Tag: financial literacy

Financial literacy describes a person’s ability to understand the basic concepts of economic principles, including personal financial management, budgeting, saving, and investing money.[1] For consumers, having a firm grasp of these principles can mean the difference between making smart decisions that lead to more buying power, lower interest rates, and achieving financial goals, or making decisions that could negatively impact their ability to improve their financial standing. Many consumers make most of their financial transactions online; 7 out of every 10 US adults are enrolled in digital banking, and 95% bank online often or occasionally. However, only 31% of these consumers have a comfortable level of financial literacy.[2] Unfortunately, the convenience of banking online without the knowledge to do so safely can put consumers at risk of online threats like identity theft and fraud. Consumers need and want help from their financial institutions to build and maintain financial literacy. Increasing consumers’ knowledge of basic financial principles may help them make better decisions, improve their financial standing, and remain loyal, confident customers to your business. Only 1 out of every 7 consumers feel financially literate A recent survey from Goldman Sachs reported that only 13% of respondents correctly answered five questions designed to assess their basic financial literacy.[3] With only 1 out of every 7 people having a strong sense of important financial concepts, this illustrates the severity of the gap in financial knowledge among U.S. consumers. But this lack of understanding does not necessarily discourage them from using digital tools to manage their finances. Nearly a third of Americans still feel comfortable banking online, despite lacking financial literacy.[2] Consumers who use online tools to manage their personal finances without the appropriate understanding of how to use them effectively, may run the risk of making poor decisions that can negatively impact their financial well-being and confidence. A lack of knowledge about digital privacy in consumers may also put them at risk of digital threats such as identity theft and fraud. Having access to the necessary tools to monitor their accounts and activity can empower them to take quick corrective action if a fraud event occurs. Lacking financial literacy is causing Americans to save less and lose more Consumers can experience significant monetary losses when they don’t have a basic comprehension of financial concepts regarding budgeting, saving, investing, and managing personal financial accounts. A survey of Americans reported losing an average of $1,506 each in 2023 because of a lack of personal finance knowledge, resulting in an estimated total of $388 billion across the country.[4] A recent study also showed that nearly half of U.S. consumers only have $500 in savings,[5] which is far less than the recommended six months’ worth of expenses. While many consumers may feel that they can’t afford to spend the time or effort to become more financially literate, the reality is that most of them can’t afford not to. Consumers need financial help, and they’re seeking it from the financial institutions they do business with. Consumers want support from their financial institutions The uncertainty regarding personal finances can create stress among consumers, but it can also present an opportunity for financial institutions to provide guidance and resources to the people who need it. 25% of Americans say they don’t have anyone they can ask for trusted financial guidance.[7] By delivering valuable support to consumers on how to save, budget, invest, and manage their finances, businesses can serve as a much-needed resource to help them make better decisions and improve their financial standing. Partnering with Experian® to offer these useful products and services can help businesses empower their consumers to improve their financial standing in a variety of ways. For example, financial guidance can include credit education programs and resources designed to help consumers increase their credit scores and strengthen their credit standings. More than 65% of consumers enrolled in the Experian® credit education program saw an improvement on their credit scores.[8] In addition, businesses can also help protect their consumers from threats of theft and fraud with Experian® identity protection services. These solutions are expertly designed to monitor for potential online risks, identify incidents of theft, and help quickly resolve fraud events if they occur. This added layer of protection can further fortify consumers’ financial power and optimize their ability to make strong financial decisions. When businesses offer these services from Experian® to help consumers increase their financial literacy, those consumers may be in a better position to borrow more money and open new accounts. This can help brands foster stronger relationships with their consumers, encourage them to continue doing long-term business, and drive additional revenue. By helping improve consumers’ financial literacy, businesses can increase the financial power of their customer base and improve their bottom line. Click here to learn more about how to implement a financial wellness program to help your consumers improve their financial literacy and increase their financial power. [1] Masterclass, Financial Literacy Definition, Importance and Key Principles, 2023. [2] EMarketer, For US banking consumers, financial literacy is a bigger barrier than digital proficiency, 2024. [3] EMarketer, Despite a major gap in financial literacy, Americans are saving more for retirement than last year, 2023. [4] National Financial Educators Council, Financial Illiteracy Cost Americans $1,506 in 2023. [5] Yahoo Finance, Nearly Half Have Less Than $500 in Savings: How To Build Up Your Balance in 2024. [6] Bankrate, Average credit card debt in the U.S., 2023. [7] Annuity.org, 47+ Fascinating Financial Literacy Statistics in 2023. [8] Experian Internal Data, 2023 credit lift study for users tracked from Dec 2020 – Dec 2022.

