Financial decisions are part of everyday life, from buying groceries and getting a credit card to applying for a bank loan, making financial literacy a core life skill that everyone should have. I am.
And to give children and teens a strong foundation for financial independence, we have to start early. Will CarmichaelCEO of a UK-based fintech company natwest rooster moneyhe told PYMNTS in an interview last year.
“Research shows that we develop many habits around money.” by age 7 […]”, Carmichael added, as cashless transactions become more widespread, making the concept of money tangible for cash-strapped young kids who spend their allowances and pocket money on downloading video game apps. He added that this has become even more urgent.
In response to this challenge, Las Vegas-based financial education startup Go Boldly has introduced a new mobile application that transforms the way young people learn and manage money.
The app uses artificial intelligence (AI) to create personalized learning experiences tailored to an individual’s financial interests and lifestyle, moving away from traditional school curriculum, the company said. .
“Financial literacy is not a ‘one size fits all’ subject. It’s a dynamic and personal journey. […] Our app empowers users to confidently face and overcome financial obstacles,” said Go Boldly founder and CEO Joe Mahavutibani in a Feb. 5 article . press release.
Credit union promotes financial literacy among children
Across the country, many credit unions (CUs) are also embracing this trend by partnering with schools and associations to equip students with money management skills.
For example, Belco Credit Union recently partnered In partnership with Economic Literacy Colorado (ELC), a nonprofit organization that provides professional development skills to K-12 teachers, we are launching a free educational activity book for high school students called “Funancial $marts.”
This book includes activities related to real-world financial situations, such as managing credit and debit cards, factors to consider when shopping or seeking a car loan, tips for avoiding financial scams and saving for college. included and can be accessed by both hardware and hardware. Copy and e-book formats.
“Developing smart money management habits now will help teens make more independent financial decisions,” said John Rivera, senior vice president and chief retail officer at Belco Credit Union. of young people,” said John Rivera, senior vice president and chief retail officer at Belco Credit Union. press releaseHe added, “At this age, you’ll probably be getting your first part-time job, saving up for a car, and getting your first credit card.”
Local officials in Flint, Michigan, made a similar move. In January, Mayor Sheldon Neeley announced he would work with Financial Plus Credit Union to expand a youth financial literacy program for Flint children, according to ABC12 News. report.
The New York State Parent Teacher Association also partners with: mountain american credit union new financial literacy programadds to a series of initiatives aimed at strengthening financial education for young children.
These collaborations are in conjunction with the recent PYMNTS. the study This indicates that Gen Z and Millennials have a poor understanding of financial concepts such as loans, mortgages, investments, and retirement accounts, and their struggles are largely due to systemic flaws in the public education system. doing.
In fact, the survey found that more than 40% of teens say their high school doesn’t have a financial literacy course, while 34% of Gen Zers prefer personal finance education to YouTube instead of formal education or parental guidance. It has been revealed that he uses social media platforms such as and TikTok.
Against this backdrop, financial institutions are prioritizing capabilities that address these needs and strategically positioning themselves for success. In particular, CUs like Bellco Credit Union and Financial Plus Credit Union are currently 4% and 5% of Gen Z and Millennials each as a member.