PenFed Credit Union Launches Personalized Financial Education Tool

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The mobile and online tool is available to members in both English and Spanish languages

The tool expands PenFed's high school financial education program in Puerto Rico to adults across the island

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Nov 12, 2020, 06:00 ET

TYSONS, Va., Nov. 12, 2020 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, today announced the introduction of a new mobile-first, financial education resource to help members build financial health and confidence for themselves and their families. PenFed Financial Know How is made available, free of charge, through PenFed's relationship with the leader in financial wellness technology solutions, EVERFI, Inc. and further expands PenFed's high school financial education program in Puerto Rico to adults across the island and everywhere.

PenFed Financial Know How offers English and Spanish language content through a robust library of learning topics around important personal financial education concepts including budgeting, investing, homeownership, retirement planning and more. The interactive financial education platform is designed to provide members with the tools and personalized knowledge necessary to make informed financial decisions.

"PenFed is proud to work with EVERFI to expand our financial literacy resources and help our members and their families achieve their financial well-being," said PenFed President/CEO and PenFed Foundation CEO, James Schenck. "PenFed's Tu Dinero, Tu Sueño [Your Money, Your Dreams] financial literacy program offered to high school students in Puerto Rico through EVERFI has been very successful and we received a lot of feedback indicating that parents and adult family members would also like to take the courses offered to students."

PenFed currently serves over 222,000 members in Puerto Rico with financial centers in San Juan, in Hatillo, and on the United States Army Garrison Fort Buchanan. As part of its commitment to the people of Puerto Rico, PenFed and EVERFI have joined forces over the past two years to bring an innovative and scalable financial education technology platform at no cost to 1,200 public and private K-12 school students in 24 schools across Puerto Rico. Students are provided access to a proven curriculum teaching them how to make smart financial decisions and achieve success in life.

A recent EVERFI study found that 78% of adults wish they had more information readily available when making financial decisions. From opening a credit card to taking out a student loan, buying a home or saving for retirement, most adults feel unprepared to make large financial decisions without additional information. Through PenFed Financial Know How, users are guided through interactive exercises that allow them to practice making financial decisions most relevant to them in a fail-safe environment. Each topic area offers a 3-6 minute module designed to enable users to apply what they have learned to their personal financial goals. The mobile-first design is available on all internet-enabled devices so that learners can access it anytime, anywhere.

"Understanding your finances and making sound financial decisions is key to a strong future, but many people don't know where to turn to get the information they need in a way that is easily digestible and understandable," said EVERFI Co-Founder and President of Financial Education, Ray Martinez. "This program is a testimony to EVERFI's commitment to providing financial education to learners of all ages and we commend PenFed for making this commitment to educate their consumers, allowing them to take control of their financial health."

To learn more about the program, visit https://penfed.everfi-next.net/welcome/pr.

About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2.1 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

About EVERFI, Inc.
EVERFI is an international technology company driving social change through education to address the most challenging issues affecting society ranging from financial wellness to prescription drug safety to workplace conduct and other critical topics. Founded in 2008, EVERFI is fueled by its Software-as-a-Service (SaaS) community engagement platform and has reached more than 41 million learners globally. Recognized as one of the World's Most Innovative Companies by Fast Company in 2020, EVERFI powers community engagement in a sustained manner to empower individuals and organizations to make an impact within their communities. Some of America's leading CEOs and venture capital firms are EVERFI investors including Amazon founder and CEO Jeff Bezos, Google Chairman Eric Schmidt, Twitter founder Evan Williams, as well as Advance, Rethink Education, Rethink Impact, The Rise Fund, and TPG Growth. To learn more about EVERFI and how you can #answerthecall please visit everfi.com or follow us on Facebook, Instagram, LinkedIn, or Twitter @EVERFI.

SOURCE PenFed Credit Union