Northern Trust and Greenlight collaborate to promote financial literacy for families

Northern Trust has partnered with Greenlight Financial Technology to enhance financial literacy for families. Through this tie up, Northern Trust clients will receive complimentary access to Greenlight’s family finance app and debit card, available via the Greenlight for Banks programme.

Research by the Northern Trust Institute found that 79% of high-net-worth families have provided financial education to their children. However, nearly half remain concerned about the next generation's preparedness to manage wealth. 

National National Financial Educators Council testing also revealed that, on average, teenagers scored 64% on financial literacy tests, highlighting a significant knowledge gap.

Pam Lucina, Chief Fiduciary Officer for Northern Trust, noted:

“Knowledge becomes skill through practice. In addition to families talking openly and honestly about finances, children need hands-on money management experience to prepare them for a lifelong journey of financial responsibility. The best way to instill the habit of saving money and making wise spending choices is to intentionally create teachable moments.”

The partnership with Greenlight is designed to create more opportunities for families to engage in practical financial education. Greenlight’s platform allows children to learn how to earn, save, give, and spend under parental supervision. Northern Trust clients can access a free Greenlight SELECT plan by registering through a dedicated landing page.

Greenlight’s Co-Founder, Johnson Cook, recently appeared on Northern Trust’s podcast "The Road to Why," discussing how open financial conversations can help children gain valuable experience in managing money.

Northern Trust Wealth Management, which manages $419.4 billion in assets as of 30 June 2024, aims to use this partnership to further its commitment to helping families secure their financial futures.

Matt Wolf, Senior Vice President of Business Development at Greenlight, said:

 "Partnering with leading financial institutions across the country helps Greenlight serve even more families with best-in-class financial education. Alongside Northern Trust, we’ll be able to have a huge impact on improving financial literacy for the next generation."