CENTRAL FALLS – Citizens Financial Group Inc. is awarding $177,000 to 10 Rhode Island nonprofit organizations as part of the Citizens Helping Citizens Manage Money program.
The funding, announced Tuesday during an event the Segue Institute for Learning, is from the $2.4 million in financial empowerment grants that are being given to 137 nonprofits in the communities that Citizens serves across the nation.
The announcement comes in anticipation of Financial Literacy Month, a nationally recognized campaign that raises awareness of the need for more financial literacy education.
Among the national donations is $415,000 to Junior Achievement of USA, which partnered with Citizens for its annual financial health survey of 1,000 teenagers ages 13 to 18. The 2024 results released Tuesday showed 78% "are currently stressed out about money" with 74% reporting that their family’s financial situation "is a barrier to achieving their future goals."
The survey also showed the gap remains between available services and the interest level of young people to gain control of their finances. While only 42% said they had received financial literacy lessons or courses in school, 77% reported they would be interested in taking a course to better understand money management.
Bruce Van Saun, Citizens chairman and CEO said the bank remains committed to ensuring that all community members "have the resources and tools needed to make sound financial decisions."
“We know that having strong financial knowledge is essential to unlocking opportunity and reducing the wealth gap,” he said.
Jack Kosakowski, CEO and president of Junior Achievement USA, said the latest findings shows that young people share adults' financial concerns and impacts.
"Having a better understanding of how money works is one way to address the worries today’s young people have about their financial futures, which is why promoting financial literacy education is so important,” he said.
The following R.I. organizations were awarded grants:
- West Elmwood Neighbor Works Home Ownership Center Inc.
- Pawtucket Central Falls Development Corporation
- Amos House
- Progreso Latino
- Junior Achievement of Rhode Island
- International Tennis Hall of Fame
- Meeting Street
- Network for Teaching Entrepreneurship
- Millennial Rhode Island
- United Way Rhode Island
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
