Digital Transactions Authoritative, insightful and timely information for payments professionals
Buy now, pay later provider Sezzle Inc. announced early Monday that users of its MoneyIQ financial-education program are completing an average of 11 modules and have collectively earned more than 5 million experience-rewards points. MoneyIQ, which Sezzle launched with Zogo in January, is a financial-education tool within the Sezzle mobile app that provides interactive learning experiences intended to build financial knowledge. It also offers rewards for user participation.
The program is intended to address financial-literacy gaps among younger generations, such as Gen Zers, Minneapolis-based Sezzle says.
The initial success of MoneyIQ is prompting Sezzle to roll out what it describes as new “high-impact bonus modules” for the program in recognition of Financial Capabilities Month, which takes place during April. Sezzle is adding the new modules to provide users with more tools to make informed financial decisions, the company says. The new modules were available as of April 1.
MoneyIQ, which was developed using the National Standards for Personal Finance Education, provides learning goals and outcomes to improve consumers’ financial knowledge, according to Sezzle. The National Standards for Personal Financial Education provides guidelines for teaching personal finance across six topics: earning income, spending, saving, investing, managing credit, and managing risk.
Sezzle users who complete Money IQ’s learning modules earn experience points, which can be redeemed toward future purchases when paying with Sezzle.
The need to improve financial literacy among Gen Zers has grown particularly acute, some observers say, as two-thirds of Gen Zers incorrectly answered about half the questions posed on financial literacy in recent exams, according to the 2024 TIAA Institute-GFLEC Personal Finance Index. The TIAA Finance Index measures consumers’ financial decision making and money-management skills.
The “strong early engagement” Sezzle users are showing with MoneyIQ demonstrates that when learning is made “rewarding and accessible,” consumers will respond favorably, Sezzle chief executive and co-founder Charlie Youakim says in a statement.
