Northern Trust Partners with Greenlight to Help Families Achieve Greater Financial Literacy
Northern Trust has partnered with Greenlight Financial Technology to offer its clients complimentary access to Greenlight's family finance app and debit card. This collaboration aims to enhance financial literacy among families and prepare the next generation for responsible wealth management. The partnership addresses concerns highlighted by Northern Trust Institute's research, which found that 48% of high-net-worth families worry about their children's preparedness to manage wealth, despite 79% providing financial education.
Through this initiative, Northern Trust clients can receive a free Greenlight SELECT plan subscription, enabling families to build smart money habits together. The platform teaches children about earning, saving, giving, and spending wisely under parental supervision, creating valuable teachable moments in financial management.
Northern Trust ha collaborato con Greenlight Financial Technology per offrire ai suoi clienti accesso gratuito all'app per la gestione finanziaria familiare e alla carta di debito di Greenlight. Questa collaborazione mira a migliorare la competenza finanziaria tra le famiglie e a preparare la prossima generazione a una gestione responsabile della ricchezza. Il partenariato affronta le preoccupazioni evidenziate dalla ricerca dell'Istituto Northern Trust, secondo cui il 48% delle famiglie ad alto patrimonio netto teme che i propri figli non siano pronti a gestire il patrimonio, nonostante il 79% offra educazione finanziaria.
Attraverso questa iniziativa, i clienti di Northern Trust possono ricevere un abbonamento gratuito al piano Greenlight SELECT, consentendo alle famiglie di costruire insieme abitudini finanziarie intelligenti. La piattaforma insegna ai bambini come guadagnare, risparmiare, donare e spendere saggiamente sotto la supervisione dei genitori, creando preziosi momenti di insegnamento nella gestione finanziaria.
Northern Trust se ha asociado con Greenlight Financial Technology para ofrecer a sus clientes acceso gratuito a la aplicación de finanzas familiares y la tarjeta de débito de Greenlight. Esta colaboración tiene como objetivo mejorar la alfabetización financiera entre las familias y preparar a la próxima generación para una gestión responsable de la riqueza. La asociación aborda las preocupaciones destacadas por la investigación del Instituto Northern Trust, que encontró que el 48% de las familias de alto patrimonio están preocupadas por la preparación de sus hijos para manejar la riqueza, a pesar de que el 79% proporciona educación financiera.
A través de esta iniciativa, los clientes de Northern Trust pueden recibir una suscripción gratuita al plan Greenlight SELECT, lo que permite a las familias construir juntas hábitos financieros inteligentes. La plataforma enseña a los niños sobre ganar, ahorrar, donar y gastar de manera sabia bajo la supervisión de los padres, creando valiosos momentos de enseñanza en la gestión financiera.
Northern Trust는 Greenlight Financial Technology와 협력하여 고객에게 Greenlight의 가족 금융 앱과 직불 카드에 무료로 접근할 수 있는 기회를 제공합니다. 이번 협력은 가족 간의 재정 교육을 강화하고 다음 세대가 책임 있는 자산 관리를 할 수 있도록 준비시키는 것을 목표로 하고 있습니다. 이 파트너십은 Northern Trust Institute의 연구에서 강조된 우려를 다루고 있으며, 연구 결과에 따르면 고액 자산가 가족의 48%가 자녀의 자산 관리 준비 상태에 대해 걱정하고 있지만 79%는 재정 교육을 제공하고 있습니다.
이번 이니셔티브를 통해 Northern Trust 고객은 무료 Greenlight SELECT 플랜 구독을 받을 수 있으며, 이를 통해 가족들이 함께 스마트한 금융 습관을 기를 수 있습니다. 이 플랫폼은 부모의 감독 하에 아이들에게 돈을 벌고, 저축하고, 기부하고, 현명하게 소비하는 방법을 가르치며 재정 관리에서 중요한 학습 순간을 만들어냅니다.
Northern Trust s'est associé à Greenlight Financial Technology pour offrir à ses clients un accès gratuit à l'application de finances familiales et à la carte de débit de Greenlight. Cette collaboration vise à améliorer la littératie financière au sein des familles et à préparer la prochaine génération à une gestion responsable de la richesse. Ce partenariat répond aux préoccupations soulignées par la recherche de l'Institut Northern Trust, qui a révélé que 48 % des familles à fort patrimoine net s'inquiètent de la préparation de leurs enfants à gérer la richesse, malgré le fait que 79 % d'entre elles offrent une éducation financière.
Grâce à cette initiative, les clients de Northern Trust peuvent bénéficier d'un abonnement gratuit au plan Greenlight SELECT, permettant aux familles de construire ensemble des habitudes financières intelligentes. La plateforme enseigne aux enfants comment gagner, épargner, donner et dépenser judicieusement sous la supervision des parents, créant ainsi de précieux moments d'apprentissage dans la gestion financière.
Northern Trust hat sich mit Greenlight Financial Technology zusammengeschlossen, um seinen Kunden kostenlosen Zugang zur Familienfinanzierungs-App und zur Debitkarte von Greenlight zu bieten. Diese Zusammenarbeit zielt darauf ab, die finanzielle Bildung innerhalb von Familien zu verbessern und die nächste Generation auf eine verantwortungsvolle Vermögensverwaltung vorzubereiten. Die Partnerschaft spricht Bedenken an, die durch die Forschung des Northern Trust Institute hervorgehoben wurden, die ergab, dass 48 % der Familien mit hohem Nettovermögen sich Sorgen um die Vorbereitung ihrer Kinder auf das Vermögensmanagement machen, obwohl 79 % finanzielle Bildung anbieten.
