Financial Literacy: What’s it Worth?

Editor’s note: We asked a group of local financial leaders to weigh in on this question: How important is increasing financial literacy among our society and your potential customer base and what programs do you have to educate citizens in making responsible financial decisions, whether on mortgages, insurance products, loans, investments or savings?

VINCENT J. DELIE, JR., CHAIRMAN, PRESIDENT AND CEO,
F.N.B. CORPORATION AND FIRST NATIONAL BANK
I cannot express enough the importance of financial literacy. It has been an area of focus for me throughout my career. Very early on, I developed and taught a course for students in Pittsburgh Public Schools, focusing on the essentials of credit and debt. When we actively and compassionately share tools and teach the fundamentals for managing finances, we see people making more proficient decisions. Over time, this contributes to improved financial stability, access to credit and the ability to build wealth for both individuals and communities. Regardless of your background, I believe that financial literacy is a critical element of achieving success and fulfilling the American Dream. Because of this belief, we incorporate financial education into our eStore® and continue to champion outreach within our company. It is important for us to pursue partnerships with schools and community organizations and emphasize employee engagement to create awareness for students and adults — especially in underserved areas that historically may have lacked financial education resources. Ultimately, a more financially literate society is vital to a healthy economy and improved quality of life, and the banking industry has a responsibility to provide access to knowledge and resources that promote greater success for everyone in our communities.

JASON JONES, VICE PRESIDENT OF COMMUNITY DEVELOPMENT, DOLLAR BANK
We can all agree that the mark of healthy communities is having access to support, but we often don’t associate financial wellbeing with those resources. With Dollar Bank’s free financial literacy programs, we create opportunities for the next generation to understand their potential, make sound financial decisions, manage debt responsibly, and plan for whatever future they envision for themselves. The programs provide everyone from kindergarteners to adult learners with free interactive presentations on financial building blocks such as budgeting, how to use credit responsibly, loans, preventing identity theft, and more. A deeper understanding of personal finances and credit also creates a more financially resilient community, which feeds into the overall economic health of a region. With our free homeownership program, community members receive one-on-one counseling with a credit consultant, homebuyer education classes, and down payment and closing cost assistance. We can’t do these things alone. Through partnerships with local nonprofits and our dedicated team of banking experts, we remain committed to our founding principle: empowering our communities to build the futures they deserve.

VIC LAURENZA, WESTERN PENNSYLVANIA MARKET PRESIDENT, KEYBANK
We are committed to providing our clients and communities with the financial education necessary for a successful future. Our strategy is to build enduring relationships with clients by knowing and delivering what matters most to them. By creating relationships at a younger age, we can help our clients through the most critical life events in their financial journey. To assist with mortgages, teammates, including those who work in branches across Pittsburgh, Corporate Responsibility Officers, Home Lending Leaders, and Community Development Loan Officers host in-person and virtual financial literacy and home-buyer education sessions. Consumers looking for a one-on-one experience can take advantage of the Key Financial Wellness Review®. This comprehensive review aims to understand a client’s current financial situation, identify their financial priorities, and develop a unique action plan to help them achieve their goals with simple steps. In addition, we recently expanded relationship benefits to enhance the banking experience and unlock new benefits, including relationship rewards rates on personal loans and home lending products. These updates are the next step on Key’s continuing journey to offer consumers more flexibility, convenience, and financial peace of mind. Other programs we offer employers and small business owners include: Key@Work, Key4Women and KeyHIVE. Through these programs, our clients have access to financial education, tools, resources, and individualized financial advice. We provide a full spectrum of support to meet owners and entrepreneurs wherever they are in their financial journey.

LESLEY MANN, CHIEF MARKETING OFFICER, GBU LIFE
Increasing financial literacy is extremely important to us at GBU Life. We know a large portion of our potential clients feel they don’t have a strong understanding of financial products. In fact, 32 percent of respondents in a recent survey said that they don’t have life insurance because they don’t know enough about it, and 47 percent said the same of annuities. A stronger understanding of the products we offer could help more people to navigate their retirement successfully and to set up life-changing financial protection for their families. We seek to educate our clients who are also members of our organization through our publication, The Reporter, on our social media channels, and even in our advertising campaigns. We also have a youth program for members called Give Back University, which offers financial literacy classes through Outschool. Our Community Engagement Team also will do classroom takeovers to help high school students better understand how important these products are for protecting financial security. We hope that better education results in a more secure future for our communities.

ANNA FRANK, FINANCIAL EDUCATION PROGRAM COORDINATOR, FIRST COMMONWEALTH BANK
In a world that is becoming increasingly complex and filled with misinformation, it is more important than ever to arm our community members with the knowledge they need to manage, save, borrow and protect their money responsibly. The money decisions you make when you are young can have a lifelong impact on your financial confidence. Financial education can help people set themselves up for success later in life, while still balancing everyday wants and needs. At First Commonwealth, we provide free and engaging financial education to everyone, but especially our younger community members, both in person and virtually. We have the ability to customize financial education sessions to fit any topic, and we are enthusiastic users of the FDIC’s Money Smart financial education curriculum. It is a comprehensive, well-designed program with materials for everyone — from young children to senior citizens. It also has a curriculum for entrepreneurs. With so many young people interested in pursuing entrepreneurship, it is important to provide them with the knowledge they will need to be successful.

JULIE STRICKLAND, VP COMMUNITY DEVELOPMENT RELATIONSHIP MANAGER, HUNTINGTON NATIONAL BANK
At Huntington, we look to move the needle in our communities, and financial literacy is a critical component of this work. Understanding the basics of how money works, the importance of saving, and how to have a strong enough relationship with your banking institution to actively seek guidance from experts, are just some examples of what is gained through financial literacy education. An increasing number of educational institutions are seeing that teaching financial literacy is necessary, but many youths and adults are still not exposed. At Huntington, it is core to our values to strengthen the communities we serve, and we live that mission every day. Our colleagues volunteer throughout the year to provide financial literacy education to benefit everyone from young children to seniors. From Reality Days, to Senior Bingo, FDIC Money Smart curriculum, First-time Homebuyer Education, and Small Business education, we value engagement with our community and customers to support their financial literacy journeys.