5 Financial Literacy Efforts That Make Your CFI Indispensable

During the Great Depression, many Americans grappled with poverty, uncertainty, and the collapse of financial institutions. In 1933, in response to the economic turmoil, President Franklin D. Roosevelt launched the New Deal — a series of programs designed to provide relief and foster economic recovery.Roosevelt understood that restoring trust in the US banking system wasn't just about better regulations — it was about empowering individuals with practical, actionable knowledge. As part of the New Deal, the federal government kicked off financial education and budgeting programs for everyday Americans. One of the most famous New Deal initiatives was the Federal Deposit Insurance Corporation (FDIC), which helped restore public trust in the banking system by insuring deposits. The government also launched the Money Management Program, which helped families understand budgeting, saving, and the importance of saving for future stability.Fast forward to today, and the importance of financial literacy remains just as crucial. Community financial institutions (CFIs) have a rare opportunity to engage local communities with life-changing educational initiatives, becoming trusted advisors empowering everyday people to make better financial decisions.The Financial Literacy Gap in the USAccording to the American Bankers Association (ABA), most Americans would welcome financial literacy and educational programs with open arms. A recent ABA survey revealed that 87% of US adults believe financial concepts should be taught in high school, with 72% agreeing they would have been better off financially had they learned these concepts earlier in life.However, only 27 US states currently require a standalone personal finance class as a high school graduation requirement. This critical learning gap is a growing concern, especially as the complexity of personal finance (e.g., the ways to misspend or waste money) continues to increase, leaving people unsure of how to budget, manage debt, or save for the future.This is where CFIs have a unique opportunity to step in and lead the charge. By offering financial literacy workshops and educational resources, CFIs can bridge this gap, educating their communities and reinforcing their role as trusted financial partners. Here are a few options to consider:1. Host Hands-On Financial Literacy WorkshopsCFIs can stand out as trusted community advisors by hosting dynamic workshops on essential topics like budgeting, credit scores, and retirement planning. Workshops deliver more than information — they create meaningful community engagement and provide pathways for individuals and local businesses to make good financial decisions that help the community thrive.By breaking down financial concepts into actionable steps, you empower attendees with tools they can use in the here and now.Don’t just deliver standard lessons — make these sessions interactive. Hold a budgeting challenge where attendees use real-life scenarios or a credit simulation that helps them understand how everyday spending decisions can impact their credit score.2. Build Trust with Tailored, Targeted LessonsCFIs that host financial literacy workshops can deepen community trust and build long-term relationships. By addressing the specific financial needs of different groups — whether young adults, seniors, or small business owners — CFIs show they are genuinely invested.Tailored workshops show that CFIs are committed to helping customers achieve their financial goals and are not just interested in transactional relationships. This fosters trust, loyalty, and word-of-mouth referrals, positioning the bank as a reliable community partner.For example, young adults may benefit from workshops focused on student debt management and credit building, while seniors might get more out of retirement planning and fraud prevention sessions. Whatever you offer, keep sessions interactive. Focus on the audience’s day-to-day challenges. Encourage open dialogue where participants feel comfortable asking questions and learning together, reinforcing your role as a key community resource.3. Partner with Local Schools, Community OrganizationsCFIs can amplify their impact by partnering not just with schools but also with local nonprofits and government agencies. This creates a broader outreach and ensures that financial literacy reaches those who need it most, such as underserved communities.Partnering with schools and community organizations allows CFIs to extend their reach while bolstering their reputation as support for the community. These turnkey collaborations help expand your educational footprint and provide critical financial tools to those who are most at risk of financial exclusion.For example, consider working with local housing authorities, chambers of commerce, or nonprofits to offer tailored workshops or financial coaching programs that address the specific needs of marginalized groups.4. Broaden Your Reach with Digital ToolsNot everyone can attend an in-person workshop, especially in today’s fast-paced world. Fortunately, digital content is not only easy to share and cost-effective, but also allows CFIs to engage with a broader audience than just those who visit branches. Offering helpful content in multiple formats, including videos for visual learners, blog posts for readers, and quizzes for hands-on learners, ensures you meet your future customers where they are educationally (and wherever they are online). Engaging videos, helpful infographics, and interactive tools like budget calculators can make financial education accessible anytime.To keep your CFI top of mind, use social media to host live Q&A sessions, share financial tips, or run interactive challenges that encourage people to apply what they’ve learned. A well-placed video or a downloadable template can quickly reach thousands of potential customers.5. Celebrate Financial Literacy MonthApril is Financial Literacy Month, a prime opportunity for CFIs to boost brand visibility and showcase their commitment to community engagement. By hosting events, running campaigns, or organizing contests around April, CFIs can engage their audiences in a fun and educational way.Celebrating Financial Literacy Month not only raises awareness but also reinforces your CFI's leadership in promoting financial education. It’s a powerful way to show that your institution is community-focused and dedicated to helping customers make informed financial decisions.Use social media to maximize your reach. Share success stories, promote your events, and provide financial resources throughout the month to keep your target audience engaged and informed.The Lasting Impact of Financial LiteracyFinancial literacy initiatives go beyond mere education. They are a strategic investment in both the community and the long-term success of your CFI. By offering workshops and partnering with local organizations, CFIs can build trust, loyalty, and meaningful community engagement.Over time, these efforts should solidify your institution as the go-to resource for financial education in the area, encouraging local customers to make smarter financial decisions with your help — and to tell their friends about it.