PenFed Credit Union, the nation’s second largest federal credit union, today announced the introduction of a new mobile-first, financial education resource to help members build financial health and confidence for themselves and their families. PenFed Financial Know How is made available, free of charge, through PenFed’s relationship with the leader in financial wellness technology solutions, EVERFI, Inc. and further expands PenFed’s high school financial education program in Puerto Rico to adults across the island and everywhere.
PenFed Financial Know How offers English and Spanish language content through a robust library of learning topics around important personal financial education concepts including budgeting, investing, homeownership, retirement planning and more. The interactive financial education platform is designed to provide members with the tools and personalized knowledge necessary to make informed financial decisions.
"PenFed is proud to work with EVERFI to expand our financial literacy resources and help our members and their families achieve their financial well-being,” said PenFed President/CEO and PenFed Foundation CEO, James Schenck. “PenFed’s Tu Dinero, Tu Sueño [Your Money, Your Dreams] financial literacy program offered to high school students in Puerto Rico through EVERI has been very successful and we received a lot of feedback indicating that parents and adult family members would also like to take the courses offered to students.”
PenFed currently serves over 222,000 members in Puerto Rico with financial centers in San Juan, in Hatillo, and on the United States Army Garrison Fort Buchanan. As part of its commitment to the people of Puerto Rico, PenFed and EVERFI have joined forces over the past two years to bring an innovative and scalable financial education technology platform at no cost to 1,200 public and private K-12 school students in 24 schools across Puerto Rico. Students are provided access to a proven curriculum teaching them how to make smart financial decisions and achieve success in life.
A recent EVERFI study found that 78% of adults wish they had more information readily available when making financial decisions. From opening a credit card to taking out a student loan, buying a home or saving for retirement, most adults feel unprepared to make large financial decisions without additional information. Through PenFed Financial Know How, users are guided through interactive exercises that allow them to practice making financial decisions most relevant to them in a fail-safe environment. Each topic area offers a 3-6 minute module designed to enable users to apply what they have learned to their personal financial goals. The mobile-first design is available on all internet-enabled devices so that learners can access it anytime, anywhere.
“Understanding your finances and making sound financial decisions is key to a strong future, but many people don’t know where to turn to get the information they need in a way that is easily digestible and understandable,” said EVERFI Co-Founder and President of Financial Education, Ray Martinez. “This program is a testimony to EVERFI’s commitment to providing financial education to learners of all ages and we commend PenFed for making this commitment to educate their consumers, allowing them to take control of their financial health.”
To learn more about the program, visit https://penfed.everfi-next.net/welcome/pr.
The tool expands PenFed’s high school financial education program in Puerto Rico to adults across the island