Webster Bank Funds Financial Education Program as Private Sector-Government Partnerships Continue to Drive Financial Literacy

Webster Bank’s announcement on Tuesday of its grant to support financial literacy initiative Empower Rhode Island represents just the latest move by a U.S. consumer banking institution to support financial education in the fast-growing financial literacy space.  Empower Rhode Island, which was launched in partnership with Rhode Island's Office of the General Treasurer, offers financial instruction to both young people and adults from a broad range of backgrounds and situations.  The educational topics cover investing, earning, saving and other key money management skills.

The alliance between Webster Bank and the state’s Office of the General Treasurer represents another burgeoning trend as well; namely, the growth of partnerships between business, government, academia and the community to address the staggering rates of financial illiteracy in U.S. and abroad.  Countries, states and localities all are moving towards collaborative approaches to solving gaps in financial education – and this has resulted in a wealth of  successful case studies being reviewed and analyzed so that new programs can build upon the success of prior initiatives that have leveraged the partnerships of multiple constituencies.

Kudos to Webster Bank for its financial support of financial literacy, as well as to the many alliances working hard to lower the rate of financial illiteracy, which will have a material impact on individuals and families in the coming months and years.