Financial services company Synchrony has announced the launch of Education as an Equalizer, a five-year, $50 million initiative focused on expanding access to higher education, skills training in high-growth fields, and financial literacy in underserved communities.

The commitment includes more than $20 million in grants from the Synchrony Foundation to increase educational and reskilling opportunities for individuals and students from low-income and underrepresented communities, with a focus on Black, Hispanic, and Native American communities. The foundation will provide support for scholarships, internships, and mentoring aimed at helping low-income individuals and underrepresented students graduate from college and navigate their future career paths and, in collaboration with the company's eight employee Diversity Networks, will work with academic institutions — including several historically Black colleges and universities — and nonprofit organizations to select qualified recipients.

The remaining $30 million will support efforts to provide training and upskilling opportunities for the company's workforce and strengthen financial literacy skills for all. To that end, the company and its foundation will offer career training and certifications in fast-growing fields such as cybersecurity, software engineering, data science, and user-experience (UX) design and will collaborate with local governments, schools, and skills-credentialing organizations to prepare students and individuals seeking to upgrade their skills and/or reenter the workforce.

"The pandemic has deepened economic inequality and accelerated demands for a reskilled and upskilled workforce," said Synchrony president and CEO Brian Doubles. "We believe everyone should have access to education and skills training, which are essential for driving an inclusive recovery, growing our economy, and securing a strong financial future."