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Michigan Credit Union League

Filer Uses MCUF Grant to Pursue App-Based Youth Financial Literacy

Filer Credit Union has entered into a partnership with Zogo, a leading financial technology company, to bring Zogo’s app to its members and families. The app, which was developed by a group of Duke University students, guides young adults through more than 300 bite-sized financial educational modules.

All of Zogo’s content meets the national standards for financial literacy. As users successfully answer questions, they will accumulate points that they can redeem for gift cards (and other rewards).

According to a study by Junior Achievement, 84% of teens say they look to their parents for information about money. However, parents often fee unprepared to play this role. In a survey by EVERFI, only 43% of parents felt they were “well prepared” for money conversations. As an alternative, T. Rowe Price reports that 3 out of 4 parents think financial apps are a good way to teach about financial matters.

“Our members told us they had a hard time getting their kids to talk about money management” said Patty Preuss, Filer Credit Union CEO. “We loved that Zogo combines a digital approach with insights from Duke University behavioral scientists to actually engage the future generation”

“Growing up, we didn’t have good experiences learning about personal finance,” added Bolun Li, CEO and co-founder of Zogo. “With Zogo, we wanted to create a financial education experience our peers would actually use. We are excited to partner with Filer Credit Union to bring this vision to life.”

The funding for this program was funded in part by Michigan Credit Union Foundation (MCUF) Community Reinvestment Grant. MCUF works cooperatively to help credit unions make a difference in Michigan communities through financial education, community reinvestment and professional development support.

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2020-10-13 00:00:00