New research shows financial confidence and knowledge increase significantly with even just a small amount of education and training.
Submitted by U.S. Bank
Originally published on U.S. Bank company blog
The U.S. Bank Student Scholarship Program aims to provide college and college-bound students with financial wellness concepts and information at a critical stage of their lives. A new study designed and conducted by Concentrix found that the program is doing exactly that, giving students more confidence and knowledge of their finances.
Students participating in the U.S. Bank scholarship program complete a series of free, online modules covering topics ranging from building credit scores to building emergency savings, and then are entered into a sweepstakes to win up to $14,000 in scholarship funds. The decade-old program has continued to grow in participation each year, with $45,000 in scholarships awarded annually.
“The results of this study validate the benefits of financial education in helping students become financially confident and knowledgeable,” said Kaori Yamada, senior vice president of financial education for U.S. Bank. “We share these learnings with others and invite them to extend access to financial education.”
Here are the key learnings from the study commissioned by U.S. Bank, which evaluated students before and after completing the online modules:
Based on these findings, U.S. Bank is making plans in 2023 to shift its scholarship program to utilize more gamified content that offers shorter, more digestible lessons. In addition, a larger variety of topics will be available. Check back in mid-February to learn more about how U.S. Bank is improving the scholarship: www.usbank.com/scholarship.
About U.S. Bank
U.S. Bancorp, with approximately 70,000 employees and $601 billion in assets as of September 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
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