Citizens Announces $2.4M in Financial Empowerment Grants to Support 137 Nonprofits
Funding supports growing need for education and investment as highlighted in new Junior Achievement/Citizens teen financial health survey
Providence, RI (March 27, 2024) –Citizens today announced $2.4 million in financial empowerment grants to support 137 nonprofit organizations, including $415,000 to Junior Achievement as part of the bank’s Citizens Helping Citizens Manage Money program. The bank also announced the results of a teen financial wellness survey, published in partnership with Junior Achievement, that demonstrates the need for expanded financial literacy programs.
“Citizens is committed to ensuring that all community members have the resources and tools needed to make sound financial decisions,” said Bruce Van Saun, Chairman and CEO Citizens Financial Group. “We know that having strong financial knowledge is essential to unlocking opportunity and reducing the wealth gap and are proud to partner with Junior Achievement and our local financial literacy partners to provide training to empower our communities to achieve financial wellness and build brighter futures.”
According to the survey of 1,000 teens ages 13-18, money worries weigh heavily on American adolescents – 78% reporting they are currently stressed out about money and 74% sharing that their family’s money situation is a barrier to achieving their future goals. The survey also demonstrated that there is a gap between services provided and the interest level of teens to gain control of their finances – 77% of teens said they would be interested in taking a course to better understand how to manage money but only 42% said they had received lessons or courses in school.
“This research shows that many of the concerns adults have about managing money are being felt by the young people in their homes. Having a better understanding of how money works is one way to address the worries today’s young people have about their financial futures, which is why promoting financial literacy education is so important,” said Jack E. Kosakowski, President & CEO of Junior Achievement USA. “We are grateful for Citizens leadership in helping promote financial empowerment programs to support the mental and financial health of today’s youth.”
Citizens Helping Citizens Manage Money is the bank’s financial empowerment program dedicated to providing funding and volunteerism to support programs that give people the confidence and tools they need to budget, save, invest, and pursue their goals. Throughout the year, Citizens colleagues share their time and talents to deliver financial education training to support grant recipients programming.
For more information on Citizens’ enterprise-wide Sustainability and Impact strategy that guides its environment, social and governance efforts to empower the communities it serves, please click here.
Citizens provided additional information below about the grant recipients in Rhode Island and the survey conducted with Junior Achievement – thought it might be good insight into how young people are feeling about finances, especially as high school seniors begin to choose college/career paths.
Essentially, this survey frames the ‘problem’ – and yesterday’s grant announcement and volunteer event in Central Falls is a key part of the solution, or answering the questions raised by the survey. Also see below for the list of RI grant recipients.
According to the survey of 1,000 teens ages 13-18, money worries weigh heavily on American adolescents – 78% reporting they are currently stressed out about money and 74% sharing that their family’s money situation is a barrier to achieving their future goals. The survey also demonstrated that there is a gap between services provided and the interest level of teens to gain control of their finances – 77% of teens said they would be interested in taking a course to better understand how to manage money but only 42% said they had received lessons or courses in school.
As part of Citizens $2.3million grant announcement, $177,000 is being directed to support the following 10 Rhode Island nonprofits:
