Financial Literacy Funding: $1.5 Million from Citizens Financial Targets 500,000 Consumers

Financial education professionals are pleased with the announcement this week by Citizens Financial Group of its funding allocations to nearly 70 nonprofit organizations as part of the bank’s $1.5 million 2014 commitment to financial literacy through the Citizens Helping Citizens Manage Money Initiative.

Funding recipients are located throughout the eleven states in which Citizens Financial is located and more than 500,000 consumers and small businesses will be impacted positively by the financial education programs that will benefit from these funds. The competitive criteria for selection of the awarded nonprofits included several key elements intended to identify the highest potential programs, such as their prior track record of financial literacy success, their need for greater funding, and a commitment to integrating features of sustainability into their plans.

The Citizens Helping Citizens Manage Money program already has seen significant success. Last year, the initiative rolled out financial education programs to over 100,000 consumers, while also providing grants to more than 115 organizations.

Funding by Citizens Financial Group for financial education programs represents just the latest of many similar efforts by financial institutions globally to help boost the level of financial literacy in both developed and developing countries. Such initiatives could not come at a better time, as the global economy continues to try to find stronger ground and as individuals and families are still struggling with rising consumer debt, higher prices for consumer goods, and low levels of financial literacy. This greater support for financial education by banks and other financial institutions should bode well for the financial literacy industry in the months and years ahead.