During the last couple of years, volatile market conditions have made it more difficult for consumers to improve their finances. In addition, a lack of financial literacy has negatively impacted consumers’ ability to expand their buying power. This can include opening new lines of credit, which is a source of revenue for financial institutions. Empowering your consumers with credit education and resources can create opportunities for them to open more of these new accounts, which can help lead to additional revenue for your business. Credit card account openings decreased in 2023 Economic turbulence is affecting businesses everywhere, including financial institutions. Uncertain market conditions have forced banks and credit unions to take revenue-preserving actions, such as tightening their credit card loan standards for consumers. As a result, credit card digital account opening growth slowed in 2023, and the trend threatens to continue.[1] This decrease in the opening of new credit card accounts can negatively affect lenders that aim to grow their business by encouraging consumers to borrow more money. Consumers’ financial literacy also plays a role in their ability and inclination to open new accounts. Uninformed consumers may be less likely to open new accounts Without a strong understanding of finances, many consumers find themselves in an unfavorable financial situation. Less than 30% of Americans have a financial plan,[2] and lacking financial knowledge cost individuals $1,819 on average in 2022.[3] Consumers without basic knowledge of finance or credit best practices usually have lower credit scores and may be less likely to qualify for credit card offers with low interest rates. So, what can financial institutions do to counteract decreasing credit card account openings? Help improve consumers credit standing with credit education Credit education programs can have a positive effect on consumers’ credit standing and general understanding of healthy financial habits. More than 65% of consumers enrolled in a credit education program see an improvement on their credit scores.[4] Credit-educated individuals can typically attain higher credit scores, which can help improve their chances of meeting the more restrictive credit standards banks have put in place due to volatile market conditions. Consumers who are better informed about credit and finances make better financial decisions, save, and borrow more money, and may be more likely to open new credit card accounts. This presents a valuable opportunity for financial institutions to offer highly desired credit education services to the consumers who need it. Deliver services your customers want A recent study showed that 57% of consumers want their financial institution to provide resources and support to help them better manage their finances, and 54% feel that their bank is responsible for teaching strong financial habits.[5] Consumers expect these financial services from the banks they do business with. Refraining from offering them could put your business at a disadvantage when compared to the banks that do. Make sure the services you provide include credit education that empowers your consumers to become more financially confident. This can help drive consumers to borrow more money and potentially open more new credit lines, which can drive additional revenue for your business. Learn more about how offering credit education services can help your consumers save more, borrow more, and open more new accounts.  Visit our website [1] eMarketer, Credit Card Marketing 2023. [2] BusinessDIT, The State of Financial Planning, April 2023. [3] National Financial Educators Council, Cost of Financial Illiteracy Survey, 2023. [4] Experian Internal Data, 2023 credit lift study for users tracked from Dec 2020 – Dec 2022. [5] MX Technologies Inc. What Influences Where Consumers Choose to Bank. 2023.

Despite economic uncertainty, new-customer acquisition remains a high priority in the banking industry, especially with increasing competition from fintech and big tech companies. For traditional banks, standing out in this saturated market doesn’t just involve enhancing their processes — it requires investing in the future of their business: Generation Z. Explore what Gen Z wants from financial technology and how to win them over in 2023 and beyond: Accelerate your digital transformation As digital natives, many Gen Zers prefer interacting with their peers and businesses online. In fact, more than 70% of Gen Zers would consider switching to a financial services provider with better digital offerings and capabilities.1 With a credit prescreen solution that harnesses the power of digital engagement, you can extend and represent firm credit offers through your online and mobile banking platforms, allowing for greater campaign reach and more personalized digital interactions. READ: Case study: Drive loan growth with digital prescreen Streamline your customer onboarding process With 70% of Gen Z and millennials having already opened an account online, it’s imperative that financial institutions offer a digital onboarding experience that’s quick, intuitive, and seamless. However, 44% of Gen Z and millennials state that their digital customer experience has been merely average, noting that the biggest gaps exist in onboarding and account opening.2 To improve the onboarding process, consider leveraging a flexible decisioning platform that accepts applications from multiple channels and automates data collection and identity verification. This way, you can reduce manual activity, drive faster decisions, and provide a frictionless digital customer experience. WATCH: OneAZ Credit Union saw a 25% decrease in manual reviews after implementing an integrated decisioning system Provide educational tools and resources Many Gen Zers feel uncertain and anxious about their financial futures, with their top concern being the cost of living. One way to empower this cohort is by offering credit education tools like step-by-step guides, score simulators, and credit alerts. These resources enable Gen Z to better understand their credit and how certain choices can impact their score. As a result, they can establish healthy financial habits, monitor their progress, and gain more control of their financial lives. By helping Gen Z achieve financial wellness, you can establish trust and long-lasting relationships, ultimately leading to higher customer retention and increased revenue for your business. To learn how Experian can help you engage the next generation of consumers, check out our credit marketing solutions. Learn more 1Addressing banking’s key business challenges in 2023.

