On a test of five basic financial literacy questions, the national average was only 2.88 correct answers, according to the 2013 Financial Industry Regulatory Authority’s (FINRA) State-by-State Financial Capability Survey. Further, FINRA has found that millennials – the generation born after 1980 – display low levels of financial literacy, engage in problematic financial behaviors and express concerns about their debt. (The complete results are available at www.usfinancialcapability.org.)
NBT Bank takes a strong position on this issue, stating that financial institutions must heed the call to help business leaders, community members and even young adults take stock of their own financial footing and their business’ finances, with guidance on managing a budget, paying down debt while saving, and establishing achievable goals to help reach financial success.
Continued national concern about the economy back in 2012 and an extreme need to grow financial literacy was recognized, which led the bank to the launch its financial education program and banking products that will help today’s youth grow into financially responsible, independent adults.
In the Bank’s Pennsylvania market, the Wilkes-Barre Times Leader published NBT Bank’s thoughts on preparing the Next Generation for Business Success: www.timesleader.com/news/business/1373777/Preparing-the-next-generation-for-business-success
NBT Bank’s President of Pennsylvania David Raven says: “With 10,000 baby boomers retiring every year, and a new generation of employees rapidly joining our businesses, we owe it to the generations before us as well as future generations to keep our local economy financially strong – for businesses and for individuals.”
Leave a Reply