November 22, 2016
Beneficial Bank Financial Literacy Program Improves Student Test Scores By 89%
Philadelphia, PA, November 22, 2016 – Beneficial Bank is proud to announce that in its first year, its Knowledge and Cents financial literacy program helped participating students improve their scores on assessment tests by an average of 89%, according to a survey by EverFi.
The survey also found that students significantly increased awareness on practical financial topics including savings, credit scores, payments, and financing higher education:
- 63% felt more prepared to decide how to spend and save their money – up 24% from before taking the course
- 59% felt more equipped to choose the right type of bank account for their money – up 55% from before taking the course
- 63% felt more prepared to check their credit score and understand what it means – up 123% from before taking the course
- 57% felt better equipped to apply for financial aid or loans to help pay for college – a 97% increase from before taking the course
“We are thrilled with the first year results of our Knowledge and Cents program,” said Gerry Cuddy, President and CEO, Beneficial Bank. “One of our main goals at Beneficial is to provide students with the tools to make smart financial decisions. The positive gains these students have demonstrated shows that the program helps instill important financial life skills that will be valuable in the future.”
The Knowledge and Cents Program utilizes current technology to align with how today’s students learn. Administered by teachers in a classroom setting, the web-based course offers programming on a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401ks and other critical concepts that map to national financial literacy standards. The platform tracks the progress and performance of every student. During the 2015-2016 school year, more than 1,600 students in 23 area schools completed over 6,700 financial literacy learning hours.
"Through innovative digital learning, Beneficial Bank is reaching thousands of students in a meaningful and impactful way,” said EverFi President Ray Martinez. "We're proud to be working with a community-oriented partner that is changing the way students across the Northeast prepare for their financial futures."