Financial preparedness remains a pressing issue, with 59% of Americans uncomfortable with their level of savings and 27% lacking emergency savings. These statistics, coupled with incidents like job loss, recent weather-related catastrophes, or unforeseen medical bills, underscore the need for personalized, practical financial education since the average American may not be financially prepared for an emergency.

In our recent webinar, Empowering Clients with Personalized Financial Planning, a panel of EVERFI experts discussed the current state of savings for Americans and provided guidance for how financial institutions can leverage EVERFI’s financial capability tools to educate their customers. Hosted by Doug Haehl, Senior Manager of Product Marketing, alongside panelists Kacy Cutler, VP of Product Management, and Scott Beck, Director of Product, Financial Education, the session explored challenges in financial literacy and highlighted recent updates to EVERFI Achieve, an adult financial education tool.

When looking at varying levels of financial literacy across generations, it’s important to acknowledge life-stage-specific financial skills. For example, while a Gen Z audience may focus on car ownership, Millennials might prioritize home-buying or retirement savings. However, financial needs often depend more on individual circumstances than age.

EVERFI Achieve combines financial education with actionable insights to foster trust and loyalty among clients. Achieve’s interactive features, like the new Emergency Savings Fund Tool, enable users to personalize their financial goals by:

• Calculating recommended savings levels based on individual budgets and financial situations.
• Providing actionable steps to reach savings targets, starting with manageable goals like one month of expenses.
• Demonstrating the impact of account type, showing how a high-yield savings account can accelerate savings growth.

Further, the flexibility of Achieve’s customizable moments allows financial institutions to integrate calls-to-action, such as linking clients to relevant products or scheduling consultations. Key takeaways for financial institutions include:

• Shift from Transactions to Trust: Use tools like Achieve to position your institution as a trusted financial partner, not just a service provider.
• Tailor Education to Life Stages: Personalize financial education to address specific client needs and life stages for maximum relevance and impact.
• Promote Engagement Through Technology: Leverage mobile-first, interactive tools to meet clients where they are and encourage actionable steps.

EVERFI’s innovative approach to financial education provides organizations with tools to empower clients, drive engagement, and foster financial confidence. By combining education with personalization and actionable strategies, tools like Achieve are redefining the way financial institutions connect with their clients.

Download and listen to the full webinar today to see how your financial institution can support customers with personalized financial education.