Clients of Northern Trust will have access to a platform to enable positive family discussions about money management due to a new partnership.
The firm is working with Greenlight Financial Technology to provide complimentary access to its family finance app and debit card. The platform teaches children how to earn, save, give and spend wisely, with parental supervision.
The issue of financial literacy for young Americans has been in focus recently as both California and Oklahoma have made personal financial education mandatory in high schools, making 26 states to have such legislation.
Northern Trust research found that 79% of high-net-worth families have already ensured that their children have access to financial education but around half are still concerned about how ready their kids are to manage their own finances.
“Knowledge becomes skill through practice. In addition to families talking openly and honestly about finances, children need hands-on money management experience to prepare them for a lifelong journey of financial responsibility,” said Pam Lucina, chief fiduciary officer for Northern Trust. “The best way to instill the habit of saving money and making wise spending choices is to intentionally create teachable moments.”
The tie-up between the two firms is via the Greenlight for Banks program.
“Partnering with leading financial institutions across the country helps Greenlight serve even more families with best-in-class financial education,” said Matt Wolf, senior vice president of Business Development at Greenlight. “Alongside Northern Trust, we’ll be able to have a huge impact on improving financial literacy for the next generation.”
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