City National is Latest Bank to Fund Financial Literacy

City National Bank’s announcement that it is now accepting grant applications from public and private schools throughout five states to support financial literacy programs for students represents just the latest of many recent grant announcements by banks focused on funding financial education.  Implemented through the bank’s initiative dubbed The Way Up Literacy Program, City National’s financial education grant project will award up to $100,000 in financial literacy funding.

City National takes an all-inclusive approach to funding, as past grant awards have been used not only for the delivery of education and literacy itself, but also for literacy computer programs, relevant field trips, and art and reading projects designed to foster improved literacy.  One example of this holistic approach is the past award to an elementary school that applied the funding for telescopes that were used to teach literacy and related skills.

Many banks have espoused financial literacy as a means to fulfill CRA requirements, while others have developed and implemented robust financial education programs to teach bank customers and prospects about existing and new financial products that could drive the banks’ businesses.  However, no matter what the spark has been to conceive and execute their financial literacy initiatives, bank representatives continue to promulgate the virtues of financial education as a primary building block for children and people of all ages to become more financial empowered and to better manage their overall financial affairs.

Financial literacy proponents are hailing the dedication of City National Bank to financial education – and many believe that banks will continue to be the driving force behind new programs and innovations in financial literacy in the months and years to come.