Academic journal article ABA Banking Journal

Raising the Grade on Financial Education: Special Events and Nonprofit Partnerships Are on the Lesson Plan

Academic journal article ABA Banking Journal

Raising the Grade on Financial Education: Special Events and Nonprofit Partnerships Are on the Lesson Plan

Article excerpt

ACCORDING TO A 2013 CREDIT.COM SURVEY, 56% of young adults surveyed said they know very little about how to manage their finances. The banking industry is working to fix that.

"[Improving] financial literacy, taking this issue seriously, and wanting to work with kids is not a new thing. It's actually something the banking industry has been a leader in," says Corey Carlisle, senior vice-president and executive director of ABA's Community Engagement Foundation.

The foundation runs several financial literacy events, including Get Smart About Credit, which teaches young adults and teens about credit scores, identity theft, and paying for college. Teach Children to Save arms children with basic money concepts. A newer program, the Lights, Camera, Save contest, invites 13-18 year-olds to submit videos about the lessons they've learned from saving.

ABA urges banks to go a step further. "We encourage our banks to not just do a one-time event, but keep going into schools throughout the year," says Carlisle.

Since banks are in the business of lending and not teaching, partnerships with nonprofits and education companies can help them with a year-round focus on financial education. The ability to better present information to a target group is one reason why Bank of America partnered with Khan Academy last April to launch BetterMoneyHabits.com. It features Khan's videos on financial topics, such as saving, understanding credit, and buying a home. (A screen shot from the site is shown at lower left. …

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