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Financial education, accessibility and overall inclusion has improved as technology has advanced in the past decade but many consumers remain unbanked or underbanked. The term “unbanked” refers to people who don’t use any financial institution; “underbanked” refers to those with insufficient access to financial services, according to Merriam-Webster. Only 50% of the global population had […]
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Whitney McDonald
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Citizens Bank is training employees on generative AI, engineering, cloud application and development, security and operations. “We have a targeted approach to upskill colleagues in roles that support or use generative AI, with a focus on our use cases that have launched,” Michael Ruttledge, chief information officer and head of technology services at Citizens, told […]
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Whitney McDonald
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The understanding of how big a role your identity plays in your finances. Finance is deeply personal and intersectional, and your money is directly impacted by aspects of your identity such as privilege, race, gender, sexual orientation, mental health, disability, systems of oppression and more. The identities you hold will impact how you view, understand, spend and approach your money.
I didn’t fully understand this until I came out as queer and was diagnosed with ADHD. These realizations helped me make sense of a lot of my money behaviours and challenges. For example, I struggled with impulse spending for years, and ended up with $15,000 of high-interest debt because of that. I felt so ashamed of this debt, but I didn’t know that having ADHD makes me four times more likely to impulse spend than someone without ADHD. By understanding who you are, the privilege you hold and/or barriers you face, your lived experience and your trauma, you can begin to change your relationship with money and create a financial plan that makes sense for your life.
Learning this lesson is what inspired me to write a book and start my financial literacy company, Queerd Co., where our approach to financial literacy goes beyond the conventional, giving folks permission to be full human beings—not just numbers on a spreadsheet. At Queerd Co., our goal is financial equity, and every course we create, resource we recommend, space we hold and discussions we lead will aim to take a shame-free and identity-based approach to money.
That your financial situation is not your fault, and the shame you feel around money is not solely your shame to carry. I learned this inside of the Trauma of Money certification program, where we spent time examining and unpacking the idea of shame and responsibility when it comes to our money. The reality is that many of us inherit money trauma and learn our financial behaviours and habits from our caregivers. We also have to consider the government policies, financial institutions, and larger societal systems such as capitalism, and how those play a role in the decisions we make and the financial challenges we are subjected to. In the Trauma of Money, we were taught to ask ourselves, “Whose shame is this?” to help call attention to the fact that some of the shame we feel has been placed upon us, despite it not being our shame to carry. This advice really helped me reframe the way I felt about my past financial decisions.
I tell this story in chapter 1 of my book, which is all about finding safe spaces: The first time I went to talk to a financial advisor at the bank, the advisor made a misogynistic comment along the lines of, “When you have a husband, he will take care of this for you.” This was his response when I tried to ask questions about some financial terms he had briefly mentioned. This was horrible advice because: a) it was misogynistic; and b) it was encouraging me to not be in control of my own financial situation. I cannot stress enough how important it is to have financial autonomy, even within a marriage. If you ever find yourself in an abusive relationship, having access to your own money will give you the freedom to leave.
It would depend on the amount. If the smaller amount was enough to cover my monthly expenses, then I would choose that option, because it would give me the immense privilege of never again stressing about paying my bills. It would also take a lot of pressure off my business and allow me to explore more creative pursuits. But if the amount wasn’t enough to cover my bills, then I’d prefer the lump sum. I could actually make more money from the lump sum in the long term by investing it, but the first example would be a better decision emotionally.
Gamify your finances. This is great advice for almost everyone, but especially for anyone who is neurodivergent. If you can make managing your money fun and enjoyable, you’ll be more likely to actually keep up with it, and have greater success with reaching your goals.
That being “good with money” and building wealth is just a math game, and that all you need to do is manipulate the numbers—it’s so much more than that. Creating the perfect spreadsheet, debt repayment plan or investment strategy will never address the root of your money issues. We’ve been taught that if we follow the formulaic system for success, we will be wealthy and happy. But there’s no magic formula for success, because everyone’s lived experience, values, goals and definitions of wealth are different.
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MoneySense Editors
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Synchrony Financial is investing in training its employees on emerging technology, with a focus on AI and automation.
Training options include “technology certifications mapped to critical skills in areas like cybersecurity, software engineering and UX design,” Tim Christensen, senior vice president of product, digital, innovation and AI at Synchrony, told Bank Automation News.
The $117 billion financial institution offers skills tuition and debt-free tuition up to $24,000 annually, and up to $9,000 annually for technology certifications, according to a recent release from Synchrony.
Christensen said Synchrony offers the following training:
“We are responsibly training and hiring our teams to ensure we have the right skills in place to succeed, especially around the use of AI and automation, along with many other emerging technologies,” Christensen said.
Synchrony’s investment in tech training for its more than 20,000 employees aligns with its innovation strategy, Christensen said.