"Out with the old and in with the new" is often used when talking about a fresh start or change we make in life, such as getting a new job, breaking bad habits or making room in our closets for a new wardrobe. But the saying doesn't exactly hold true in terms of business growth. While acquiring new customers is critical, increasing customer retention rates by just 5% can increase profits by up to 95%.1 So, what can your organization do to improve customer retention? Here are three quick tips: Stay informed Keeping up with your customers’ changing interests, behaviors and life events enables you to identify retention opportunities and create personalized credit marketing campaigns. Are they new homeowners? Or likely to purchase a vehicle within the next five months? With a comprehensive consumer database, like Experian’s ConsumerView®, you can gain granular insights into who your customers are, what they do and even what they will potentially do. To further stay informed, you can also leverage Retention TriggersSM, which alert you of your customers changing credit needs, including when they shop for new credit, open a new trade or list their property. This way, you can respond with immediate and relevant retention offers. Be more than a business – be human Gen Z's spending power is projected to reach $12 trillion by 2030, and with 67% looking for a trusted source of personal finance information,2 financial institutions have an opportunity to build lifetime loyalty now by serving as their trusted financial partners and advisors. To do this, you can offer credit education tools and programs that empower your Gen Z customers to make smarter financial decisions. By providing them with educational resources, your younger customers will learn how to strengthen their financial profiles while continuing to trust and lean on your organization for their credit needs. Think outside the mailbox While direct mail is still an effective way to reach consumers, forward-thinking lenders are now also meeting their customers online. To ensure you’re getting in front of your customers where they spend most of their time, consider leveraging digital channels, such as email or mobile applications, when presenting and re-presenting credit offers. This is important as companies with omnichannel customer engagement strategies retain on average 89% of their customers compared to 33% of retention rates for companies with weak omnichannel strategies. Importance of customer retention Rather than centering most of your growth initiatives around customer acquisition, your organization should focus on holding on to your most profitable customers. To learn more about how your organization can develop an effective customer retention strategy, explore our marketing solutions. Increase customer retention today 1How investing in cardholder retention drives portfolio growth, Visa. 2Experian survey, 2023.

There's no magic solution to undoing the decades of policies and prejudices that have kept certain communities unable to fully access our financial and credit systems. But you can take steps to address previous wrongs, increase financial inclusion and help underserved communities. If you want to engage consumers and keep them engaged, you could start with the following four areas of focus. 1. Find ways to build trust Historical practices and continued discriminatory behavior have created justifiable distrust of financial institutions among some consumers. In February 2022, Experian surveyed more than 1,000 consumers to better understand the needs and barriers of underserved communities. The respondents came from varying incomes, ethnicity and age ranges. Fewer than half of all the consumers (47 percent) said they trusted their bank's personal finance advice and information, and that dropped to 41 percent among Black Americans. In a follow-up webinar discussion of financial growth opportunities that benefitted underserved communities, we found that many financial institutions saw a connection between their financial inclusion efforts and building trust with customers and communities. Here is a sample question and a breakdown of the primary responses: What do you think is the greatest business advantage of executing financial inclusion in your financial institution or business?1 Building trust and retention with customers and communities (78%) Increasing revenue by expanding to new markets (6%) Enhancing our brand and commitment to DEI (14%) Staying in alignment with regulator and compliance guidelines (2%) Organizations may want to approach financial inclusion in different ways depending on their unique histories and communities. But setting quantifiable goals and creating a roadmap for your efforts is a good place to start. 2. Highlight data privacy and mobile access If you want to win over new customers, you'll need to address their most pressing needs and desires. Consumers' top four considerations when signing up for a new account were consistent, but the specific results varied by race. Keep this in mind as you consider messaging around the security and privacy measures. Also, consider how underserved communities might access your online services. Having an accessible and intuitive mobile app or mobile-friendly website is important and likely carries even more weight with these groups. According to the Pew Research Center, as of 2021, around a quarter of Hispanic/Latino and 17% of Black Americans are smartphone-dependent — meaning they have a smartphone but don't have broadband access at home. Low-income and minority communities are also less likely to live near bank branches or ATMs. 3. Offer lower rates and fees Low rates and fees are also a top priority across the board — everyone likes to save money. However, fewer Black and Hispanic households have $1,000 in savings or more compared to white households, which could make additional savings opportunities especially important. There have been several recent examples of large banks and credit unions eliminating overdraft fees. And the Bank On National Account Standards can be a helpful framework if you offer demand deposit accounts. Lowering interest rates on credit products can be more challenging, particularly when consumers don't have a thick (or any) credit file. But by integrating expanded FCRA-regulated data sources and new scoring models, such as Experian's Lift PremiumTM, creditors can score more applicants and potentially offer them more favorable terms. 