A partnership between the credit union (CU) and FinTech will give PSECU members to Greenlight’s family finance app, available through the Greenlight for Credit Unions program, PSECU said in a news release.
“Greenlight equips parents with an easy, convenient way to teach their kids about money, aligned with PSECU’s dedication to providing members with free financial education resources,” the release said. “Starting today, Greenlight will be offered to members at no cost, as an additional benefit of PSECU membership.”
According to the release, the Greenlight app and card let parents do things like send instant payments to their kids, automate their allowances, manage chores, and get transaction notifications in real time. The app also gives young users access to Greenlight Level Up, an interactive financial literacy game.
As PYMNTS has written, younger consumers often lack essential financial education. For example, members of Generation Z have shown the lowest level of credit education, according to FICO, with 29% of people in this age group unaware of or even lacking a credit score.
But as the PYMNTS’ “Credit Union Tracker®” shows, CUs are in a prime position to help younger consumers bolster their financial literacy.
For example, University of Hawaii Federal Credit Union (UHFCU) collaborated with Zogo, an app that gamifies financial literacy, to cater to younger demographics.
“UHFCU pays a licensing fee to offer a co-branded Zogo app exclusively for its members,” PYMNTS wrote. “The move comes after the CU realized during the pandemic that it was struggling to meet the needs of its younger members.”
Meanwhile, a number of FinTechs are using the screens and smartphones that have captivated youngsters to help teach them financial skills.
“Through customized services, these firms are introducing youths to financial management, at a time when young consumers are seeking financial knowledge from diverse sources, including social media, financial education apps/tools, family, friends, as well as traditional channels like bank branches and financial advisers,” PYMNTS wrote last month.
As covered in “The New Challenges Facing Finance: Algorithms, Finfluencers and the Quest for Reliability,” the latest report in PYMNTS Intelligence’s “Digital-First Banking Tracker®” series, these tools can set the stage for responsible money handling and give families the tools to make the most of their financial resources.