Bruno Figueiredo | Vice president, associate readiness, Bank of America; chairman, Rhode Island Financial Literacy
1. What is financial literacy? Financial literacy means having the skills and knowledge to manage money for your own financial well-being. From saving for a down payment on a major purchase to funding a college education, we all are making financial decisions each day.
2. What is Bank of America doing in Rhode Island for Financial Literacy Month? We will be hosting free financial literacy events around the state. … We started the month of April presenting to adults at the J. Arthur Trudeau Memorial Center in Providence, covering topics such as how to better manage your bills, getting out of debt and steps to jump-start your emergency fund. Later this month, we will present to students at Hope High School. We will be going over banking basics: the benefits of bank accounts, how banks work and how to choose a bank that is right for you. We’ll also review different types of bank accounts and the numerous payment options that consumers have today.
3. How is it beneficial for banks to have a public that’s more financially literate? As part of our commitment to building pathways to economic progress for … marginalized and underserved communities, we recognize the need to connect individuals and families to tools and resources to chart a better financial future. … Individuals who are living paycheck to paycheck are faced with many challenges – in particular, understanding their personal finances – so we wanted … to help them solve their problems.
4. Who are you primarily trying to reach with financial literacy programs? Our Financial Literacy Program helps make financial lives better through a tailored, community-centered approach that matches our resources to the unique need of individuals and small businesses in low- and moderate-income communities. The programs we currently offer are tailored to individuals in low- to moderate-income ranges, working families, students and parents of students, people with disabilities, and military service members and their families.
5. What’s the focus of your work at Bank of America? In my current role, it is my responsibility to build out and manage the learning strategy for Advanced Client Solutions. This includes helping Bank of America employees learn how to effectively deliver our financial capabilities to clients. [I also am] able to interact directly with the people of Rhode Island through our financial literacy programs.
Scott Blake is a PBN staff writer. Contact him at Blake@PBN.com.