“Our focus on AI, and especially generative AI, is driving a need to both upskill existing talent and bring in new external talent, not just in technology, but across other functions like product development and governance,” he said.
The FI sees a growing opportunity for AI and automation in finance and is looking to the technology to boost customer experience and overall employee efficiency, he said.
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Whitney McDonald
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The post MoneySense’s free Excel template for your monthly budget appeared first on MoneySense.
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Margaret Montgomery
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LOS ANGELES, December 14, 2023 (Newswire.com)
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Snowball Wealth is proud to announce the launch of a bilingual financial education program with Lynwood Unified School District in Los Angeles. This initiative marks a significant step towards equipping high school students with vital financial knowledge and skills in both English and Spanish.
“As first-generation college graduates, my co-founder Pamela Martinez and I understand the challenges these students face,” said Tanya Menendez, CEO of Snowball Wealth. “Our program is designed to provide them with the financial skills that we wish we had learned at their age.”
The program covers essential topics such as banking, credit, investing, and comprehensive college readiness. A special emphasis is placed on guiding students through the Free Application for Federal Student Aid (FAFSA) and providing crucial information about the Deferred Action for Childhood Arrivals (DACA) program.
“Our students, a significant number of whom are first-generation and 96% who would be the first in their families to go to college, face unique financial challenges,” stated Patrick Gittisriboongul, Assistant Superintendent of Lynwood School District. “This program is an essential tool in helping them navigate their financial futures confidently.”
A key component of the curriculum is the college readiness course, which includes strategies on selecting a college, financing higher education, and opportunities to attend college for free. This course aims to demystify the college experience for students and their families.
Miram Casuso, a teacher working closely with Snowball Wealth, is deeply invested in the students’ well-being. “Our goal is to empower students with the financial knowledge that can transform their lives,” shared Miriam Casuco. “Financial literacy is more than just numbers; it’s about shaping futures.”
Snowball Wealth is complementing digital resources with in-person workshops, ensuring an engaging and comprehensive learning experience. These workshops are designed to actively involve students in their financial education journey.
Pamela Martinez, CTO at Snowball Wealth, emphasized the program’s significance. “We’re committed to bridging the financial literacy gap. This initiative is a crucial step in preparing students for a successful future, both in college and beyond.”
Recognizing the widespread need for financial literacy education, Martinez invites educators to join the program. “We are opening a waitlist for educators interested in bringing this transformative program to their schools. Teachers who wish to participate in our bilingual financial education initiative can sign up via our website. By signing up, educators can stay informed about the program’s development and receive early notifications about when it becomes available in their district.”
As Snowball Wealth’s bilingual financial education program continues to grow and make an impactful difference in the lives of students, it is seeking to expand its network of partners and sponsors in 2024. Banks, financial institutions, and other organizations interested in collaborating can find more information by visiting snowballwealth.com/partnerships.
Source: Snowball Wealth
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Press Release
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Nov 28, 2023
Faith-based investing and education company launches new platform to offer free investing education for Christians
DALLAS, November 28, 2023 (Newswire.com)
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Kingdom 320, a Christian investing company, is thrilled to announce the launch of their new blog, a dedicated platform aimed at providing free education on Christian investing. With a mission to combine financial education and Christian values, Kingdom 320 is dedicated to guiding individuals towards responsible and purpose-driven investment strategies.
“Kingdom 320 was founded to empower investors to navigate the complex world of real estate investing while remaining true to their Christian values,” said Jeff Rutkowski, CEO of Kingdom 320. The company provides comprehensive mentorship services that align with biblical principles, ensuring clients can invest with confidence and purpose.
In an effort to foster a community of informed and responsible investors, Kingdom 320’s blog will cover a wide range of topics related to Christian investing. Readers can expect insightful articles, expert opinions, market analysis, and practical tips that integrate financial wisdom with biblical principles.
The Kingdom 320 blog will cover common questions asked by new Christian investors, such as What Does The Bible Say About Investing? By delivering quality education, Kingdom 320 aims to equip its audience with the knowledge and tools needed to make informed financial decisions that align with their Christian beliefs.
To celebrate the launch of the blog, Kingdom 320 invites readers to explore the wealth of free educational content available at https://kingdom320.com/blog.
Source: Kingdom 320
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JACKSONVILLE, Fla., September 28, 2023 (Newswire.com)
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Life is a Plan, Inc., a Jacksonville-based company dedicated to supporting the service industry in the areas of tip compliance and financial management, today announced the launch of its groundbreaking planner, Waiters Digest. This first-of-its-kind financial organizer empowers tipped employees in the restaurant and hospitality industry with a comprehensive toolkit for financial, professional, and personal well-being. It also provides resources for restaurants, hotels, unions, and other service industry organizations to educate staff on tipped income, IRS compliance, build morale, and much more.