4. Leverage credit education tools and messaging For consumers who've had negative credit experiences, are new to credit, or are recent immigrants with little understanding of the U.S. credit system, building and using credit can feel daunting. About 80% of women have little or no confidence in getting approved for credit or worry that applying could hurt them further. Only 20% of consumers who make less than $35,000 a year say they're "extremely" or "very" confident they'll be approved for credit. While most consumers haven't used credit education tools before, they're willing to try. More than 60 percent of Black and Hispanic respondents said they're likely to sign up for free credit education tools and resources from their banks. Offering these tools could be an opportunity to strengthen trust and help consumers build credit, which can also make it easier for them to qualify for financial products and services in the future. Moving forward with financial inclusion Broadening access to credit can be an important part of financial inclusion, and financial institutions can grow by expanding outreach to underserved communities. However, the relationship must be built on trust, security, and offerings that meet these consumers' needs. Through our Inclusion Forward™ initiative, Experian can support your financial inclusion goals — helping you empower underserved communities by helping them grow their financial futures. Learn more about Experian financial inclusion solutions and financial inclusion tools.

Millions of consumers are excluded from the credit economy, whether it’s because they have limited credit history, dated information within their credit file, or are a part of a historically disadvantaged group. Without credit, it can be difficult for consumers to access the tools and services they need to achieve their financial goals. This February, Experian surveyed over 1,000 consumers across census demographics, including income, ethnicity, and age, to understand the perceptions, needs, and barriers underserved communities face along their credit journey. Our research found that: 75% of consumers with an average household income of less than $50,000 have less than $1,000 in savings. 1 in 5 consumers with an average household income of less than $35,000 say they’re confident in getting approved for credit. 80% of respondents who are not or slightly confident in getting approved for credit were women. When asked why they believed they would not get approved for credit, participants shared common responses, such as having poor payment history, a low credit score, and insufficient income. Given these findings, what can lenders provide to help underserved consumers strengthen their financial profiles and gain access to the credit they need and deserve? The power of credit education While only 20% of respondents were familiar with credit education tools, the majority expressed interest in these offerings. With Experian, lenders can develop and implement credit education programs, tools, and solutions to help consumers understand their credit and the impact certain choices can have on their credit scores. From interactive tools like Score Simulator and Score Planner to real-time alerts from Credit Monitoring, consumers can actively assess their financial health, take steps to improve their creditworthiness, and ultimately become better candidates for credit offers. In turn, consumers can feel more confident and empowered to achieve their financial goals. Credit education tools not only help consumers increase their credit literacy, confidence, and chances of approval, but they also create opportunities for lenders to build lasting customer relationships.  Consumers recognize that healthy credit plays an important role in their financial lives, and by helping them navigate the credit landscape, lenders can increase engagement, build loyalty, and enhance their brand’s reputation as an organization that cares about their customers. Empowering consumers with credit education is also a way for lenders to unlock new revenue streams. By learning to borrow, save, and spend responsibly, consumers can improve their creditworthiness and be in a better position to accept extended credit offerings, driving more cross-sell and upsell opportunities for lenders. More ways experian can help Experian is deeply committed to helping marginalized and low-income communities access the financial resources they need. In addition to our credit education tools, here are a few of our other offerings: Our expanded data helps lenders make better lending decisions by providing greater visibility and transparency around a consumer’s inquiry and payment behaviors. With a holistic view of their current and prospective customers, lenders can more accurately identify creditworthy applicants, uncover new growth opportunities, and expand access to credit for underserved consumers. Experian GoTM is a free, first-of-its-kind program to help credit invisibles and those with limited credit histories begin building credit on their own terms. After authenticating their identities and obtaining an Experian credit report, users will receive ongoing education about how credit works and recommendations to further build their credit history. To learn more about building profitable customer relationships with credit education, check out our credit education solutions and watch our Three Ways to Uncover Financial Growth Opportunities that Benefit Underserved Communities webinar. Learn more Watch webinar

