According to a recent survey*, the memes are true: while only a quarter (26%) of Gen Z respondents say they can successfully define taxable income, more than half (52%) of Gen Zs know the mitochondria as the powerhouse of the cell. On top of that, Americans could define triangles – scalene (69%), isosceles (57%) and equilateral (72%) – better than the difference between a W-2 and a W-4 (46%.)
While the results might be unsurprising (especially to the 32% of Americans who say they learned nothing at all about personal finance during their formal education), they point to a huge gap in financial education in our country and a need for clear, basic financial resources.
That's why this Financial Literacy Month, Chime®, the most loved banking app™, is bringing it back to basics by declaring it Financial Progress Month, making essential financial topics like budgeting, credit and more, approachable and fun. Learning about finances should be about progress, not perfection.
Chime Takes It Back to Basics
Supporting our commitment to financial progress, Chime will show up throughout April with a series of resources, content and more, including:
Chime's Coloring Budgets: Realizing the anxiety often associated with budgeting (34% of survey respondents said they struggle sticking to a budget) and the stress relief coloring can bring, Chime is releasing Coloring Budgets – adult-friendly coloring books that are actually usable, allowing you to fill out your monthly budget, in the same way you used to fill out your coloring book pages as a kid. Chime's Coloring Budgets will be sold online for $1 – because starting a budget shouldn't set you back financially.
Progress 101 with T-Pain: Chime's back to basics efforts continue with GRAMMY® Award-Winning artist, producer, songwriter, entrepreneur and global cultural icon T-Pain who 'crashed' a college course at Clark Atlanta University this month with a Progress 101 class, sharing the basics of financial literacy in an actual classroom and giving all students a Coloring Budget. T-Pain will give away signed coloring budgets, as well as tickets to his tour and financial advising sessions for life, on social channels this month.
Gamifying Learning with Zogo: For those ready to take their financial literacy skills to the next level, Chime has digital options, including budgeting templates, tips, and Zogo®, the 'gamified' financial education platform whose partnership with Chime was announced last month. With Zogo, Chime is offering a quiz that tells users their "fiscal age" as well as 800+ personal finance modules created to help level up financial knowledge, all while earning points redeemable for gift cards.
But Chime's commitment to financial progress doesn't end at content and blogs and isn't constrained to just one month. Via our partnership with Zogo and through school and community programs, Chime will bring financial literacy to 10 million people over the next three years.
Why back to basics?
All of Chime's back to basics efforts this Financial Progress Month™ were inspired by a recent survey, which signified a major opportunity for financial education and growth. Findings included:
When asked how much practical information they learned in school, respondents feel like they only use half (52%) of the information they were taught in school as an adult.
This might also be why folks admitted to relying on Google® for information (55%), with the average American searching five basic questions each day. 30% of respondents stated they would feel more confident in managing their finances if they had a better understanding of how their every day financial decisions impacted their future.
To build up their financial literacy and confidence, 81% of respondents would be willing to take an "adulting crash course" and noted that the most important topic to them was managing their personal finances (39%).
Chime's Mission to Unlock Financial Progress™
Chime is built for everyday people – and survey findings point to the fact that everyday people don't feel they got the education they needed on financial topics early in life.
Chime understands the challenges people face when it comes to unlocking financial progress, and by starting with the basics this Financial Progress Month, including the Coloring Budgets, Progress 101 class with T-Pain, Zogo modules, blog content and more, we are working to fill the gaps in financial education with clear, approachable resources and tools to encourage smart money habits that will stay with them well beyond the month.