According to industry data, over 4 million restaurant workers rely on tips for their primary income. A significant portion of these employees live in poverty due to low wages and limited access to benefits. Waiters Digest addresses these challenges by offering a centralized resource hub to help tipped workers achieve their financial goals and navigate their careers successfully. The planner delivers valuable insights and guidance on topics such as tip management, responsible alcohol service, wine resources, financial planning, and more. It also includes a directory of helpful websites and contact information, along with a convenient pocket in the back for storing important documents. Service industry employers can customize the planner with onboarding material and branding, creating a valuable resource to educate staff and meet compliance requirements.
Drawing from her own experience in the industry, Life Is a Plan, Inc. owner Regina Sheftall developed Waiters Digest to address the struggles faced by tipped employees and to provide game-changing support for this ambitious and dynamic group.
“I started in the hospitality industry in my teens and looked at it as a temporary stop on my way to a ‘real’ job,” said Regina. “What was wrong with that? I didn’t pay much attention to the money I was making. One day, I woke up, still in the business – 24 years later! It was scary to think that all those years passed, and I walked away without financial security. I knew many people going down the same path and wanted to do something about that. Waiters Digest is my answer. I wanted something that not only helped others with their financial journey but also helped them protect their money, elevate this diverse and dynamic field, and put resources in one concise place to simplify the hard part of this work – taking care of our money and time.”
Waiters Digest is available for purchase on Life is a Plan, Inc.’s website, lifeisaplan.net. In addition to serving tipped employees, the planner is also a valuable resource to inform employees about tip compliance. To stay updated on the latest news, follow Life is a Plan, Inc. on social media (@lifeisaplaninc).
About the Author:
Regina Sheftall has spent 24 years in the industry, starting with counterwork and advancing to management and development roles. She holds a BA degree in education from Barry University.
Source: Life is a Plan
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Press Release
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Aug 7, 2023 09:00 EDT
Beta Research and Beta Integral unveil an innovative Financial Education Game App, ‘Beta Investors’, leveraging a unique learning method. Dive into the world of ‘Time Machine Trading’ and master financial concepts like Beta, Sales growth, ROE, and more. Available for iOS, Android, and Web on Aug. 7, 2023.
HONOLULU, August 7, 2023 (Newswire.com)
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Beta Integral, a pioneering force in the realm of Financial Education, is thrilled to announce the launch of its flagship product, ‘Beta Investors’, which has been developed collaboratively with Beta Research, its Japanese parent company. Founded with a vision to make financial education both entertaining and pragmatic via technology, the company unveils an avant-garde approach to learning. ‘Beta Investors’ is not just another paper-trading game; it’s a transformative experience designed for individuals eager to grasp complex financial metrics in a fun and interactive manner.
Based on the brand-new ‘Time Machine Trading’ method, players of ‘Beta Investors’ will journey through various financial epochs, understanding and applying concepts such as Beta, Sales growth, ROE, ROA, and Dividend Yield. The game offers a practical, hands-on approach that demystifies intricate financial metrics and concepts, making them accessible to all.
But the innovation doesn’t end there. Beta Integral recognizes the importance of visual learning and has supplemented its game with free Financial Education content available in an engaging animation format on YouTube. This dual approach ensures a comprehensive understanding, catering to varied learning styles.
Under the leadership of Yasuhiro Kawakami, CEO of Beta Integral and Beta Research, with approximately 20 years of Investment and Technology experience, and Yohei Okamoto, Executive Vice President of Beta Research, possessing 20 years of Legal expertise, Beta Integral and Beta Research are poised to disrupt traditional Financial Education paradigms together. Their camaraderie, tracing back to their middle and high school days, brings a unique blend of expertise to the table.
Beyond individual learners, ‘Beta Investors’ has ambitious plans. Collaborative financial education programs are also offered for Financial Institutions, Financial Advisors, and educational institutions ranging from graduate schools to middle schools. If you are interested in the education programs, please contact: info@beta-integral.com. Financial education programs for educational institutions are complimentary. With their innovative approach, Beta Integral and Beta Research are geared towards establishing a new standard in Financial Education.
To explore this game-changing financial educational tool, download the “Beta Investors” app from App Store and Google Play for iOS and Android respectively or visit ‘Beta Investors’ on its official website (https://beta-investors.com). Dive into a world where learning meets fun, and where every trade is a step towards becoming a more informed investor.
Source: Beta Integral, Inc.
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Come late summer and fall, Charlotte will start seeing more TD Bank branches offering financial literacy programs and resources at sites called community-centered storefronts.
