06/28/2021: Seneca SMART – Financial Literacy
What do we know?
- 44% of Americans would struggle to pay for an unexpected expense of $400 (Source: Federal Reserve)
- 43% of households report that someone lost a job or took a pay-cut because of virus outbreak (Source: Pew Research)
- Millennials, the biggest demographic group, have a net worth that is 40% less than what Gen X had at the same age (Source: Federal Reserve)
- 78% of US consumers want financial advice (Source: J.D. Power)
- 83% are not able to get such advice (Source: CNBC)
What Can We Do To Help You Put Yourself in the Financial Driver’s Seat?
“The worst thing you can do is focus on that past and think that there’s no way out or no better choice to make,” says Seneca Savings CEO Joseph Vitale. “Surround yourself with people in the know. Take advantage of resources. Begin today,” he says.
Like so many things in life – the first step to financial wellness is being aware. Understand that to be in the driver’s seat with your money and overall financial well-being, you have to make an intentional decision to take control. There is no future in the past. So let all of the old stories and any guilt or embarrasment over “I should have done that,” or “If I could’ve only…” Let’s look to where you are now – and what steps you can take today and the next, and the next to take that wheel and steer in the direction of abundance. “The worst thing to do is focus on that past thinking there’s no way out of debt, or no better choice to make,” says Seneca Savings CEO Joseph Vitale. “Surround yourself with people in the know who are already comfortable with money. Take advantage of resources. You can take control. Begin today,” he says.
What Kind of Resources Are There?
One of the important initiatives families, students, area schools and teachers are taking advantage of are the programs offered through Seneca Savings with our financial literacy partner, EverFi. “We’ve impacted so many students and teachers through hundreds of hours of financial literacy programs, videos, coursework in our area Central NY schools,” says Senior VP of Retail, Laurie Ucher. So the first step families can make is to inquire what programs may be available right within their local schools and online for financial literacy courses – and work with your family members to understand the importance of their relationship with money.
Long gone are the days (or should be) of being intimidated by your bank and bankers. That’s one of the wonderful attributes of working with a local bank such as Seneca Savings. Your banker is someone who you might bump into at a local baseball game or restaurant. They live and work within the same community you do. Your kids may even go to school together. “Knowing that your banker is in your corner and cheerleading you on along that path of financial wellness and empowerment is vitally important for your confidence in steering your own financial ship,” says Vitale. “We want to do everything we can to help people become aware of the resource our team can truly be in guiding you towards more abundance and helping you take control of your money.”
Increasing Your Financial Awareness with Seneca Savings
As you increase your awareness around what resources truly exist to help you be more prosperous and smart with your money, you’ll begin to realize just how much you truly ARE in the driver’s seat when it comes to the size of your wallet and how to leverage every dollar in a more empowering way. With each and every step towards financial wellness, you’ll become more and more confident around what you’re capable of. Seneca Savings and every one of our team members wants to be that catalyst and guide for you every step of the way. When we say we’re ‘building bridges’ for families and businesses, it’s not a tagline for us. It’s a promise. It’s why we do what we do every day… helping you get from here… to there.
“With the vast majority of Americans living paycheck to paycheck, with little to no emergency savings, EVERFI and our partners knew we had to take action. Agreeing that basic financial literacy was not enough to improve our nation’s economic opportunity imbalance, we’ve focused efforts on stretching those foundational skills to build empowered and financially capable communities.” – EVERFI
Seneca Savings has four branch locations, surcharge-free ATM access via over 55,000 nationwide locations, as well as big bank online technology to facilitate learning, transferring, banking, growth and abundance for you, your family, your business. Visit us at SenecaSavings.com or phone us today at 315-638-0233 to see how we can help you too!