#United States #New York #EVERFI #OneMain Financial #Credit Worthy

OneMain Financial Expands Financial Education Initiative

In a significant step forward, OneMain Financial has announced an ambitious expansion of its financial education initiative, the Credit Worthy program. With a goal to enhance the financial literacy of high school students across the United States, the program will now engage an additional 500 high schools each year, bringing the total to 2,000 schools annually by the year 2029.

The Urgency for Financial Education

Financial literacy is increasingly vital in today's complex economic landscape. Recent studies indicate that only 30% of high school students are familiar with the concept of credit scores, and an even smaller percentage understand how to manage and improve them. This striking gap in knowledge highlights the pressing need for accessible financial education.

The Credit Worthy curriculum, developed in collaboration with EVERFI, aims to provide students with practical skills in managing credit, budgeting, and navigating the financial world. By addressing topics such as responsible credit use and effective budgeting strategies, the program equips students with the knowledge necessary for making informed financial decisions as they transition into adulthood.

Proven Impact of the Program

Since its inception, the Credit Worthy program has made significant strides in improving financial literacy among students. Over the past four years, the initiative has successfully reached more than 500,000 students in upwards of 4,700 high schools nationwide. Students participating in courses like Build Credit Fundamentals have shown remarkable improvement in their understanding of crucial financial concepts. For instance, students reported a 43% increase in understanding how to acquire credit and a 98% increase in addressing credit issues, showcasing the effectiveness of the curriculum.

Addressing State Requirements

As the landscape of education evolves, many states are instituting mandates for personal finance education to graduate from high school. Currently, 29 states require some form of financial literacy training, and the Credit Worthy program plays a pivotal role in fulfilling these requirements. Currently active in 17% of public high schools across all 50 states, Washington, D.C. and Puerto Rico, the initiative is poised to create a considerable impact on students at a critical point in their lives.

Investing in Community and Future Generations

Paola Garcia Abbo, the Vice President and Head of Impact at OneMain, emphasized the significance of investing in financial education: “When we invest in financial education, we invest in stronger communities and a more empowered next generation.” This statement underlines the company's long-standing commitment to empowering families with the education and resources they need for a secure financial future.

Scholarships and Additional Resources

To further support students, OneMain Financial has launched the Credit Worthy Family Resource Center and has made significant financial contributions to the cause, including nearly $300,000 in scholarships for students who have completed the curriculum. An additional $300,000 is earmarked for scholarships throughout the next four years, amounting to an impressive total of $600,000 dedicated to educating and empowering students.

About OneMain Financial

OneMain Financial (NYSE OMF) is renowned for its commitment to providing responsible access to credit for nonprime consumers. With a mission to improve the financial well-being of hardworking Americans, the company offers personalized financial solutions across 47 states, available online and in 1,300 locations. OneMain is dedicated to fostering positive relationships with communities and investing in the futures of those they serve. For more information, visit OneMainFinancial.com.

This expansive reach and commitment to education demonstrate OneMain's resolve to create a financially literate future generation that can navigate the financial world with confidence.