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Affinity Federal Credit Union is working with fintech Greenlight Financial Technology Inc. to launch a financial-literacy program.
The program will provide Affinity members and their families free access to Greenlight’s mobile app and debit card for kids and teens. The app allows parents to manage their child’s spending, send money, set allowances, assign chores, create savings goals, and monitor transactions in real time.
Affinity is launching the program to fill a void in its financial-literacy efforts by targeting kids and young teens, says Grant Gallagher, assistant vice president of brand communications and head of wellbeing for Affinity.
“Our financial-literacy programs have historically reached adults, young adults, and high schoolers, but we did not have anything specifically for kids of non-high-school age,” Gallagher says. “This is an evolution of [our] financial-literacy efforts.”
Financial knowledge among kids is a hot topic. A 2024 survey by Greenlight revealed that 91% of kids believe they need financial knowledge and skills to achieve their life goals. The survey also revealed that 94% of parents agree that young persons need to develop financial-management knowledge. Greenlight surveyed 2,310 respondents, splitting the sample base between kids ages10-19 and the parents of 10–19-year-olds.
Greenlight’s platform includes the Greenlight Savings Reward, which allows users to earn up to 5% on savings of up to $5,000 per family. In addition, kids can earn 1% cash back through the Greenlight Max and Infinity plans. The cash-back rewards are deposited automatically to the user’s savings account.
Prior to rolling out the new program, Affinity tested about six financial-literacy efforts, including Greenlight’s. “Based on the feedback received from our members, Greenlight won hands down because of its ease of use,” Gallagher says.
Ease of use is an important factor because Affinity does not want members shying away from the app due to the perception it is difficult to use, Gallagher adds.
Affinity says it will promote the new app through all customer-facing channels, including email and text. Greenlight’s financial-management plans start at $5.99 per month, according to the company’s Web site.
