2019/2020 Financial Education Impact Report
At Allegiance Bank, we believe in cultivating financial literacy from a young age to help prepare our children for a successful future. One of the ways we support that belief is through our partnership with EVERFI, a leading technology company that is driving change through education.
As defined by EVERFI, when an individual is financially literate, they understand basic financial ideas. When they are financially capable, they have good financial habits and believe they can manage their finances. And lastly, when they are financially well, they actively make financial decisions with their present and future in mind.
Always striving to help learners build confidence and begin to develop habits to move them toward financial wellness, our EVERFI partnership has proven even more valuable this year. As Ray Martinez, President and Co-Founder of EVERFI stated, “The pandemic has amplified the disadvantages faced by our most vulnerable communities – lack of internet access, inadequate technology and distance learning solutions, and the absence of after school and summer programs – and have hit them the hardest. It is unequivocal, now more than ever, that an effective education response will be necessary to keep students on track.”
Reflecting on the 2019-2020 school year, we are thankful for the opportunity to bring EVERFI’s financial education resources into three Houston ISD elementary schools, including Bastian Elementary School, Rice School and Twain Elementary School. 149 students participated in 187 hours of learning through the program, including 73 students and 105 hours from low- and moderate-income schools.
“Providing the community with tools that help develop financial wellness has always been a priority of the bank,” noted Rickey Jimenez, Vice President, CRA and Fair Lending Officer at Allegiance Bank. “Reaching elementary school children affords them a core knowledge that is often lacking in vulnerable communities. We are thankful that we had this partnership in place and that EVERFI has been able to quickly adapt to this continually changing environment.”
At the elementary school level, financial education is focused on building foundational knowledge, such as understanding what money is and how it is used. Through engagement in the program, Allegiance Bank students’ assessment scores increased by 35%, higher than the national average increase.
It is a privilege to continue this partnership to invest in the future financial success of our communities. To learn more about EVERFI, visit https://everfi.com/.