Credit scores play a massive role in a consumer’s financial life as they help determine an individual’s creditworthiness. While 62% of consumers are interested in improving their credit scores, a troublingly high percentage are unsure of where to start. What’s more, one in four Americans have no idea how credit scores are even determined. This knowledge gap presents an opportunity for financial institutions to help consumers increase their credit understanding and establish lasting relationships. Some of the benefits of providing credit education to consumers include: Consumer trust and loyalty Today’s consumers are looking for guidance and support on all things credit. Helping consumers navigate their credit reports, improve their credit scores and explore the impacts of various scenarios are all opportunities for financial institutions to meet this demand and foster loyalty. With the knowledge and tools needed to make confident and responsible financial decisions, consumers will continue to trust and look toward the same financial institutions for credit guidance as they navigate their financial journeys. Credit education is especially valuable to younger consumers. As rookies to the credit game, many Gen Zers may find credit to be mysterious, complex and difficult to grasp. Despite these feelings, Gen Zers have shown considerable interest in becoming financially literate. By continuously providing Gen Z consumers with reliable and accessible credit education early on, financial institutions can grow to become their valuable partner, educator and mentor for life. More cross-sell opportunities The more educational resources financial institutions provide their consumers, the more likely they are to pay their credit card bills on time, take out loans and mortgages they can meet and purchase within their buying power, making them prime candidates to approach for additional credit offerings. According to studies conducted by Visa Performance Solutions, consumers respond more to credit offers from institutions they currently have a relationship with than those they don’t. By providing credit education and relevant offers to existing customers, financial institutions can improve satisfaction while increasing their revenue. Enhances brand reputation While credit education allows financial institutions to strengthen their relationships with existing clients, it also gives them an opportunity to expand and acquire new ones. When consumers feel valued and cared for, they are more likely to recommend a business’s products and services to someone else. The more consumers see how much a financial institution invests in their customers’ financial well-being, the more likely they are to convert themselves. Ready to get started? Providing value to consumers is no longer just about offering great products and services; it’s about helping them understand the basics and importance of credit so that achieving their financial goals comes easily. To learn more about how credit education can help deepen customer relationships and drive business growth, visit our Experian Partners Solutions page. Learn more

Generation Z has money on their minds, and as their appetite for personal finance grows, financial institutions better be ready. Accounting for 40% of all U.S. consumers, Gen Z is comprised of digital natives with little to no memory of the world as it existed before smartphones, social media and the internet. Aside from growing up in a tech-saturated world, Gen Zers are also socially conscious and determined to take control of their financial futures. According to Credit Union Times, Gen Zers wield a purchasing power of more than $143 billion, which is projected to increase by more than 70% in the next five years. What do these insights mean for financial institutions? As the newest and soon-to-be largest cohort of consumers, Gen Zers represent an enormous opportunity for growth. While establishing a relationship with Gen Z now is key to creating lifelong customers, the same approaches used to capture previous generations may not be as effective with this younger cohort. To successfully reach and acquire Gen Z consumers, financial institutions must recognize their unique needs, preferences and experiences. Here are some key trends and preferences to consider: They live and breathe social media. According to Mintel, 99% of Gen Z adults and teens are active social media users. Despite this percentage of Gen Zers on social media, credit card issuers spent 94% of their media budget on direct mail from January 2019 to May 2021. This highlights the need for financial institutions to recognize social media as a powerful and necessary marketing vehicle. As a fast-growing consumer group with massive spending power, Gen Z makes for valuable customers, but are being missed by current marketing strategies. While direct mail is popular among millennials, financial institutions must recognize Gen Z’s preference