Durch diese Initiative erhalten Northern Trust-Kunden ein kostenloses Abonnement des Greenlight SELECT-Plans, das es Familien ermöglicht, gemeinsam kluge Geldgewohnheiten zu entwickeln. Die Plattform lehrt Kinder, wie sie unter elterlicher Aufsicht verdienen, sparen, geben und weise ausgeben können, und schafft wertvolle Lehrmomente im Finanzmanagement.
- Partnership with Greenlight enhances Northern Trust's financial education offerings
- Complimentary access to Greenlight's family finance app and debit card for Northern Trust clients
- Addresses client concerns about next-generation wealth management preparedness
- Potential to improve client retention and attract new high-net-worth families
- None.
Insights
This partnership between Northern Trust and Greenlight represents a significant step towards addressing the critical gap in financial literacy among high-net-worth families. The 79% of families providing financial education versus the 48% concerned about preparedness highlights a clear need for more effective tools. Greenlight's platform offers a practical, hands-on approach to financial education, which is important for translating knowledge into skill.
The integration of Greenlight's app with Northern Trust's services creates a powerful combination of wealth management expertise and modern, youth-oriented financial technology. This could potentially set a new standard in the industry for comprehensive family financial education. The free Greenlight SELECT plan for Northern Trust clients adds significant value, potentially increasing client retention and attracting new high-net-worth families looking for holistic wealth management solutions.
This partnership is strategically significant for both Northern Trust and Greenlight. For Northern Trust, with $419.4 billion in assets under management, this move enhances their value proposition in the competitive wealth management space. It addresses a key concern of their client base while potentially attracting younger, tech-savvy high-net-worth individuals.
For Greenlight, partnering with a prestigious institution like Northern Trust provides credibility and access to a lucrative client segment. This could accelerate Greenlight's growth and market penetration. The partnership also aligns with broader market trends of traditional financial institutions collaborating with fintech companies to enhance their digital offerings and appeal to younger generations.
The emphasis on creating 'teachable moments' through practical experience is psychologically sound. Children learn best through active engagement and Greenlight's platform facilitates this by allowing supervised real-world financial decisions. The app's features for earning, saving, giving and spending wisely align well with developmental needs for autonomy and responsibility.
Moreover, normalizing financial conversations within families, as discussed in the podcast, is important for healthy financial attitudes. This approach can help reduce money-related anxiety and foster a growth mindset towards financial management. The partnership's focus on long-term habit formation, rather than just knowledge transfer, is likely to yield more sustainable results in preparing the next generation for wealth stewardship.
Research conducted by the Northern Trust Institute found that 79 percent of high-net-worth families have provided their children with access to financial education, but nearly half (48 percent) are still concerned for the preparedness of the next generation to manage wealth. Similarly, nationwide testing by the National Financial Educators Council revealed that teenagers, with an average score of 64 percent, lack the basic financial knowledge they need to make qualified financial decisions.
“Knowledge becomes skill through practice. In addition to families talking openly and honestly about finances, children need hands-on money management experience to prepare them for a lifelong journey of financial responsibility,” said Pam Lucina, Chief Fiduciary Officer for Northern Trust. “The best way to instill the habit of saving money and making wise spending choices is to intentionally create teachable moments.”
Northern Trust’s partnership with Greenlight will provide clients with more of these teachable moments, in which families can build smart money habits together and equip the next generation to steward wealth responsibly. Greenlight’s platform teaches children how to earn, save, give and spend wisely – all with parental supervision. Northern Trust clients can receive a free Greenlight SELECT plan subscription by registering through a dedicated landing page.
“Partnering with leading financial institutions across the country helps Greenlight serve even more families with best-in-class financial education,” said Matt Wolf, Senior Vice President of Business Development at Greenlight. “Alongside Northern Trust, we’ll be able to have a huge impact on improving financial literacy for the next generation.”
Recently, Greenlight Co-Founder Johnson Cook appeared as a guest on “The Road to Why,” a podcast focused on business owners hosted by Eric Czepyha, Director of Business Services at Northern Trust. Cook and Czepyha discussed how normalizing conversations about finances creates an environment where children feel comfortable asking questions and gain valuable experience.
Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise, with
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in
Northern Trust Corporation, Head Office: 50 South La Salle Street,
About Greenlight
Greenlight Financial Technology is the family fintech company on a mission to help parents raise financially-smart kids. Its product, Greenlight, is an award-winning banking app, complete with a debit card for kids and teens and safety features for the whole family. Parents can automate allowance, manage chores, set flexible spending controls, and invest for their family’s future. Kids and teens learn to earn, save, spend wisely, give, and invest. Together, families can also stay safe and connected with location sharing, SOS alerts, crash detection with 911 dispatch, driving scores, reports and real-time trip alerts.
Greenlight partners with more than 75 leading banks, credit unions, and employers to bring its family finance solution to more families through the Greenlight for Banks, Greenlight for Credit Unions, and Greenlight for Work programs.
The Greenlight Debit Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. Greenlight Investment Advisors, LLC, an SEC Registered Investment Advisor, provides investment advisory services to its clients. Investing involves risk and may include the loss of principal. Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Greenlight's bank partners. For more information, please visit: greenlight.com.
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Landis Cullen
312-444-3188
LC332@ntrs.com
Source: Northern Trust
FAQ
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