Promoting financial literacy

The Southbridge, Mass., bank with assets over $550 million, first reached out to community organizations to offer its financial literacy programs. As word spread about the availability of the programs, the bank began to get requests for them. The 2022 budget of $75,000 is to be significantly increased this year to deal with the growth.

The bank’s presentations are based on the needs of the audience. Employees with specialized expertise help conduct the presentations.

The literacy initiative comprises three ongoing projects within central Massachusetts.

• A partnership with Financial Literacy at Gateway Academy in Shrewsbury to offer students in grades 1-12 a weekly class for 10 years;

• A monthly class to children at In the Hour of Need Family Shelter in Worcester;

• A monthly class to all students in the afterschool program at Our Bright Future on Southbridge.

Cornerstone worked with more than 44 organizations in 2022, dedicating more than 360 hours to its financial literacy initiative.

In addition to the three primary ongoing initiatives, the bank conducted financial literacy presentations in 12 schools at the elementary, middle school, high school, and college levels, as well as community organizations, including senior centers, libraries, after-school programs, Girls Scouts, and YMCAs.

Most of these interactions led to repeat and increased instruction at the primary location as well as increased word-of-mouth requests from other similar organizations.