At U.S. Bank, we view financial education as an investment for the future.
It is the key to helping our customers and their families have the confidence and stability necessary to build on their successes and make their futures possible. That is why we support programs and organizations that focus on achieving financial wellness for all stages of life.
We take a One U.S. Bank approach to financial education by leveraging our technology, people and resources to achieve the greatest possible impact. We meet people where they are with platforms like Financial IQ(opens new window), our online financial education resource hub, which provides helpful knowledge, tools and inspiration for all consumers and business owners; real-time insights and helpful tips delivered through our mobile app. In 2019, consumers engaged with our Financial IQ program, our mobile app insights, and our financial education seminars over 2 million times. Our mobile app now delivers real-time insights and helpful tips to help consumers with savings and expense management. Financial education seminars were offered in branches, and in local communities and schools, covering topics ranging from personal finance basics to mortgage lending while also serving small businesses. In addition, we offered a free program for consumers to learn their credit scores and a financial education program specifically for members of the military.
Our Student Union program offers learning modules to students on topics ranging from credit scores to savings to financing higher education. During 2019, more than 120,000 learning modules were completed. Half of our student learners who identified their race/ethnic background were people of color.
Through the Student Union program, students have completed1 million modules.In 2019, 98% of students surveyed said they feel better prepared to make financial decisions.
In 2019, we also brought to life new educational approaches with in-depth, interactive online learning curriculum around emerging and complex financial education topics to reduce risks and enable financial wellness for customers and employees. We shared tips around personal finance management for those working in the gig economy. We shared in-depth information around complex topics such as cybersecurity, estate planning, and fraud. Customers and employees enrolled in nearly 10,000 lessons.
Our employees shared their banking expertise with our communities every day, much of which is focused on financial literacy. In 2019, our employees reached 150,000 people, volunteered 13,000 hours and hosted 3,000 financial education seminars.
- 150,000Number of people reached by employees.
- 13,000Hours volunteered.
- 3,000Financial education seminars hosted.
U.S. Bank helps prevent elder financial exploitation.
New on-demand learning experience aims to teach individuals and families how to best protect themselves.
The National Council on Aging estimates that older adults lose nearly $3 billion a year to financial abuse and fraud – other estimates put that the figure much higher because so many cases of abuse go unreported. So far this year, we’ve managed 3,000 new elder and vulnerable adult fraud exploitation investigations.
To combat this trend, we launched an on-demand course series(opens new window) focused on how to prevent elder financial exploitation. This year, we gave consumers and employees information and tools on how to protect themselves and loved ones from the growing problem of elder financial exploitation with more than 8,000 employees participating.
“I was able to share the information with my elderly mother to assist her in looking for emails, texts, calls, etc. of potential financial scams,” said Jolene Anthofer. “I also shared the info with my college-aged daughter to ensure she is not taken advantage of as she starts a new job, college classes and finds her way on her own. I am glad I was able to share that information with them and give them examples of what to look for and what to do if it does happen to ensure my family is kept safe.”
“Shortly after I took this course, I encountered an elderly customer who was being scammed,” remarked Sharon Bell. “This information helped me to identify, address and resolve the situation for the customer.”
We want to ensure caregivers and older adults have access to important educational resources and tools with U.S. Bank as their trusted partner. Meeting the changing needs of the aging population is our responsibility as a financial institution.
U.S. Bank and Visa team up to teach students about personal finance.
In 2019, we teamed up with Visa and NFL tight-end Greg Olsen to teach high school students in Charlotte, North Carolina about basic financial tasks such as writing checks and paying bills.
Olsen’s appearance provided extra buzz to a Financial Football event that treated high school students to a fun video game competition that combined the passion of pro football with the challenge of learning the basics of checking accounts, investments, credit scores and much more.
During the video game, teams from four schools competed by choosing running or passing football plays and then answering personal finance questions as a group in a set time.
In the end, West Mecklenburg High School prevailed as champions, but all the schools benefited, each receiving a $10,000 donation from U.S. Bank.
One day we’re all going to be there, and we’ll need the knowledge about what to do if we want to get a car, what to do if we need to get a house. This is an amazing way to learn. I really loved it.