A conversation with Pilar Mena, VP, Program Manager Financial Literacy Bank of America Community Banking
So tell us, what’s new at Bank of America…
Bank of America launched the Financial Literacy Simulation tool in late 2022. It’s an interactive, gamified tool that schools and non-profit organizations can use to help build and strengthen the financial knowledge of individuals, including youth, in low- and moderate-income communities. It’s like “Game of Life” and “Choose Your Own Adventure” rolled into one but a digital version with financial impacts.
We currently have a few thousand students participating in our 2023 Financial Literacy Fall Challenge in all the 5 regions in the US, and hundreds of individuals through our non-profit partners.
What’s the impact this has had/or you hope it will have on moving financial literacy forward?
Our aim is to help those in our low- and moderate-income communities by equipping them with the basics of good money management – handling money, building credit, etc. We believe that helping these individuals learn the impacts of their financial decisions can help clear their paths and set them on a path to economic stability and mobility.
During our pilot early last year, we saw teachers and students in Title 1 high schools in a New Jersey school district have a more fun and engaging conversation about the principles of budgeting and money management brought about by the Simulation’s interactive experience. In it, the students learn the basics of handling money, the importance of saving, and how every choice has an impact on their financial standing – be it a positive or a negative one.
How do we learn more?
You may reach out to finlitsim@bofa.com to request a demo from our Financial Literacy program team.
What else are you working on?
We are currently working on getting the tool to community colleges, HBCUs and HSIs to ensure that those who are just starting their college careers can have the benefit of using the tool to prepare them on their journey as young adults.Tell us more about your organization
Tell us more about your organization.
The Community Banking organization of Bank of America uses a community-centered approach to help propel individuals’ economic mobility and stability by giving them access to personalized advice and tools when and where they need us. The Financial Literacy Simulation tool is just one of many programs we have to serve our low- and moderate-income communities and helping set them on a journey to financial health.
The aim is to advance the economic mobility in our at-risk neighborhoods by connecting them to the products, services, jobs and capital they need to increase financial resiliency.
Contact info:
Pilar Mena
VP, Program Manager
Financial Literacy, Community Banking
finlitsim@bofa.com
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