Summary
This white paper discusses the critical need for financial education among young adults, highlighting the lack of preparation they face as they enter their financial lives. It outlines that only 20% of young adults received financial education before age 25, a crucial time for making significant financial decisions. The document emphasizes the role of financial institutions in providing timely and relevant education to build lasting relationships with young customers. It presents a business case for early financial education, noting that institutions can differentiate themselves by acting as trusted advisors rather than mere transactional entities. The paper details the features of the Everfi Achieve platform, which offers personalized learning pathways and just-in-time education to empower young adults. Additionally, it includes a case study of BMO Financial Group, showcasing their successful implementation of a financial education hub. The paper concludes with best practices for maximizing the impact of financial education programs.
