San Antonio Banks, Credit Unions Fund Financial Literacy Programs

During National Financial Literacy Month this April, it’s important to take stock of all the potential resources you can take advantage of locally when it comes to improving your personal finance skills.

If you’re an adult looking to improve your debt management skills or create your own financial opportunities, we’ve highlighted programs offered by banks and credit unions in San Antonio that residents can check out as they look to build upon their saving and spending skills during National Financial Literacy Month.

Generations Federal Credit Union

From April to November this year, Generations Federal Credit Union is offering numerous classes on a wide range of topics through its financial education program. Whether you’re interested in learning about budgeting, saving, investing or building credit, Generations Federal Credit Union offers extensive knowledge and expertise on the subject so you can gain the skills needed to manage your finances in the future.

Additionally, Generations Federal Credit Union offers a variety of curricula and resources for students and adults looking to broaden their grasp of personal finance through videos, PDFs and external websites.

There is also a Financial Literacy 101 Student Portal that offers both traditional and non-traditional students a full course of content.

PlainsCapital Bank

PlainsCapital Bank recently provided a personal financial literacy program for seventh- and eighth-grade students in SA Youth, a nonprofit community organization. This program teaches these young, low-income students how to save, budget and make informed financial decisions that will prepare them for college, their careers and beyond.

Each student received a certificate of completion for successfully finishing the five-week financial literacy curriculum, which was created through a joint-partnership with the Texas Council on Economic Education.

“This financial literacy program provides hands-on activities with real-world relevance that engage students and provide a fun and interactive learning experience,” said PlainsCapital Bank president and CEO Jerry Schaffner, reports NOWCastSA.

Capital One

In 2011, San Antonio became the third city to receive a financial literacy donation from Capital OneAfter launching its original partnership in 2006 in Virginia with the Finance Park donation program, Capital One brought its personal financial literacy teachings to San Antonio in 2008.

Capital One donated $300,000 to the Junior Achievement of South Texas, a nonprofit organization that provides financial literacy programs throughout the school year to eighth-grade students. The 2011 donation marked the pilot program’s permanent fixture five years out from its launch.

“Our mission in San Antonio is to be one of the leading corporate citizens in providing financial literacy to all citizens in San Antonio,” said Mark Koshnick, market president for Capital One in Central and South Texas, reports the San Antonio Business Journal. “This is an important piece because it gives middle schoolers the opportunity to learn the basics of financial responsibility and is a crucial building block for economic success.”

Texas Capital Bank

At the end of last year Texas Capital Bank gave a check of $2,500 to the Central Texas Chapter of Junior Achievement in order to support the financial literacy program established by the nonprofit organization.

“Nothing is more important than entrepreneurship when it comes to economic success,” said Texas Capital Bank’s Mike McConnell in the San Antonio Business Journal. “Young people need to know that self-sufficiency starts with the knowledge of how to function and prosper in a free market society. That is Junior Achievement’s goal and we at Texas Capital Bank support it.”

Financial Literacy Standards in Texas

The state of Texas has a good level of financial literacy overall, with K-12 personal finance program standards implemented statewide, as well as a required high school course with student testing.

Findings from a FINRA Investor Education Foundation study last year showed that while only 19 percent of Texas residents spent more than their income, only 37 percent have a rainy day fund and 67 percent answered only three or fewer questions correct on a five-question test on financial literacy.

Additionally, Texas currently meets all five requirements of economic education set by the Council for Economic Education, while the state also received a “B” grade from The Center for Financial Literacy for mandating personal finance education as part of another course. However, Texas does not require an assessment after completing the course and in some cases, there might be a math course that includes a partial assessment of personal finance knowledge.