Y-12 Federal Credit Union celebrates National Financial Capability Month by launching new digital financial education platforms aimed at empowering youth
OAK RIDGE, TN (April 21, 2023) — Annually, April is observed as Financial Capability Month. Formerly named financial literacy month, on March 31, 2021, President Joe Biden re-named the national month to reflect American resilience in overcoming financial hardships during the COVID-19 pandemic. Y-12 Federal Credit Union (Y-12 FCU) has prioritized financial education as a top initiative for over a decade. With 12 high school partnerships, a presence on six college campuses in East Tennessee, and serving over 15 community organizations, Y-12 FCU has a dedicated financial outreach team to empower youth to understand and feel comfortable talking about finance.
John Nolan, who manages the financial outreach team illustrated the team’s digital focus by sharing how they built a financial education strategy based on the habits and preferences of today’s youth. “We know that teenagers and young adults spend a lot of time on digital platforms. Whether it’s social media, online banking, or playing games, an overwhelming portion of their day is in a digital ecosystem,” said Nolan. In April 2022, Y-12 FCU’s financial outreach team partnered with the award-winning financial gamification app., Zogo. Zogo uses gamification and a practical structure to provide a learning environment for personal finance. Users get rewarded in pineapples, which they can redeem for gift cards to retailers like Amazon, Starbucks, and others.
Since launching the platform, Y-12 FCU surpassed 2,000 users in less than a year, putting the organization in the top 10% of Zogo partners for first-year growth. General Manager Shyam Pradheep said, “Y-12 has been an exemplary partner in Zogo’s endeavor to promote financial literacy and facilitate strong relationships with members. By using Zogo’s innovative educational tools, Y-12 has been able to truly enrich the lives of their members. We look forward to seeing the continued growth of our relationship and its impact on Y-12’s community.”
To kick off Financial Capability Month, Y-12 FCU has announced three more digital financial literacy partners. Banzai, KOFE, and My First Nest Egg These partnerships will increase the team’s ability to reach more students and credit union members with financial education materials that will boost knowledge and confidence, all in a digital environment. Three local schools signed up to be a part of the Banzai program with the credit union as soon as the partnership was signed in April, and a dozen more have shown interest.
According to an annuity.org report released in February 2023, 75% of teenagers lack confidence in their knowledge of personal finance. Additionally, the information shed light on credit card debt and stated that Americans owe over $800 billion in credit card debt as of the first-quarter, 2022. Nolan and Y-12 FCU hope to curb these statistics by providing resources to teens and young adults that allow them to learn and have fun in a familiar digital environment.
About Y-12 Federal Credit Union
Y-12 Credit Union is a full-service financial institution headquartered in Oak Ridge, TN, with 16 branches located in Anderson, Blount, Campbell, Knox, Roane, Loudon, Union, and Sevier counties serving over 114,000 members. Membership is open to businesses and individuals including immediate family members that live, work, worship, or attend school within our eight-county service area. Membership may also be obtained for individuals who join the Y-12 FCU Gives Foundation. For more information about Y-12 Credit Union, visit y12fcu.org.
Join the Y-12 FCU Team
The credit union continually seeks new people to help deliver WOW member experiences. Individuals interested in applying are encouraged to visit y12fcu.org/careers.