Three locations currently under construction — Beatties Ford Road, Wilkinson Boulevard and North Sharon Amity/Albemarle roads — are in neighborhoods with large Black and brown communities. TD Bank chose these sites after a conversation with Mayor Vi Lyles about what areas of town need these resources most, according to Hugh Allen, regional president of mid-South metro for TD Bank.
“We want to help people with wealth creation and be an asset to the community so it can grow,” Allen said.
The New Jersey-based firm announced last fall it would expand its footprint into North Carolina with as many as 15 new sites by 2025, The Charlotte Observer previously reported. While other marquee brands, such as Bank of America and Truist, are closing branches amid greater online services, TD is banking on brick-and-mortar locations to provide a unique opportunity for financial education in Charlotte.
Each of the community-centered storefronts will have up to 1,000 square feet in extra space to accommodate the financial programming and be available for local businesses or nonprofit groups to reserve. Each will be open seven days a week and offer later hours, to improve accessibility for people who can’t get to a bank during the day, Allen said.
TD Bank’s motivating goal in establishing these community centers is to give back to the surrounding neighborhoods — which is why all of the programming at these stores is completely free.
Allen said the bank wants to help people who have lived in Black and brown neighborhoods for generations have access to capital and financial services. Branches will offer courses on building credit, first-time homebuying, fraud and how to break the paycheck-to-paycheck cycle, according to Jay Johnson, retail market manager for TD in the Midlands/Charlotte region.
TD Bank community centers may be the first of their kind in Charlotte, but some in these selected neighborhoods question the bank’s timing.
Alesha Brown founded and is the executive director of For The Struggle Inc., a Charlotte nonprofit focused on fighting systemic racial and social injustice. The organization works in the Beatties Ford Road corridor, where one of the TD storefronts is set to open late July.
“There’s no real incentive to get folks to participate in the programming,” Brown said. “They have to trust you, and there’s no shortcut to achieve that.”
Brown says it is imperative that TD Banks work with groups already involved in the community. Local organizations, like For The Struggle, know the community and its members well — and can speak for what is truly needed.
A civil rights lawyer, Brown has plans to meet with a representative from TD Bank, she said, and looks forward to working with them if they are intentional about improving the community.
TD Bank has been working with the Historic West End Neighborhood Association and the business school at Johnson C. Smith University since the planning stages of the community centers.
These partnerships have remained central to TD working towards its goal of providing financial education for all businesses and individuals in the area, branch leaders said.
Over the past five years, Charlotte has rapidly grown, a trend that most expect will continue. While the city’s development has already been seen in the South End and NoDa, the city also has seen an uptick in gentrification in neighborhoods with large African American and Hispanic populations — such as around east and west Charlotte.
Brown questions the intent of companies like TD entering the community at a time of such fruitful investment — when their services have been needed for decades.
Seniors in the Beatties Ford corridor already don’t trust big companies and banks, according to Brown. Nowadays, real estate prices have skyrocketed, and these seniors — most of whom are long-term renters — and the younger generations can barely afford to live in the area anymore.
“[TD Bank] doesn’t have to be physically located in the community in order to make a meaningful impact on it,” Brown said. “They’re here because they see potential change in the neighborhood, and they want business here.”
Financial literacy education can empower people in the face of imminent gentrification in Charlotte, says Dr. Alphonso Ogbuehi, dean of College of Business and Professional Studies at JCSU. Understanding how to make the best financial decisions contributes to a more informed, prosperous community, he said.
TD Bank believes that in-person programming is crucial to connect with the community and draw people in.
Financial literacy can be an intimidating topic for a lot of people, and online resources aren’t always the easiest to understand. On top of that, if the community has yet to develop trust with the bank, there is even less incentive to visit their website, Johnson said.
The community storefronts can provide a setting for people to come together and learn — and ask questions. Between organized programming and traditional banking services, TD Bank has been working to design a store format to encourage that discourse.
“We’re not going to be a financial institution that’s going to take your check and deposit it,” Johnson said. “We want to coach, lead and develop as many people as possible to help them better their lives.”
It was very important for TD to hire employees who are from the surrounding communities that these storefronts are in, so that they can better understand the unique needs of different neighborhoods.
“We want the store to reflect the community that it is going to serve,” Allen said.
TD Bank is a for-profit company, but helping the west and east Charlotte communities presents the opportunity for mutual benefit.
“We recognize that if the community that we’re in can benefit from our storefronts in more ways than just as a place to transact, it’ll help that community flourish,” Allen said. “And that flourishing will help our business. We are all in it together.”
This story was originally published June 20, 2023, 6:00 AM.
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CHARLOTTE — Wells Fargo set out to reach 50% cloud certification among its 30,000 engineers at the start of 2022; and by the end of the year, the $1.8 trillion bank saw 46% of its engineers reach that status — up from 0.03% at the top of the year. “We didn’t get all the way […]
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Whitney McDonald and Brian Stone
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