US Bank brings financial education to future generations
NORTHAMPTON, MA / ACCESS CABLE / September 27, 2023 / US Bank
US Bank offers a new perspective on the financial education resources available through the US Bank Student Scholarship Program and Financial IQ.
Participants in this year’s U.S. Bank Student Scholarship Program were among the first to experience the company’s new approach to personal finance education; This approach offers bite-sized content on topics ranging from investing basics to paying for college, all through an app.
More than 30,000 college and university students participating in the scholarship program this spring completed a series of free, online modules covering a variety of personal finance topics to be entered into a drawing to win up to $20,000 in scholarship funds. Students can also earn rewards as they complete modules that can be redeemed for small gift cards at popular retailers.
“From social media stories to real events, the way the world receives information and interacts with technology continues to evolve,” said Kaori Yamada, Senior Vice President of Financial Education Strategy. “We know that to reach younger generations, we need to meet them where they are and deliver an experience that is both familiar and impactful.”
US Bank worked with Zogo, a financial technology company founded in 2018 that has partnered with more than 200 financial institutions to provide new financial education modules under the US Bank Scholarship program through a mobile app. Not only are the lessons short and clear, they also feature a gamified element that encourages students to complete more modules to earn rewards. Additionally, the more modules students complete, the more scholarship funds they are eligible for via lottery.
“We know that to reach younger generations, we need to meet them where they are and deliver an experience that is both familiar and impactful.”
– Kaori Yamada, senior vice president, financial education strategy
Thomas DeWitt is one of this year’s introductory scholarship winners who completed more than 100 modules. While DeWitt grew up learning about finance from his own family, the scholarship program was his first exposure to professional financial education content of any kind.
“I was a big fan of it… I appreciated that it was a series of short individual lessons,” DeWitt said of his experience with the program content. “I was really interested in insurance, medical bills and the stock market because I know those are things I will be dealing with in the future.”
In fact, while attending college at the University of Minnesota, DeWitt kept the app on his phone so he could look up financial lingo and terms he wasn’t familiar with.
In an effort to make financial education accessible to everyone, US Bank developed a financial education using the same collaboration. new financial wellness center On the US Bank Financial IQ website. The site is accessible to both U.S. Bank customers and non-customers and offers games and quizzes to develop, strengthen and increase financial understanding and confidence. Topics range from taxes and insurance to savings and budgeting.
“Making financial education accessible to everyone continues to be a priority in how we serve both our customers and our communities,” said Yamada. “We continue to hear how important it is to have the information and support to save to get through emergencies, find ways to track expenses to live within budget, and achieve homeownership dreams.”
Throughout the year, US Bank provides financial education to its customers and the community through philanthropy, volunteerism and programs. The company reached more than 1.5 million people with significant financial education training in 2022 alone.
Spokesperson: US Bank
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SOURCE: US Bank
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