TheBANK of Edwardsville was honored recently by EverFi, in partnership with its Financial Capability Network and Nasdaq, for its work in helping educate local students at the 2017 Financial Education Awards ceremony in New York City, earning the 2017 Financial Capability Innovation Award.
“Recognizing what a critical role innovation plays in pursuing economic opportunity and achieving financial security – whether working with nonprofits to build financial capability in hard-to-reach communities, offering financial education to students, customers, members and employees at scale, or finding new ways to use data to drive measurable change – we are seeing new initiatives launch every day that are making a real impact,” said Ray Martinez, co-founder and president of Financial Education with EverFi, said. “We are honored to recognize TheBANK of Edwardsville for its role in these efforts.”
TheBANK’s schools-based financial education program is making a positive impact on students’ understanding critical financial topics. Data collected from more than 2,800 students who completed the program in the 2016 school year revealed that students’ understanding of financial topics increased by an average 35 percent after interacting with the curriculum.
“More and more evidence suggests that rigorous financial education delivered early in a young person’s development leads to positive financial behaviors later in life,” said Rob Schwartz, Senior Vice President of Retail Banking at TheBANK of Edwardsville. “By providing high school students with the knowledge and skills they need to make smart financial decisions, we are investing in the future economic well-being of the communities we serve.”
TheBANK of Edwardsville Financial Literacy program is a web-based interactive course designed to empower young people with the essential skills needed to make sound financial decisions. TheBANK of Edwardsville has partnered with leading education technology company EverFi to bring this interactive program to 17 high schools in Illinois at no cost.
According to recent EverFi survey data, children in the US primarily develop their financial attitudes from their parents through family discussions and learning by example. However, a FleetBoston Smarter Decisions Survey cites that 74 percent of parents don’t feel prepared to teach their children about money and over 40 percent of parents don’t talk to their children about money at all. These statistics support the need for financial education in a school setting, where all students have an equal opportunity to learn essential financial skills. TheBANK of Edwardsville Financial Literacy Program is implemented in a co-curricular basis, providing students with the opportunity to develop healthy financial attitudes and behaviors in a classroom setting.
TheBANK of Edwardsville’s Financial Literacy Program uses the latest in simulations and gaming to bring complex financial concepts to life for today’s digital generation. The high school course offers over eight hours of programming with 10 units in a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401k’s and other critical concepts that map to national financial literacy standards. The platform uniquely tracks the progress and performance of every student.