“We don’t just provide the site, but we actually take some steps to really bring it to life,” he said. Spangler said Bank of America lets customers know about the free online tools, but the bank also offers in-person trainings at schools and workplaces from Better Money Habits-certified associates. … I’d be lying if I said it didn’t give me some anxiety.” “I know for a fact that when I graduated from college, I was a little shocked at the student loan numbers. “One thing that we really recommend is making sure that students and parents alike know the true cost of the education that they’re investing in,” Spangler said. The section for students, among other important topics, demystifies student loans and helps the reader understand what they are getting into if they go that route. The content is divided up by stage of life and includes a section for students in addition to materials for other audiences. In partnership with the Khan Academy, Bank of America hosts a web platform called Better Money Habits that offers a variety of videos and interactive tools on topics such as credit, debit, saving and budgeting, home- and auto ownership, retirement, college, privacy and security, personal banking, and taxes and income. Although many parents today might be saving for their kids’ college education with 529 savings plans, it seems fewer are teaching their children the financial basics, Spangler said. Courtesy Bank of Americaīrandon Spangler, a Grand Rapids-based vice president and customer banking market leader for Bank of America, agreed with these findings, saying he has noticed over the course of his 17-year career in banking and finance a gradual decline in financial literacy among families. Courtesy Bank of AmericaĪ bank with a local presence is addressing the decline of financial literacy among young people with an all-ages education platform.Īccording to a recent Citizens and Junior Achievement survey, over half (54%) of teens feel financially unprepared for the future, as the Business Journal recently reported. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.The in-person sessions give participants the opportunity to ask questions that pertain to their specific situation. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful.
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