LOS ANGELES, CALIF., November 15, 2021 – The University of California, Irvine’s Center for Investment and Wealth Management (CIWM) announced that Capital Group will provide support to expand CIWM’s financial literacy program for underserved high school students.
The Capital Group LIFEvest Week will add a fourth week to the Pacific Life LIFEvest program, increasing the number of students impacted. The goal of the program is to prepare and motivate students to be the first in their families to go to college using financial literacy education.
“This incredible gift from Capital Group will allow us to increase the number of impacted students by 33%,” said Christopher Schwarz, Associate Professor of Finance and Faculty Director of CIWM. “Through this expansion, the program will be able to admit students from the South Los Angeles and Long Beach areas.”
The one-week, residential LIFEvest program is held at UC Irvine’s Paul Merage School of Business. The program teaches students the most important financial literacy lesson: value of education. Students then identify potential careers and the program educates them on the high school and college plans needed to start that career. LIFEvest goes through financial concepts such as budgeting and investing, demonstrating students can become financially secure through education and sound financial planning. At the end of the week, students present their LIFEplan, which goes through their career and financial plan from today through their retirement.
“Capital Group is thrilled to partner with UC Irvine to extend the reach of LIFEvest’s impactful financial literacy program and serve more high school students in our local community,” said Cristina Santos, senior vice president, head of diversity, equity and inclusion at Capital Group. “The Capital Group LIFEvest week provides a strong platform to prepare the next generation for financial independence. By encouraging these students to pursue a higher education, many being the first in their generation to do so, we aim to create comfort with financial literacy and boost their confidence for future financial decisions.”
In addition to its goal of encouraging students to go to college, LIFEvest also has three other objectives. The first is to give students the feel of college through the residential component. The second is to provide students with the experience of the corporate environment. For example, students visit Taco Bell and financial firms such as PIMCO and Capital Group. Finally, LIFEvest teaches social etiquette skills as well as helps students learn how to “dress for success.”
“We are grateful that Capital Group is helping provide additional support to the Pacific Life LIFEvest program at UC Irvine,” said Tennyson Oyler, president of the Pacific Life Foundation. “The impact that this one week of education and experiences can have on these high school students is tremendous and Capital Group’s contribution will help this program continue to grow and impact more of our students who are most in need.”
Over the prior eleven years of the program, LIFEvest has served approximately 600 students. Of those of college age, 87% are currently enrolled in college. This summer LIFEvest is expected to have over 200 participants on UC Irvine’s campus.
About Capital Group
Celebrating its 90th anniversary in 2021, Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research and individual accountability. As of June 30, 2021, Capital Group manages more than $2.6 trillion in equity and fixed income assets for millions of individuals and institutional investors around the world.
Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.
For more information, visit capitalgroup.com.
About The Paul Merage School of Business
The Paul Merage School of Business at UC Irvine offers three dynamic MBA programs – plus PhD, specialty masters and undergraduate business degrees – that prepare business leaders for our digitally driven world. Through our programs, students acquire the exceptional ability to grow their organizations through strategic innovation, analytical decision-making, digital information technology and collaborative execution. While the Merage School is relatively young, it has quickly grown to rank consistently among the top five percent of all business programs worldwide through exceptional student recruitment, world-class faculty, a strong alumni network and close relationships with both individual business executives and global corporations. Additional information is available at merage.uci.edu.