TYSONS, Va., Nov. 12, 2020 – PenFed Credit Union has introduced a new mobile-first, financial education resource it said is designed to help members build financial health and confidence for themselves and their families.
The credit union said the new offering further expands PenFed’s high school financial education program in Puerto Rico to adults across the island and everywhere.
PenFed Financial Know How is free to members and stems from a relationship the credit union has with the financial wellness solutions provider EVERFI, Inc.
PenFed said Financial Know How offers English and Spanish language content through a library of learning topics around important personal financial education concepts, including budgeting, investing, homeownership, retirement planning and more. The interactive financial education platform is designed to provide members with the tools and personalized knowledge necessary to make informed financial decisions, the credit union said.
"PenFed is proud to work with EVERFI to expand our financial literacy resources and help our members and their families achieve their financial well-being,” said PenFed President/CEO and PenFed Foundation CEO James Schenck. “PenFed’s Tu Dinero, Tu Sueño [Your Money, Your Dreams] financial literacy program offered to high school students in Puerto Rico through EVERFI has been very successful and we received a lot of feedback indicating that parents and adult family members would also like to take the courses offered to students.”
PenFed reported it currently serves over 222,000 members in Puerto Rico with financial centers in San Juan, in Hatillo, and on the United States Army Garrison Fort Buchanan.
‘Innovative and Scalable’
“As part of its commitment to the people of Puerto Rico, PenFed and EVERFI have joined forces over the past two years to bring an innovative and scalable financial education technology platform at no cost to 1,200 public and private K-12 school students in 24 schools across Puerto Rico,” the credit union said. “Students are provided access to a proven curriculum teaching them how to make smart financial decisions and achieve success in life.”
PenFed said through Financial Know How, users are guided through interactive exercises that allow them to practice making financial decisions most relevant to them in a fail-safe environment. Each topic area offers a three-to-six minute module designed to enable users to apply what they have learned to their personal financial goals.