OneMain Financial Enhances Commitment to Financial Education
OneMain Financial has made a significant commitment to bolstering financial education among high school students. Their program, Credit Worthy, aims to reach students in an additional 500 high schools each year. This expansion means that by 2029, the initiative will provide valuable financial insights to 2,000 schools annually. The program has already benefited over half a million students across more than 4,700 high schools, equipping them with crucial skills like understanding credit scores, managing debt effectively, and fostering habits to ensure long-term financial stability.
Addressing a Critical Need for Financial Knowledge
Surveys reveal an alarming statistic: only 30% of high school students understand credit scores and how to improve them. The Credit Worthy Curriculum addresses this gap with lessons that encompass banking, budgeting, and responsible credit utilization. By teaching practical financial skills, this program prepares students for real-world financial scenarios and empowers them to make informed decisions about their financial futures.
Personal Finance Education as a High School Requirement
Currently, 29 states have mandated that personal finance education be a prerequisite for high school graduation. In light of this trend, the Credit Worthy program is steping up to help schools meet these requirements. Operating in approximately 17% of all public high schools across the country, the program reaches students at pivotal points in their lives, providing them with essential information needed for their financial well-being.
The Impact of Credit Worthy
As emphasized by Paola Garcia Abbo, Vice President and Head of Impact at OneMain, the investment in financial education fosters stronger communities and empowers the next generation. The collaboration with EVERFI has played a crucial role in this initiative. Recent research indicates that students engaged in the Credit Worthy program significantly increased their understanding of credit management. More specifically, students showed a remarkable 43% increase in their awareness of acquiring credit, a 40% boost in understanding the ramifications of credit use, and a 126% rise in managing credit knowledge.
Commitment to Student Support and Scholarships
Beyond the curriculum, OneMain Financial also supports students through the Credit Worthy Family Resource Center. They are dedicating nearly $300,000 in scholarships to students who complete the program. With plans to contribute an additional $300,000 through 2029, the total scholarship fund will reach $600,000, thereby assisting students in pursuing their educational goals.
About OneMain Financial
OneMain Financial (NYSE: OMF) stands as a leader in providing nonprime consumers with responsible credit access. The company’s mission is to improve the financial well-being of hardworking Americans by offering personalized solutions that cater to their unique needs. With a presence in 47 states and more than 1,300 locations, OneMain is committed to making a positive impact in the lives of its customers and the communities it serves. For further information, visit OneMainFinancial.com.
Frequently Asked Questions
What is the purpose of the Credit Worthy program?
The Credit Worthy program aims to educate high school students about critical financial skills such as understanding credit and managing debt effectively.
How many schools will the Credit Worthy program reach annually?
By 2029, the Credit Worthy program is expected to reach 2,000 high schools each year.
How does the Credit Worthy curriculum help students?
The curriculum provides lessons on banking, budgeting, responsible credit use, and more, equipping students with the necessary skills to make informed financial decisions.
What financial support does OneMain Financial offer?
OneMain Financial offers scholarships that amount to $600,000 for students who complete the Credit Worthy curriculum.
What is OneMain Financial's mission?
OneMain Financial aims to provide responsible access to credit and improve the financial well-being of hardworking Americans through personalized financial solutions.
