INB and Greenlight team up to provide families with free financial literacy tools for young people

INB has announced a new partnership with Greenlight Financial Technology to expand financial literacy resources for families.

Through the partnership, INB customers now have free access to Greenlight's family finance app, provided through the Greenlight for Banks program. The app is designed to help young users learn financial management skills under parental guidance.

 A survey conducted by Greenlight and Researchscape in March 2024, involving 2,310 participants (young people ages 10-19 and their parents), found that 91% of young people feel financial skills are essential for achieving life goals, with 94% of parents in agreement. 

Another survey, also conducted by Greenlight in February 2023 with 1,034 working parents of children aged 8-18, indicated that 81% of parents would like more tools to teach personal finance while also ranking financial literacy as the most challenging life skill to impart.

Greenlight offers a debit card and app that allows children and teens to manage finances while parents maintain oversight. The app enables parents to send money to children, automate allowances, manage chores, set spending controls, and receive notifications of all transactions. 

Greenlight also features Level Up, an in-app financial literacy game that includes a structured curriculum, educational challenges, and rewards.

Sarah Phalen, INB President and CEO, commented on the initiative: 

"Partnering with Greenlight is an exciting step forward in our efforts to support financial literacy in the next generation. At INB, we believe that teaching kids and teens how to manage their money wisely will lead to stronger communities and brighter futures. We're excited to bring Greenlight's innovative tools to our customers and their families.”