental role in recruiting the students through its TRIO Programs, which focus on helping underserved high school students, as well as first-generation college-bound students, succeed in higher education. These efforts align with the program’s goal of ensuring that African American students have access to valuable resources and mentorship as they work toward building their financial futures.
Expert Guidance from Renowned Educators and Professionals
The curriculum, which was developed by Professor Panos Patatoukas of UC Berkeley’s Haas School of Business and Jason Miles, an African American venture capitalist with over 25 years of experience in the financial services industry, provided students with the knowledge and skills needed to thrive in a complex financial landscape. Miles is also the founder of Amenti Capital Group, which offers venture capital and advisory services to early-stage technology companies.
Professor Patatoukas, who serves as the founding faculty director of the program, shared his pride in seeing the students’ progress and success. “I am incredibly grateful for the partnership with PG&E and our colleagues at Amenti Capital Group. This program has equipped Oakland-area high school seniors with critical financial knowledge that will set them on the path to personal and financial success,” he said. “It’s a privilege to watch past participants flourish, now as thriving UC Berkeley students, and I look forward to expanding this program even further.”
Jason Miles echoed this sentiment, emphasizing the long-term impact of the program. “Empowering young African American leaders with practical investing knowledge is an invaluable investment in their future,” he said. “We are energized by the opportunity to catalyze generational wealth creation alongside like-minded partners, and we remain inspired by the talented students who participated in this year’s cohort.”
Tackling the Racial Wealth Gap
The inspiration for the PG&E Economic Equity and Financial Education Program stemmed from the findings of the 2019 Survey of Consumer Finances, which revealed a striking racial wealth gap. According to the survey, the typical white family had eight times the wealth of the average Black family. This disparity is driven by a range of factors, including historical discrimination, unequal access to financial resources, and differences in personal savings and investment habits across generations.
While the gap slightly narrowed in the 2022 Survey of Consumer Finances—showing that white families now have six times the wealth of Black families—the report still underscores the deep-rooted inequalities that persist. PG&E recognizes the significance of this issue and remains committed to helping close the racial wealth gap by providing students with the financial education and tools they need to build wealth and thrive in a changing economy.
Vincent Davis, PG&E’s Senior Vice President of Customer Experience, noted the company’s dedication to tackling the racial wealth gap. “We understand that addressing the racial wealth gap is critical to combating inequality in California, and we believe providing early access to financial education is an essential step toward empowering future leaders. This program equips young people with the tools and confidence to navigate the financial systems and create a foundation for lasting success,” he said.
A Model for the Future
The program’s success has also inspired changes in California’s educational landscape. In 2024, the state passed legislation requiring all high school students to have access to personal finance courses by 2027. By 2031, personal finance education will be a graduation requirement for all students in California. The PG&E Economic Equity and Financial Education Program serves as a potential model for future high school curricula, offering an innovative approach to preparing young people for financial independence and success.
One of the program’s standout graduates is Otis Ward, who was featured in PG&E’s short film, Change the System: Building Black Wealth. Ward, who participated in the program last year, shared his personal journey of how financial education has empowered him to take control of his future.
As the students celebrate their accomplishments, they reflect on how the skills learned during the program will serve them throughout their lives. For many of them, it marks the beginning of a journey toward financial empowerment, academic achievement, and ultimately, generational wealth creation.
The PG&E Economic Equity and Financial Education Program has proven to be a transformative initiative, offering Oakland-area high school seniors the opportunity to receive essential financial education, gain mentorship from industry professionals, and earn scholarships that will help them continue their academic journeys. PG&E, along with its partners, remains deeply committed to addressing the racial wealth gap and providing young people with the tools they need to succeed in a rapidly changing financial world.
As the program grows and expands, it holds the potential to empower more students, spark generational wealth creation, and create lasting change within communities throughout California.
