Enhancing Financial Literacy for Families
Northern Trust, a pioneering financial institution, has announced a partnership with Greenlight Financial Technology to promote financial literacy among families. Through this collaboration, Northern Trust will provide its clients with access to Greenlight's award-winning family finance app and debit card, aimed at teaching children how to earn, save, give, and spend wisely, all under parental supervision. This initiative is part of the Greenlight for Banks program, which aims to equip the next generation with essential money management skills.
Addressing the Financial Knowledge Gap
A study by the Northern Trust Institute reveals that while 79% of high-net-worth families provide financial education to their children, 48% remain concerned about their readiness to manage wealth. This concern is echoed by a report from the National Financial Educators Council, which found teenagers scored an average of 64% in financial literacy tests, indicating a lack of basic financial knowledge necessary for informed decision-making.
Creating Teachable Moments
"Knowledge becomes skill through practice," says Pam Lucina, Chief Fiduciary Officer at Northern Trust. She emphasizes the importance of discussing finances openly and giving children hands-on experience in money management. The Greenlight platform provides these crucial teachable moments, allowing families to build smart money habits together.
Empowering Families with Greenlight
Through this partnership, Northern Trust clients can subscribe to the free Greenlight SELECT plan via a dedicated landing page. The platform not only educates children but also empowers parents with tools to manage allowance, set spending controls, and invest for the future, fostering a comprehensive financial education environment.
Collaborative Efforts for Greater Impact
Matt Wolf, Senior Vice President of Business Development at Greenlight, highlights that partnering with leading financial institutions like Northern Trust allows Greenlight to expand its reach and impact on financial literacy nationwide. This collaboration aims to normalize financial discussions within families, encouraging children to ask questions and gain valuable insights.
A Legacy of Financial Expertise and Innovation
Northern Trust Wealth Management offers comprehensive services for affluent individuals, families, and institutions, known for its innovative technology and exceptional service. With $419.4 billion in assets under management as of June 2024, Northern Trust continues its legacy of leadership in the financial sector, focusing on integrity and innovation.
Greenlight's Mission for Financially-Smart Kids
Greenlight's mission is to help parents raise financially-savvy children through its fintech solutions, which include a banking app and a debit card with safety features for the entire family. By partnering with over 75 banks, credit unions, and employers, Greenlight extends its reach, ensuring more families benefit from its educational tools and services.
