The COVID-19 pandemic has made it even more difficult to move forward with this initiative. With remote learning becoming more widely used starting last spring, the financial education gap has widened. This leaves schools who are already having a difficult time keeping up with their respective curriculums to face greater challenges in teaching personal finance and banking. With much uncertainty as to how schools will act, we feel strongly that our new Financial Fitness educational platform can serve as a form of self-education in personal finance and banking.

US Financial Education - map graphicMaybe we’re a bit biased, but we feel that being educated in personal finance and banking is such a critical life skill for so many reasons. Time and time again, over the course of your life you will have times when this knowledge will be helpful – when you  manage such things as a bank account, apply for a car loan, manage your credit card, and maintain a good credit score, just to name a few. While just a small percentage of the country is taught these life necessities in high school, the majority of Americans are either self-taught or taught by their parents. As shown in this graphic from Edmentum.com’s blog, New York does a great job executing financial literacy in education, however the majority of the states do not. Could this lack of financial education be an underlying reason why college students, past and present, are burdened with enormous loan debt and no solid plan to conquer it?  This isn’t to say that  this mountain of debt wouldn’t exist or would be significantly lower if personal finance and banking were taught in high schools, however it would give the younger generation a head start to budget and manage their savings, as well as a basic understanding of how debt repayment works, personal budgeting skills, etc.

With our recent launch of Financial Fitness, we’ve made it easy and convenient to educate yourself in personal finance and banking. This new platform provides engaging modules and exercises that cover topics like basic bank training, financial strength, retirement goals, home fitness, investment prep, financial training for caregivers, entrepreneur exercises, and a personalized plan.

Our belief is that it is never too early or too late for us to help you begin your journey of being financially fit. Check out our website today to begin your own financial education “exercise regimen”!

If you need assistance, please contact our Customer Solutions Center at (845) 454-8555, Option #3 or send us an email at info@rhinebeckbank.com. The time has never been better to attempt educate yourself and achieve a brighter future with Financial Fitness. 

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Reference
Brakebill, Alexis – 2019, January 30 – The Importance of Personal Finance Education – Edmenturm blog - https://blog.edmentum.com/importance-personal-finance-education