CBA Showcases How America’s Leading Retail Banks Support Financial Literacy Across the Country

This Financial Literacy Month, the Consumer Bankers Association (CBA) is proud to showcase the many ways America's leading retail banks promote financial literacy through volunteer programs, after school workshops, online initiatives, and more. These efforts reflect the industry's commitment to promote the financial well-being of all consumers, helping to ensure they are well positioned to thrive in an ever-evolving economy and achieve their American Dream. In the blog below, CBA profiles how six member banks are working to deliver on this mission across the communities they serve.

Regions Bank

Regions Bank is committed to helping people build financial confidence through more personalized, one-on-one guidance at branch locations throughout the Southeast, the Midwest and Texas. And this daily priority is complemented by Regions Next Step®, the bank's year-round, no-cost financial wellness program. Next Step tools and resources are available to anyone at www.regions.com/nextstep. Also, in celebration of Financial Literacy month, Regions is building on its commitment to financial wellness through several programs, including:

• The company's 15th annual Share the Good volunteerism initiative is built around the theme of Helping Students Build Financial Confidence. Bankers are working with nonprofits, schools, youth programs and more to inspire the next generation of savers. Learn more about the initiative here.
• Every Saturday in April at 9 a.m. CT, Regions is offering the "How to be Confident with Money" webinar series with experts from Investopedia and The Balance speaking on personal finances, goal setting, and then reaching those goals. Anyone who wants to attend can register here.

The Regions Greenprint® experience invites people to work one-on-one with experienced bankers to create free, personalized financial plans. These plans are custom tailored to help people reach their own, unique goals. While Regions is hosting special Greenprint events at select branches during April - and in the coming months - a Greenprint conversation is available anytime simply by visiting a Regions branch. Additional information on the service can be found here.

Citizens

Citizens works with nonprofit organizations to support financial empowerment to close the wealth gap and empower communities. In March, the bank announced its commitment of over $2.4 million dollars to more 137 nonprofits in the communities it serves.

• Two organizations, Junior Achievement and Invest in Girls, partner with Citizens to drive efforts to help young people reach economic empowerment. Both organizations provide online and in-person workshops on financial literacy tools, as well as mentorship opportunities for participants.
• Citizens also has a program where bankers can volunteer their time and expertise to help people better understand their finances through in-person and virtual workshops at schools, community centers, and more.

First Horizon Bank

Partnering with Operation HOPE, First Horizon Bank offers free financial empowerment workshops in five different states designed to help everyone - from children to small businesses - better understand their finances. Learn more here.

• Banking for Beginners is a program offered as a part of the Operation HOPE partnership which teaches students about the importance of managing money through budgeting, credit, saving, and investing.
• The Operation HOPE program helped budding entrepreneur Charles Hill start his own business - Atina Labs - which screens patients for substance abuse. In partnership with First Horizon Bank, the Operation HOPE Entrepreneurial Training Program helped Charles with a 12-week course on starting and maintaining a small business.

SoFi

As a part of its partnership with the NBA, SoFi teamed up with Boston Celtics player Jayson Tatum to launch the SoFi Generational Wealth Fund, with an initial $1 million donation to promote financial literacy for years to come.

• The partnership with the Jayson Tatum Foundation furthers the financial literacy programs that are part of the S.M.A.R.T. Project, which assists single parents in education, parenthood, and financial wellness. Learn more here.
• SoFi also provides free financial literacy tools through SoFi Learn, where consumers can choose to see resources for any financial questions, from home ownership and student loans to daily budgeting and money goals. Check out SoFi Learn here.

Fifth Third Bank

Fifth Third Bank kicked off Financial Literacy Month with a series of free financial literacy programs for youth across the state of Indiana. In an interview, Fifth Third Vice President of Community and Economic Development Nashelle Frazier stressed the importance of a strong financial foundation for students to help them succeed later in life.

• In addition to these new initiatives, Fifth Third Bank's Finance Academy is a financial literacy and entrepreneurship program geared towards high school students to help them succeed post-graduation, whether they choose to go to college, work, or start a business of their own.
• Fifth Third Bank also has its Young Bankers Club, a free online program that teachers can use in their classrooms to help K-12 students learn more about financial literacy through interactive games and puzzles.

Capital One - Digital Financial Literacy Survey Results

Last month, the Capital One Insights Center released new research on consumers' financial and digital literacy rates. The survey engaged 3,000 consumers across the United States, measuring digital literacy by evaluating digital safety knowledge; it evaluated financial literacy through core financial concepts like credit, debit, and interest.

• The survey found that most Americans (86 percent) understand one of the key pillars of digital literacy - how to protect themselves and their information online. However, only about 55 percent of Americans are both digitally and financially literate, with older Americans scoring high in both categories, demonstrating that Americans are gaining more digital financial literacy as they age.
• The survey also found that most Americans prefer to use a mobile app or website for their banking needs. Even those who scored low on digital literacy are strongly inclined to do their banking through digital tools, with 45 percent of respondents preferring mobile apps and another 19 percent preferring to access services through a website.

Based on the survey's findings, the Insights Center encourages financial educators to meet consumers where they are, especially because consumers of all digital and financial literacy levels indicate that they prefer to manage their finances online. Capital One has also partnered with Khan Academy to offer free online financial literacy courses to help bridge this gap. To read the full Insights Center article and survey methodology, click here.

To see some more bank tools on building financial literacy, check out CBA's post on X from the start of Financial Literacy Month.

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