for social media and pivot themselves to effectively reach them. By leveraging both social media and direct mail, financial institutions can dramatically increase their reach and acquire a wider pool of consumers. They want to be financially literate. Concepts like budgeting, investing and credit building can seem daunting to Gen Zers, especially if they lack the proper guidance and resources to get started. According to a NerdWallet survey, 41% of Gen Zers feel anxious about their personal finances, while 40% feel nervous and confused. To add onto their worries, older Gen Z members may have witnessed their parents struggle financially during the Great Recession or have seen millennials burdened with student loan debt. For fear of facing the same challenges as their predecessors, Gen Zers have shown great interest in taking control of their financial lives and becoming financially literate. In response to this desire for financial education, many banks and credit card issuers have taken an educational approach in their marketing by using infographics and ‘how-to’ guides to teach Gen Z about the basics of personal finance. Offering educational resources not only gives Gen Zers the confidence to make financial decisions, but it gives financial institutions the opportunity to build an early connection with this consumer group. Many banks and credit card issuers are also positioning themselves as companies Gen Zers can “grow with.” By not limiting their products to a specific life stage, these financial institutions seek to grow alongside the consumer so that they remain loyal customers even when their needs and lifestyles change. They care about what brands stand for. According to Mintel Trend Buydeology, Gen Z consumers are passionate about the causes close to their hearts and are more likely than other generation to pay a higher price for brands that support the causes they care about. With this in mind, financial institutions must prove they are authentic, socially responsible and committed to serving their communities. To resonate with Gen Z consumers and align with their preferences, financial institutions should educate themselves about social issues, take part in meaningful discussions both on and offline, and develop innovative strategies to drive real impact and change. Ready to win over Gen Z? Financial institutions have a massive opportunity to build lasting relationships with Gen Z consumers and having a pulse on what this fast-growing segment wants is a must. To learn more, check out our efforts to help marginalized and underserved communities or join our upcoming webinar on November 3, 2021. Learn more  Register for webinar

Pay your bills on time, have cash set aside for emergencies, and invest your money for the future. These are the rules financial pros say people should follow if they want to build wealth. Straightforward advice, but for many people these milestones can seem out of reach. A recent financial literacy study by Mintel shows that many Americans are struggling with money management and lack confidence in their financial knowledge, with just 19 percent of respondents giving themselves an “A” grade on financial knowledge. The survey and other reports released recently shed light on how well Americans are handling their money. Here are some of the prevailing trends: Young people are struggling. The Mintel study revealed less than 30 percent of Americans have an emergency savings account that equals 3-6 months of household income. Of that total number, 19 percent of iGeneration has saved for a rainy day, followed by Millennials (20 percent), Gen Xers (28 percent), Baby Boomers (37 percent) and World War II/Swing Generation (40 percent). Not surprisingly, people who make more money save a bigger percentage of their pay. People in the bottom 90 percent of the income scale save close to none of their pay each year, while those in the top 10 percent save close to 15 percent. Most are not planning for the future. The majority of people are not doing everything they can to prepare for retirement, including meeting with a financial adviser to devise a plan, researching Social Security or even talking to friends or family about planning. Even more, 21 percent of Americans are “not at all confident” they will be able to reach their financial goals. Parents plan more than non-parents. People with children have many demands on their money, and as a result think ahead and follow budgets, contribute to retirement accounts and hire a financial adviser to help them create plans and budgets. Consumers who don’t have children don’t have as many competing demands, but aren’t as sensible about following a financial plan. In Mintel’s study, just 10 percent of non-parents have a written financial plan and 26 percent contribute regularly to a retirement account. Most people have a budget. Nearly one in three Americans prepare a detailed written or computerized household budget each month that tracks their income and expenses, but a large majority do not. Those with at least some college education, conservatives, Republicans, independents, and those making $75,000 a year or more are slightly more likely to prepare a detailed household budget than are their counterparts, according to Gallup. The good news is, the majority of Americans are open to more financial education. April—which is Financial Literacy Month—is a great time to look at education efforts for your customers. Financial literacy won’t change overnight, nor in a year. Yet initiatives taken in schools, workplaces, and in communities add up. What are you doing for your customers to build financial literacy?