inancial literacy in the United States has remained stuck at around 50% for the past eight years, according to the World Economic Forum. This means that half of Americans lack the basic knowledge needed to make informed financial decisions. For community banks and credit unions, this presents both a challenge and an opportunity to strengthen community banking relationships while building the next generation of financially savvy account holders.
Like most skills, financial knowledge fades over time without regular use. The ASPPA notes that if you don’t use financial concepts regularly, you’re likely to lose them. This “use it or lose it” principle makes school collaboration programs particularly valuable for lasting financial education. Here are three compelling reasons why your institution should consider partnering with local schools to improve financial literacy in your community.
Hands-On Experience Makes Learning Stick
The most effective financial education happens when students can practice with real money and real banking services. Students who learn budgeting concepts in a classroom but never open a savings account or track their spending won’t develop the habits that lead to long-term financial success. Without access to actual banking services, even well-intentioned financial literacy programs often fall short of creating lasting change.
Creating better savings, investing, and budgeting habits requires hands-on practice with real money. When students can see their savings grow or experience the consequences of overspending firsthand, these lessons become much more memorable and impactful than theoretical discussions alone.
Your institution can provide this practical experience through several collaborative approaches. One option is to partner directly with schools to offer financial education classes while encouraging students to open accounts at your nearby branches. This creates an immediate connection between classroom learning and real-world application.
Another possibility is to consider hosting “in-school banking” days where your staff sets up temporary services during lunch periods or study halls. Students can perform actual banking activities like making deposits, checking balances, and discussing financial goals with experienced professionals. For institutions ready to make a larger commitment, establishing an in-school bank branch provides ongoing services to students, often providing an additional opportunity to encourage them to participate as volunteer tellers or customer service representatives.
Building Strong Financial Relationships Early
School collaboration programs help train students to view their finances as part of their long-term life planning. Instead of treating money as something to spend immediately, students learn to consider important questions that will affect their futures. How will they pay for college or vocational training? What does taking out a loan really mean for their monthly budget and future opportunities? What does a reasonable student budget look like when balancing school, work, and social activities? How can they save systematically for major purchases like their first car?
On-site school branches and collaborative programs allow your financial institution to create lasting community banking relationships with students while helping them understand and navigate financial situations they face right now. Rather than waiting until students graduate and face financial challenges alone, your institution becomes a trusted resource during their formative years.
These early relationships often prove more valuable than traditional marketing efforts. Students who receive helpful guidance during high school are more likely to continue banking with your institution through college and into their professional careers. They also develop realistic expectations about financial services and understand the value of working with knowledgeable local professionals.
Expanding Your Impact Beyond Individual Students
Students who learn and implement important financial knowledge at school naturally share this information with family members at home. Your financial education efforts multiply as students discuss budgeting strategies with parents, explain the importance of emergency funds to siblings, or help grandparents understand new banking technologies.
Financial institutions with school partnerships can extend additional education, accounts, and financial services to adult family members and school staff. Teachers and administrators often appreciate learning about employee banking benefits, while parents may be interested in savings programs that complement their children’s financial education.
This community-wide impact strengthens your institution’s reputation and creates multiple touchpoints with local families. Rather than reaching one potential customer at a time, school partnerships allow you to build relationships with entire households while demonstrating your commitment to community financial wellness.
Maintaining Relationships After Graduation
The key to successful long-term community banking relationships lies in making your services accessible as students transition to adult financial responsibilities. Your mobile app becomes crucial for students who move away for college or work, allowing them to maintain their banking relationship regardless of location.
In addition, integrating an interactive branch and ATM locator, such as Wave2, helps students find your services wherever they are. Showcase your surcharge-free network ATMs and display all convenient full-service and shared branch locations. This technology demonstrates that your institution can serve their needs whether they stay local or pursue opportunities elsewhere.
The Wave2 locator can also help you highlight the additional education, communication, and ongoing activities your branches offer for continued in-person connections and assistance. Students appreciate knowing they can access knowledgeable staff for guidance on student loans, first-time car purchases, or apartment rentals, whether they’re living across town or across the country.
By investing in school collaboration programs, your institution builds stronger community banking relationships while addressing the critical need for improved financial literacy. These partnerships create knowledgeable account holders, strengthen community ties, and establish your institution as a trusted resource for financial education and services.
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Wave2 Contact:
Jason Green, Co-Founder
301.652.1245
jgreen@wave2.io
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