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OneMain Financial and EVERFI Bring Financial Education to High School Students Nationwide
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
OneMain Financial has launched a new national credit education program for high school students called Credit Worthy, supported by a $4 million investment. This digital curriculum aims to improve financial literacy and will reach at least 1,500 schools by the end of 2022. As part of the initiative, OneMain will provide $300,000 in scholarships. The program addresses a critical gap, given that 68% of students lack understanding of credit scores, as highlighted by EVERFI's research.
Positive
Investment of $4 million in financial literacy program.
Reach of at least 1,500 schools by end of 2022.
Allocation of $300,000 for scholarships to encourage student participation.
Negative
None.
Credit Worthy by OneMain Financial will include digital courses on understanding credit, financial basics, preparing for college or careers and entrepreneurship
NEW YORK & WASHINGTON--(BUSINESS WIRE)--
OneMain Financial, the leader in offering nonprime customers responsible access to credit, and EVERFI, the nation’s leading social impact education innovator, today announced a new national credit education program for high school students. Credit Worthy by OneMain Financial is a digital curriculum made possible through the Company’s $4 million multi-year commitment and will be used in at least 1,500 schools across the country by the end of 2022. The Credit Worthy by OneMain Financial curriculum was created through a strategic partnership with EVERFI.
“I’m thrilled to launch this innovative program that underscores OneMain’s mission to improve the financial well-being of hardworking Americans. Our company is committed to offering best-in-class financial wellness resources to our customers and communities, and Credit Worthy by OneMain Financial is an important expansion of these efforts,” said Doug Shulman, Chairman and CEO of OneMain. “Whether attending college or starting a career, a strong financial foundation will help students be more prepared for the future. Credit Worthy by OneMain Financial will give students and families an earlier start down the path to financial empowerment.”
Credit Worthy by OneMain Financial will give students access to a digital-first, real-world credit education designed to help them understand the importance of credit and develop healthy credit habits early. Among other topics, the proprietary curriculum will cover how to use, manage and build credit, the differences between different types of credit and how to avoid and correct debt issues.
As another encouragement to students participating in the program, OneMain will fund $300,000 in scholarships.
"Our research shows that 68 percent of high school students don't understand their credit score," said Ray Martinez, president and co-founder, EVERFI. "We are delighted to work with OneMain Financial to bring this interactive curriculum to high school students across the country. We will teach students the fundamentals of building and understanding credit and avoiding common credit mistakes. Providing the next generation with the education and resources necessary to be more financially capable consumers must be a top priority for all of us.”
OneMain team members will bring the curriculum to life by volunteering in-person and virtually, collaborating with teachers on panel and activity sessions showing students how to apply course concepts in real life. In addition to the programming, OneMain will host an online “Family Resource Center” with information about the student program and relevant educational resources for adults.
Formal financial literacy instruction is becoming more common in schools across the country, as educators and public officials increasingly recognize the need for basic financial skills. The learning objectives for Credit Worthy by OneMain Financial are consistent with a variety of national standards, including Jump$tart National Standards in K-12 Personal Finance Education, Council of Economic Education’s National Standards for Financial Literacy and U.S. State Financial Literacy Standards. Credit Worthy by OneMain Financial will enable schools to provide high-quality programming in an accessible, digital format, paving the way for a lifetime of stronger financial footing.
About OneMain Financial
OneMain Financial (NYSE: OMF) is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today’s problems and reach a better financial future through personalized solutions available online and in 1,400 locations across 44 states. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit www.OneMainFinancial.com.
About EVERFI, Inc.
EVERFI, a Blackbaud (NASDAQ: BLKB) company, is an international technology company driving social impact through education to address the most challenging issues affecting society ranging from financial wellness to mental health to workplace conduct and other critical topics. Founded in 2008, EVERFI’s Impact-as-a-ServiceTM solution and digital educational content have reached more than 45 million learners globally. In 2020, the company was recognized as one of the World’s Most Innovative Companies by Fast Company and was featured on Fortune Magazine’s Impact 20 List. The company was also named to the 2021 GSV EdTech 150, a list of the most transformative growth companies in digital learning. Blackbaud, the world’s leading cloud software company powering social good, acquired EVERFI in December of 2021. To learn more about EVERFI please visit everfi.com or follow us on Facebook, Instagram, LinkedIn, or Twitter @EVERFI.
