New research shows financial confidence and knowledge increase significantly with even just a small amount of education and training.
The U.S. Bank Student Scholarship Program aims to provide college and college-bound students with financial wellness concepts and information at a critical stage of their lives. A new study designed and conducted by Concentrix found that the program is doing exactly that, giving students more confidence and knowledge of their finances.
Students participating in the U.S. Bank scholarship program complete a series of free, online modules covering topics ranging from building credit scores to building emergency savings, and then are entered into a sweepstakes to win up to $14,000 in scholarship funds. The decade-old program has continued to grow in participation each year, with $45,000 in scholarships awarded annually.
“The results of this study validate the benefits of financial education in helping students become financially confident and knowledgeable,” said Kaori Yamada, senior vice president of financial education for U.S. Bank. “We share these learnings with others and invite them to extend access to financial education.”
Here are the key learnings from the study commissioned by U.S. Bank, which evaluated students before and after completing the online modules:
Based on these findings, U.S. Bank is making plans in 2023 to shift its scholarship program to utilize more gamified content that offers shorter, more digestible lessons. In addition, a larger variety of topics will be available. Check back in mid-February to learn more about how U.S. Bank is improving the scholarship: www.usbank.com/scholarship.
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