Recent research from EverFi has revealed significant gaps in family financial capability in the United States, with only 43 percent of all parents reporting that they feel prepared to talk about finances with their children. Fortunately, as trusted sources of financial information, banks and credit unions are perfectly positioned to help families fill these financial literacy gaps. Here are five ways your bank can make a difference.
Provide resources for financial education
Ideally, the financial education you provide should cover three audiences: children, adults, and parents talking to children. Make sure these resources are available as an unbiased set of resources and resist the urge to sell to your customers.
Make these resources readily available
In addition to offering financial education to your loyal customers, your bank should also make your resources readily available and searchable on your website for new prospects.
Your employees are on the front lines of meeting with customers, so making their personal financial education an on-going process ensures your customers are getting the best engagement and information possible.
Embrace banking for kids
Along with offering financial education for kids, your bank can also promote entry-level accounts for young people interested in learning financial capability on a small scale. This allows kids to practice working with financial institutions and learning about money—early on.
Support financial education in schools
School-based financial education can make a big difference in improving financial capability. By supporting and promoting these programs, your financial institution can increase accessibility to education for underbanked communities—and also help to fulfill your CRA requirement.
For more information on EverFi’s research into family financial wellness, and how financial institutions can get involved, download our free white paper, 5 Strategies Every Bank Can Use to Improve Family Financial Capability, here.