Let’s face it. Unless you started a career in the financial industry, the education system probably didn’t prepare you very well for the real world. You know, like knowing how to file your taxes correctly or understanding the process of buying a house.
That’s where we come in. Banks are required by law to give a certain number of service hours back to the community. Now the tricky part for banks is deciding where to dedicate that time. Although there are many great programs available to us, our regulations state we can only meet that service requirement within our own area of expertise (which is financial literacy).
In the past, we tried teaching financial literacy courses to the community to strengthen their financial skills and knowledge. Unfortunately, we found that it was very difficult for people to spend an hour a week for six weeks in a training program. Not because the course was particularly challenging… but because it was hard for them to be available at the times these classes were offered. Especially since many of the participants were refugees working two or three jobs to survive.
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Technology’s Influence
New technology has helped us overcome this barrier. We partnered with EverFi to take advantage of online tools and courses for financial literacy. We recently launched a Medallion-branded online tool where people can select an educational playlist with topics specific to their needs. They’re able to access these courses and learn at their own pace.
Here are a few examples of what you can learn in these courses:
- Financial Foundations
- Checking Accounts
- Car Loans
- Credit Cards
- Mobile and Online Banking
- Identity Protection
- Creating a Budget
- Debt Management
- Taxes: The Basics
- Buying a Home
These courses would be helpful to everyone and we hope anyone interested will take them. After all, who doesn’t need a refresher on financial literacy? I remember taking classes like Trigonometry and Advanced Physics (which I’ve since forgotten, of course) – yet I had no idea how to file my taxes. It’s a general problem nationwide, particularly for young adults or immigrants, which is why anyone can benefit from these courses.
In addition to being helpful, it’s convenient! The online financial literacy courses are mobile optimized to cater to people without a computer. For many people, a phone IS their computer. So this tool gives people the chance to access these courses whenever, wherever… right in the palm of their hand.
These simple courses can help anyone avoid common financial pitfalls. And even if you already know many of these topics well, it’s a great resource to share with your kids. We all can benefit from better financial education.