Immersive experience designed to provide
participants with realistic financial scenarios, choices
CHARLOTTE, N.C., April 29,
2024 /PRNewswire/ -- Truist Financial Corporation
(NYSE: TFC) is proud to announce the launch of Truist Life, Money,
and Choices™ – its new financial education
program for community organizations tailored specifically for high
school and college students. This initiative is aimed at empowering
younger generations with financial lessons and essential skills to
navigate their financial futures.
With the increasing complexities of the modern financial
landscape, Truist recognizes the critical importance of equipping
young adults with the knowledge and tools necessary to make
informed financial decisions. But with only 25 states requiring
high school students to take a personal finance course, many young
people are entering adulthood without real-world financial skills.
Truist Life, Money, and Choices will provide students with
comprehensive resources and interactive learning opportunities
designed to enhance their understanding of key financial
concepts—all free through community organization partners.
"As we close out National Financial Literacy month, we are
thrilled to launch this initiative, which directly aligns with our
purpose to inspire and build better lives and communities," said
Truist Chief CRA/Community Development Officer Anthony Weekly. "By investing in financial
education for students, we are laying the foundation for a more
financially responsible society while providing our own Truist
teammates with powerful ways to give back to their
communities."
Truist Life, Money, and Choices, which kicked off with a session
at Southeast Raleigh Magnet High School earlier this month, is a
scalable, in-person, free training module that gives participants
the opportunity to explore different financial strategies and
understand the consequences of their choices. Hosted by schools and
other community organizations, and facilitated by Truist teammates,
the simulation features up to 12 learning stations, each
representing a different set of expenses and choices.
Each participant is assigned a personal financial profile
outlining his or her occupation, income and family composition,
along with a transaction ledger to record financial transactions.
With their profiles and ledgers in hand, participants make their
way through each station, receiving guidance and support from
Truist teammates, and making their own decisions. The stations
cover common expense categories, including:
- Acts of Care – giving back to community and loved ones
- Banking – maintaining and adding to savings
- Childcare – daycare, babysitting and more
- Education – student loan repayment
- Food and Grocery – food costs and eating out
- Health and Wellness – healthcare costs, inclusive of any
employer-provided insurance options
- Just for Fun – pets, fitness, hobbies and more
- Looking Good – hair, clothing, footwear
- Making Ends Meet – earning additional income or lowering
expenses
- Transportation – various options for transportation including
cars and public transit
- Utilities – electric/gas, water/sewer, trash
At some point as they progress through the simulation, each
participant will receive a "Life Happens" scenario that represents
an unexpected financial situation. Working alongside Truist
facilitators, participants will determine if the scenario
represents a credit—such as getting a promotion and raise, or a
debit—like needing to replace a broken cell phone screen, and
record it appropriately in their ledger. Both the stations and the
"Life Happens" scenarios help students develop practical skills and
understanding that are vital for long-term financial success.
At the end of the training, participants will gather to debrief
on key learnings and provide feedback on the simulation. This will
be accompanied by an overview of key budgeting principles they can
apply to their own financial decision making. Truist facilitators
will also help connect students to additional resources and tools,
such as Truist Money & Mindset content, so participants
can continue their journey toward financial confidence.
Truist invites high schools, colleges and other community
organizations to participate in this transformative program and
take advantage of the valuable learnings it offers. Any
organizations interested in hosting this training can reach out to
CRAinitiatives@truist.com.
To learn more about how Truist invests in communities, please
visit www.truist.com/purpose/community.
About Truist
Truist Financial
Corporation (NYSE: TFC) is a
purpose-driven financial services company committed to inspiring
and building better lives and communities.
Truist has leading market share in many
high-growth markets in the country and offers a wide range of
products and services through our retail and small business
banking, commercial banking, corporate and investment banking,
insurance, wealth management, and specialized lending businesses.
Headquartered in Charlotte, North
Carolina, Truist is a top
10 U.S. commercial bank with total assets
of $535 billion as of March 31, 2024. Truist
Bank, Member FDIC. Learn more
at Truist.com.
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SOURCE Truist Financial Corporation