Bank of the West to Fund Financial Education for 30 California High Schools
SAN FRANCISCO, CA | Sep 14, 2016
Helping millennials acquire a financial foundation creates a generation of well-informed consumers
Bank of the West will provide free financial education to 30 high schools in three California locations during the 2016-2017 academic school year through education technology company EverFi Inc.
Through this program, the bank will adopt underserved schools—10 each in Santa Clara, San Joaquin and Orange Counties—with a goal to educate 5,000 low-income high school students on critical financial topics. Participating students will learn foundational concepts that are integrated into their regular economics, business or career and technology classes during the semester. Teachers will access lesson plans, classroom activities, videos and discussion guides from EverFi's interactive web-based platform. The curriculum aligns to the California State Standards for financial literacy and includes lesson plans on why personal saving is important, how to avoid identity theft, and why credit scores are important.
"The millennial generation comes of age during a time of extreme innovation in the consumer market place. Every day, young people navigate a complex range of financial decisions and in some cases, make decisions independent of their parents or become responsible for their own finances early in life," said Jenny Flores, head of Community Affairs at Bank of the West. "Through this digital learning and delivery platform, we'll increase our student outreach and help young people develop practical skills that can have a positive influence on their economic well-being."
The Bank of the West and EverFi collaboration first began as a pilot program during the 2015-2016 school year. More than 4,700 students took part in the program and completed approximately 17,000 hours of online and classroom learning. Students were given pre and post assessments and found to have increased their knowledge by an average of 92 percent. Student tests showed positive gains in understanding real-life financial applications such as what type of payment to use for purchases, whether to rent or buy a home, and how much of their money to spend vs. save.
Last year, Bank of the West reached more than 12,000 individuals with financial education lessons through nonprofits and community partners and bank volunteers who provide hands-on education in the classrooms. In the last five years the bank has supported financial education with $5.9 million in philanthropic investments.
About Bank of the West
Bank of the West is a regional financial services company headquartered in San Francisco with $80.7 billion in assets as of June 30, 2016. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 branches and offices in 23 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with more than 189,000 employees.
To learn more about Bank of the West, visit About Us.
About EverFi, Inc.
EverFi, Inc. is the education technology innovator that empowers K-12, higher education, and adult learners with the skills needed to be successful in life and work through its comprehensive critical skills platform focused on Financial Education, Digital Citizenship, STEM Career Readiness, Diversity and Inclusion, Entrepreneurship, Character Education, and Health and Wellness. The EverFi Education Network is powered by over 3,300 partner organizations across all 50 states and Canada and annually reaches over 6 million learners. Learn more at everfi.com.
Bank of the West Community Affairs