Immersive experience designed to provide participants with realistic financial scenarios, choices
CHARLOTTE, N.C., April 29, 2024 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) is proud to announce the launch of Truist Life, Money, and Choices™ – its new financial education program for community organizations tailored specifically for high school and college students. This initiative is aimed at empowering younger generations with financial lessons and essential skills to navigate their financial futures.
With the increasing complexities of the modern financial landscape, Truist recognizes the critical importance of equipping young adults with the knowledge and tools necessary to make informed financial decisions. But with only 25 states requiring high school students to take a personal finance course, many young people are entering adulthood without real-world financial skills. Truist Life, Money, and Choices will provide students with comprehensive resources and interactive learning opportunities designed to enhance their understanding of key financial concepts—all free through community organization partners.
"As we close out National Financial Literacy month, we are thrilled to launch this initiative, which directly aligns with our purpose to inspire and build better lives and communities," said Truist Chief CRA/Community Development Officer Anthony Weekly. "By investing in financial education for students, we are laying the foundation for a more financially responsible society while providing our own Truist teammates with powerful ways to give back to their communities."
Truist Life, Money, and Choices, which kicked off with a session at Southeast Raleigh Magnet High School earlier this month, is a scalable, in-person, free training module that gives participants the opportunity to explore different financial strategies and understand the consequences of their choices. Hosted by schools and other community organizations, and facilitated by Truist teammates, the simulation features up to 12 learning stations, each representing a different set of expenses and choices.
Each participant is assigned a personal financial profile outlining his or her occupation, income and family composition, along with a transaction ledger to record financial transactions. With their profiles and ledgers in hand, participants make their way through each station, receiving guidance and support from Truist teammates, and making their own decisions. The stations cover common expense categories, including:
- Acts of Care – giving back to community and loved ones
- Banking – maintaining and adding to savings
- Childcare – daycare, babysitting and more
- Education – student loan repayment
- Food and Grocery – food costs and eating out
- Health and Wellness – healthcare costs, inclusive of any employer-provided insurance options
- Housing – renting vs. owning, insurance and maintenance
- Just for Fun – pets, fitness, hobbies and more
- Looking Good – hair, clothing, footwear
- Making Ends Meet – earning additional income or lowering expenses
- Transportation – various options for transportation including cars and public transit
- Utilities – electric/gas, water/sewer, trash
At some point as they progress through the simulation, each participant will receive a "Life Happens" scenario that represents an unexpected financial situation. Working alongside Truist facilitators, participants will determine if the scenario represents a credit—such as getting a promotion and raise, or a debit—like needing to replace a broken cell phone screen, and record it appropriately in their ledger. Both the stations and the "Life Happens" scenarios help students develop practical skills and understanding that are vital for long-term financial success.
At the end of the training, participants will gather to debrief on key learnings and provide feedback on the simulation. This will be accompanied by an overview of key budgeting principles they can apply to their own financial decision making. Truist facilitators will also help connect students to additional resources and tools, such as Truist Money & Mindset content, so participants can continue their journey toward financial confidence.
Truist invites high schools, colleges and other community organizations to participate in this transformative program and take advantage of the valuable learnings it offers. Any organizations interested in hosting this training can reach out to CRAinitiatives@truist.com.
To learn more about how Truist invests in communities, please visit www.truist.com/purpose/community.
About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $535 billion as of March 31, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation