Synchrony is Investing $50 Million in Expanding Access to Education

Nearly two centuries ago, Horace Mann, the father of what we today consider public schools, said education is the “great equalizer.”

Even in the 1800’s, Mann believed that education was essential to a well-functioning society. Today, we know that education is a contributor to a wide array of positive socio-economic outcomes. And yet, access to effective tools and training does not exist equitably for all and educational opportunities can be elusive for too many. This must change. Family income or socio-economic status should not be a determinant of future potential and educational opportunity.

This leaves many of us asking, how can we increase access to education and skills training en route to building a more fair, inclusive society?

The answer isn’t an easy one. But one thing is clear: addressing today’s education and skills gaps will require broad support from both the public and private sectors. Synchrony is committed to doing its part.

Since our inception, we’ve been dedicated to living our Synchrony values every day, always putting people first. One of the ways we do this is by advancing education equity – among our employees and in the communities we serve.

This mission has never been more important than it is right now. The pandemic has deepened economic inequality and accelerated demand for a more skilled workforce. An estimated 54 percent of current workers will require significant reskilling and upskilling by 2022. And over the course of the next decade, more than 1 billion jobs – almost one-third worldwide – are likely to be transformed by technology.

Investing in Education as an Equalizer

This is why we’ve introduced Synchrony’s new Education as an Equalizer initiative, which will expand access to higher education, skills training in high-growth fields, and financial literacy for underserved communities and our own workforce. 

Education as an Equalizer is about helping people succeed in the digital economy. Over the next five years, Synchrony plans to invest more than $50 million in the program.

This includes more than $20 million in philanthropic grants from the Synchrony Foundation, which is dedicated to helping increase educational and reskilling opportunities for individuals and students from low-income and underrepresented communities. The remaining funds – approximately $30 million – will go toward expanded training and upskilling opportunities for our employees, as well as programs that help us build a diverse team and strengthen financial literacy skills for all.

While we’re proud of the commitment we’re making, we do so knowing we can’t achieve change alone. We’ll continue to work with local governments, schools, non-profits, businesses and other organizations to close the skills gap and create more opportunities for learners of all ages.

Access to education, skills training and financial knowledge are critical to building an inclusive, well-functioning society. Together, we can and we will build a better future for all.