Community and Financial Literacy Programs

Connect with your community’s youth through financial education.

Community financial literacy
Creating a financial literacy program is a great way to connect with the community

As a local financial institution you will be approached for many community needs, events, donations, etc.  One of the most important tasks you may be approached with is working with a school or another youth organization to help teach kids about money.  This is a great opportunity!  Larger or corporate banks may have a branded program in place but from a local perspective there is an advantage to adapt to what the need is.  Financial literacy programs do not need to be complicated and can be fun.  It is also a great way to connect with kids and develop your brand with them at an early age.

If financial education outreach is a focus in your financial institution, here are some tips to be prepared and develop strong programs:

  • Be Age Relevant:  Knowing what lessons are important for elementary, middle school, and high school will help create topics of focus.  Have three activities ready for each age range that can be picked from so you don’t need to recreate every time.
  • Use Free Resources:  This cannot be stressed enough for any area of financial education outreach.  There are so many free resources out there that have been created for the purpose of others to use.
  • Promote It:  Reach out to local Girl or Boy Scout troops, afterschool programs, schools, etc.  Many are looking for help in teaching money skills but may be hesitant to ask.  Place it on your website, send out press releases, and have employees talk about it.
  • Designate Staff:  Many financial institutions do not want to pay for staff to be fully focused on financial education.  This should be looked at as an investment for future accounts.  The connection made with youth can help develop new customers, especially when they are older and want their first car loan or credit card.
  • Report and Measure: Whenever a program takes place, record the number of youth taught and consider incentives that can be track to see if new accounts are opened.  This will also help with the overall ROI for a designated employee.

As said previously, financial literacy programs are a great way to connect with the younger community.  The hard work that goes into the program will reap many benefits but the most important one is teaching kids about important financial lessons they will need in life.