How Capital One and Bank of America are tackling gaps in financial literacy for consumers and women entrepreneurs

April marks Financial Literacy Month. While financial education was once overlooked, there is now an increased dialogue surrounding this topic, particularly concerning Gen Z, who seek to establish a strong financial foundation early in life.

75% of teenagers feel uncertain about their grasp of personal finance, and 73% expressed a strong interest in receiving more financial education in a survey from 2021. Parents and educational systems, though, struggle to provide adequate financial education, with only 23 states mandating personal finance courses, leaving students ill-prepared for financial independence. This scarcity of reliable financial education sources is recognized by 93% of teens as critical to achieving their life goals.

This creates an opportunity for financial institutions to reconnect with consumers through new partnerships and modern methods that resonate with a broad audience.

Many firms are exploring unconventional methods to capture consumers’ interest in financial education as a starting point. This can be beneficial not only for consumers in different age groups but also for early-stage entrepreneurs to make headway in their endeavors.

Capital One is zeroing in on financial education for consumers of all ages, while Bank of America has recently entered into a new partnership with the luxury lifestyle brand, Tory Burch, to promote financial literacy among women entrepreneurs.

Capital One’s push for financial education: