Financial wellness is a crucial aspect of our lives, and it is becoming increasingly important for individuals to educate themselves on financial best practices. With organizations like Bread Financial and Montclair State University taking significant steps to improve financial well-being and advance economic equality, the importance of financial education and empowerment cannot be overstated.
Bread Financial’s Commitment to Financial Wellness
Bread Financial has recently awarded $1 million in grants to 21 organizations, aiming to improve financial well-being and advance economic equality for low to moderate-income consumers across the US. These grants, ranging from $20,000 to $100,000, were awarded to organizations with a demonstrated track record of performance supported by measurable impact. The funding is part of Bread Financial’s broader commitment to supporting financial wellness through education, training, and technology that helps consumers build a bright financial future.
The Impact of Credit on Financial Wellness
People are realizing the importance of establishing a healthy credit score and educating themselves on financial best practices. Credit affects financial wellness, including credit history, creditworthiness, and credit score. Good credit scores give access to more opportunities and increased purchasing power. Understanding credit and debunking myths about it, such as everyone starting with a high credit score and credit scores not really meaning anything, is essential for financial empowerment.
Montclair State University’s Financial Literacy Initiative
Montclair State University has partnered with iGrad to provide a financial wellness platform to its students, faculty, and staff. iGrad’s platform includes information on credit building, budgeting, money management, student loan/debt management, and loan calculators. This partnership is Montclair’s first university-wide financial literacy initiative, aiming to decrease financial stress, improve academic performance, and teach students how to manage their finances for a lifetime.
Financial Education and Empowerment for a Brighter Future
Financial education and empowerment play a vital role in ensuring a brighter financial future for individuals and communities. By providing access to resources, tools, and support, organizations like Bread Financial and Montclair State University are making significant strides in promoting financial wellness and economic equality. As more people become aware of the importance of financial education and empowerment, we can expect to see a positive impact on the overall financial well-being of our society.