Nationwide bank teaches locals about financial literacy
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ALBUQUERQUE, N.M. — Learning about credit scores, saving money and investing is overwhelming, albeit important – but many people aren’t financially literate.
According to a survey by the National Financial Educators’ Council, 38% of people say their lack of financial literacy cost them at least $500 in 2022.
That’s why Bank of America partnered with the National Hispanic Cultural Center to teach free financial literacy workshops to high school students and seniors.
“So for students, it’s important for us to teach them courses such as budgeting or beginning a first bank account or the basics of savings. For senior citizens, it’s important to teach them courses, such as financial safety online because there are a lot of perpetrators that try to target our senior citizens from a financial perspective,” said Edgar Velazquez, the senior vice president of client services, Bank of America.
One of the classes took place earlier this month. They taught juniors from Mark Armijo Academy and La Academia Esperanza Charter School about managing money.
Learning about credit scores, saving money and investing is overwhelming, albeit important – but many people aren't financially literate.
“It helps set them up for their future at the end of the day. The students are the future leaders of our country and our community, and we want to help them be prepared for that,” Velazquez said.
The bank also has resources online where anyone can access tips about better money habits. However, these in-person courses are where the bank says experts can answer questions right away.
There are plans for more courses in the future, including workshops for students in the fall. Click here for more info.