Financial Literacy Nonprofit Partners With Banks for Nationwide Program
Coalition aims to reach 5 million Americans with evidence-based financial education programs by 2027
WASHINGTON, D.C., November 25, 2025 – The National Financial Empowerment Network (NFEN), a leading nonprofit dedicated to financial education, today announced a strategic partnership with 12 major U.S. banks to deliver a comprehensive financial literacy program targeting underserved communities across all 50 states. The initiative, set to launch in January 2026, will provide free, research-based financial education to an estimated 1.2 million participants in its first year.
The program addresses a critical national gap: only 27 percent of American adults surveyed in 2024 correctly answered five of seven basic financial knowledge questions, according to FINRA research. This knowledge deficit costs U.S. households an estimated $243 billion annually through avoidable fees, high-interest borrowing, and missed opportunities. The coalition’s multi-channel approach combines digital learning platforms, in-person workshops, and peer-to-peer coaching networks, reflecting proven models from existing bank-nonprofit collaborations. Recent analysis shows financial institutions increasingly recognize their role in community education, with partnerships that embed financial wellness directly into banking relationships showing 99 percent partner satisfaction rates. For context on this growing trend, the American Bankers Association notes that banks are evolving these partnerships based on continuous market research and community feedback to ensure alignment with consumer needs and preferences.
The initiative will prioritize Gen Z and young Millennial audiences, groups that demonstrate the lowest financial literacy rates nationally at 38 percent and 46 percent respectively, according to 2025 TIAA Institute data. However, research also reveals strong demand for education among these demographics: 93 percent of teenagers acknowledge they need financial knowledge to achieve life goals, yet only 31 percent currently have access to school-based personal finance courses. The program’s digital-first design features mobile-optimized learning modules, interactive budgeting simulations, and AI-powered financial coaching to meet young consumers where they consume information.
“Financial literacy is not a luxury—it’s an essential skill for economic mobility and stability,” said Dr. Rebecca Chen, NFEN’s Chief Executive Officer. “Our bank partners bring unparalleled reach and trust within communities, while our evidence-based curriculum ensures participants gain practical, actionable skills. Early pilot data shows participants reduce high-interest debt by an average of 23 percent within six months and increase emergency savings by $1,400. This partnership represents a scalable model for how financial institutions can drive meaningful social impact while building long-term customer relationships.”
Participating banks include regional and national institutions with combined branch networks exceeding 4,500 locations. The program will embed NFEN-certified financial counselors directly into bank branches in low-to-moderate income census tracts, offering free one-on-one coaching sessions regardless of account status. Additionally, banks will provide co-branded digital content through their online banking platforms, reaching an estimated additional 8 million existing customers with micro-learning resources.
Market data underscores the urgency: 55 percent of Americans lack confidence they could cover a $1,000 emergency expense, while the financial literacy gender gap persists with men correctly answering 53 percent of financial questions versus 43 percent for women. The program specifically addresses these disparities through culturally responsive materials available in eight languages and targeted outreach to Historically Black Colleges and Universities, Hispanic-Serving Institutions, and community colleges that serve 60 percent of first-generation college students.
Implementation will phase across three waves beginning with pilot markets in Texas, Georgia, and Ohio—states showing both high demand and significant literacy gaps. Each participating bank has committed minimum three-year funding, with collective investment totaling $45 million. Independent evaluation by the Financial Health Network will track metrics including participant credit score improvement, debt reduction, and savings accumulation, with results published quarterly to ensure transparency and program refinement.
About the National Financial Empowerment Network
Founded in 2018, the National Financial Empowerment Network is a nonprofit organization dedicated to closing America’s financial literacy gap through evidence-based education and coaching. NFEN has reached over 500,000 participants through partnerships with 200 community organizations and maintains a curriculum certified by the Association for Financial Counseling and Planning Education. The organization operates on a mission that financial education is a fundamental right, not a privilege, and works to create scalable solutions that drive measurable improvements in financial well-being across underserved populations.
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