Auburn University, Regions kick off partnership for financial literacy

Published: Apr. 5, 2022 at 6:05 AM CDT
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MONTGOMERY, Ala. (WSFA) - April is Financial Literacy Month, a month to raise the need for more financial education.

In the United States, one out of every five students lacks the basic skills of financial literacy, translating into adulthood. A study suggests that 54% of student loan holders surveyed didn’t know about their future monthly payments before taking out their loans.

According to the survey, women are also lagging far behind men in their financial understandings and situations. The survey indicates that 47% of surveyed men demonstrated basic financial literacy skills, compared to 29% of women.

According to a report by LT Trust, women save 68 cents against every dollar that men save for retirement.

That’s where a new partnership between Auburn University and Regions Bank is hoping to step in and close some gaps by offering financial wellness resources on campus to help students learn money-management habits and prepare for their financial futures.

An event is planned for Tuesday to highlight the launch of the iGrad financial wellness platform, a new component of the Regions Next Step® Financial Wellness Center. Launched in the fall of 2020, Auburn’s financial Education work with Regions Bank focuses on helping students set and achieve financial goals. IGrad expands the university’s financial wellness resources to help students learn money-management habits and prepare for their financial futures.

The digital platform, used by more than 600 colleges and universities across the U.S., uses proprietary algorithms to customize a recommended mix of financial education resources for students based on their knowledge, needs, and experiences. Content ranges from saving and budgeting to avoiding identity theft and homeownership, among other topics. By having access to various multimedia tools, students can engage with interactive modules, videos, articles, and other content designed to help them build a strong foundation for financial success now and in the future.

Tuesday’s event will include appearances by Auburn Baseball Coach Butch Thompson, Aubie the Tiger, and members of the baseball team. Additionally, representatives from the Auburn University Student Government Association, university staff, and Regions Bank will be available to speak with students about the importance of financial education.

The event will take place from 9 a.m. to 12 p.m. on the second floor of the Auburn University Melton Student Center.

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