According to recent studies, almost two thirds of people surveyed could not pass a basic financial literacy test. With public education severely lagging in this area, a number of financial institutions have stepped up and developed financial education portals and services. However, other studies have found that even the simplest and most user friendly systems are under-utilized. Explained simply, people will not take the time nor effort to learn unless there is a direct reward for their work.
“As a Socially-Conscious organization, GreenProfit Solutions, Inc. is concerned about how the ‘cost’ of financial illiteracy disproportionately affects those who can least afford,” says Joseph Winn, President of GreenProfit Solutions. “A major concern is the penalty fee for Overdrafts and Insufficient Funds. Research indicates that 30% of members/customers will bear the costs of at least one of these events each year, while 8% will incur fees, sometimes as high as 3000%, on as many as 8-12 events annually. While financial institution revenue models are based upon these fees, subsidizing services such as Free Checking, alternatives exist which allow institutions to add-value and generate income, all while adhering to their own missions.”
GreenProfit Solutions developed Learn4Saving, a roughly 60 minute financial literacy course focused on Spending and Saving. The course is divided into 5 lesson plans, each with its own set of quizzes. At course conclusion, the learner is presented with a 20 question review exam. Upon achieving an 80% or higher score, the system will generate a completion certificate. “Working with participating institutions, we will guide them to refer members/customers and offer a voluntary, one-time fee forgiveness upon confirmation of course completion.” Joseph Winn added: “By helping create more financially savvy members/customers, we believe they will build loyalty, create more wallet share opportunities, and present a positive media image for mission-focused growth.”
Learn4Saving will be offered at No Cost to participating institutions and their members/customers. Institutions may register at www.greenprofitsolutions.com/learn4saving.
