VCNB Receives Financial Education Innovation Award

We simply couldn’t be more excited. Yesterday VCNB was recognized with an incredibly prestigious award and we can’t wait to tell you about it.

VCNB was honored to receive the Innovation in Financial Education Award presented by Nasdaq and EverFi. The award recognizes its significant efforts to improve the financial capability of young Americans. Only twenty-five financial institutions were honored with this distinction at a ceremony hosted Tuesday at Nasdaq’s Marketsite headquarters in New York City.

Honorees were selected based on a set of criteria that included the scale and reach of their financial education initiatives, the duration of their commitment, and unique employee volunteering activities that supplement their programs.

“The institutions we’re recognizing here today have led exceptional efforts to rethink how financial education is taught in our nation’s schools,” said EverFi Founder and CEO Tom Davidson. “Our global competitiveness is dependent on the next generation understanding how the economy works and how to achieve financial security in their lives. We are grateful to the organizations that are helping pave a brighter future for students today.”

As young adults are faced with increasingly complex financial decisions, VCNB is committed to providing students with the skills and knowledge needed in order to succeed. VCNB has partnered with EverFi to bring the financial education program Financial U to local students at no cost to schools or taxpayers, reaching over 1200 students since 2012. The web-based program uses the latest in new media technology – simulations, gaming and adaptive-pathing – to bring complex financial concepts to life for today’s digital generation.

VCNB offers EverFi’s Financial U at Logan, Chillicothe, Southeastern, Circleville, Teays Valley, Canal Winchester, Berne Union, Watkins Memorial, Vinton County and Fairfield Union high schools.

VCNB Vice President of Marketing Audra Johnson called this a proud day for VCNB. “We are honored to accept this award for Financial Education Innovation from Nasdaq and EverFi. This is a very proud day for us and hopefully for the ten schools that participate in our Financial U program,” Johnson said.  “Financial U is intended to help students become more self-aware and smarter about their financial decisions and thus far, it has proven its worth.  It is all about helping our local youth prepare for their future.”

A FINRA-funded study released in February 2015 found that students who received rigorous financial education in high school saw increased credit scores and decreased chance of credit delinquency as young adults, compared to their peers who did not receive financial education.

Administered by teachers in a classroom setting, the web-based course offers over six hours of programming on a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401k’s and other critical concepts that map to national financial literacy standards. The platform uniquely tracks the progress and performance of every student.

VCNB has long been a supporter of financial education in local schools. Staff members frequently visit students in local schools through Teach Children To Save programs, Get Smart About Credit, Bremen Banking Days and several other events.

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VCNB sponsors financial literacy program in local schools

AT VCNB we believe that financial literacy is one of the most important tools that we can give a child. That’s why we offer a program called Financial U, provided by EverFi, to area high schools. Financial U is a web-based platform that teaches students practical skills to help them use and manage money as they grow into young adulthood.

Financial U combines the latest technology like video, animations, 3-D gaming, avatars, and social networking to bring complex financial concepts to life for young people. Topics covered include credit score, insurance, credit cards, budgeting, taxes, investing, savings, 401Ks and mortgages.

Teens embrace financial education through Financial U because it combines learning with technology.

Teens embrace financial education through Financial U because it combines learning with technology.

Students are able to apply their knowledge in a virtual environment where they can weigh the consequences of their choices and learn to make good decisions. Assessment data helps the teacher determine where additional classroom learning is necessary.

Essentially, Financial U makes money and finances fun while providing a rich learning experience.

VCNB Marketing Director Audra Johnson said that VCNB offers Financial U to local schools to help shape the next generation of youth into savvy consumers. ”Financial literacy is of critical importance to today’s youth. It teaches them life skills and better prepares them for their future responsibilities. We want the next generation to be savvy consumers and to have the skills to manage their money,” Johnson explained. “Our schools are the perfect access point to reach the young generation Financial U, being a web based platform, is the perfect program to do so,” she said.

Johnson also pointed out that Ohio law now requires financial literacy education at a time when school districts are struggling to stretch their classroom dollars to provide pupils the best quality education. Sponsoring Financial U helps to bridge that gap for school districts.

At this time, VCNB sponsors Financial U in nine schools including Logan, Berne Union, Southeastern, Chillicothe, Vinton County, Canal Winchester, Watkins Memorial, Fairfield Union and Teays Valley. There are plans to expand into additional school districts.

Do your kids understand how to manage their finances? Are they prepared for the financial responsibility that will come after high school graduation? Would you like to see Financial U offered in your teen’s high school? Tell us what you think in the comments section!