April is Financial Literacy Month, which means it’s the perfect time to engage with and educate your account holders about good habits. A recent study found that 29% of Americans have less than $1,000 in savings. In order for them to reach financial freedom, those people need to be saving much more, but they may not know why or how.
Teaching people about financial literacy early and often is essential to helping them succeed. Here are a few ideas you can use to educate your community and their families this April.
April 12 is Teach Children to Save Day, dedicated to educating kids about money.
Start them young. Teach Children to Save Day is an opportunity to share information and resources with your community that will make learning about money fun so the information actually sticks. Sponsored by the American Bankers Association, all financial institutions can participate in Teach Children to Save Day.
Consider holding a workshop geared toward children that teaches them the basics of budgeting or a class for teens that educates them on the basics of student loans before they need them.
Spread the word this April about financial literacy.
We also recommend finding ways to teach adults in your community about personal finance. The Federal Trade Commission has a few top tips for people looking to improve their financial literacy. One of them is about protecting personal information. Consider creating a blog post or sending out an email about how you keep account holders’ information safe and include steps consumers can take on their own to prevent identity theft.
The FTC also tells consumers to “comparison shop for home loans and mortgages.” This is a great time to highlight the loans you have. If you offer the Kasasa Loan®, showcase the mobile-friendly dashboard that gives consumers more transparency and control over their loan. Any time they log in, they’ll know exactly where they stand, and they’ll be able to see how any changes in payments may affect the terms of the loan. Thank you, Take-Backs™!
It’s your role in the community.
As a local financial institution, you have the opportunity to help educate consumers young and old about money and strengthen relationships in your community. In fact, 70% of community bank and credit union account holders see their bank as a partner in managing their finances, compared to just 57% of megabank account holders.* By telling consumers about valuable tools and resources that will help them, you’re creating a foundation of trust and a positive relationship that will last for years to come.
*2015 Consumer Banking Insights Study