RICHMOND, Va., Feb. 19, 2013 /PRNewswire/ -- Union First Market Bank today provided an update on its financial literacy efforts across Virginia.
"Union has been working throughout the past several years to improve the financial literacy of students throughout Virginia," said G. William Beale, chief executive officer of Union First Market Bankshares. "By giving students the skills they need to become wiser consumers of financial products, Union helps them make smarter choices with their money – both now and in the future."
In 2011, Union First Market Bank made a commitment to help support and underwrite the EverFi My Money, My Future SM program in more than 70 Virginia high schools across the Commonwealth of Virginia. Along with the Genworth Foundation, the statewide sponsor of the My Money, My Future SM program, Union First Market Bank helped in rolling out the program and to date more than 8,600 students in Union's footprint have either completed or are currently utilizing the platform. Across Virginia there have been more than 33,000 students who have taken advantage of the course."Financially literate children are more likely to become financially literate adults," said Leon E. Roday, chairman of the Genworth Foundation board of directors. "We're pleased to support the expansion of technology within the classroom to enhance financial education. It is vital that we help our next generation of citizens join the global economy knowing the fundamentals of finance." The program is an online platform that aligns with Virginia Standards of Learning and uses the latest in new media technology to teach, assess and train high school students in more than 600 core concepts of personal finance. Video, messaging tools, unique 3D environments, RSS feeds, avatars, and gaming components enable students to explore real-world settings, from the floor of the New York Stock Exchange to a used car dealership. Through exploration of real life situations, students are able to absorb financial lessons contained in the following learning modules and topics:
- Wants versus needs
- Payment types, interest rates and credit cards
- Credit scores
- Financing higher education
- Renting versus owning
- Insurances and taxes
- Consumer fraud