How Banks Can Boost Financial Literacy for Younger Generations

October 7, 2024 | insights.samsung.com

Credit: Image by mireya fernandez from Pixabay

Financial literacy is crucial for financial empowerment, but research indicates many young people still struggle to acquire this vital knowledge.

Banks can play a critical role in closing this knowledge gap and advancing financial literacy for the younger generation, using smartphones and mobile apps to put financial knowledge at their fingertips. These technologies have become integral in the lives of this digitally savvy generation — 95% of teens have a smartphone and more than half of them have been using the device since they were 11 years old.

By meeting this demographic where they are, with the tools they’re accustomed to using, banks can give them the confidence to build a solid financial foundation.

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