MoneyLion, the US finance app, has launched MoneyLion University in an attempt to fill a gap in money education around the US.
MoneyLion University (MLU) is launching at the end of the year, looking to address financial education gaps. To highlight the issue, the mobile banking app cited the ‘FINRA Foundation National Financial Capability Study‘. The study found that people with higher financial literacy were more likely to ‘make ends meet’. Those with lesser financial literacy struggled more to make the most of their income.
The FINRA Foundation’s study found that those with more financial literacy spent less of their income. They also set aside three months’ worth of emergency funds at higher levels than those with lesser financial education. The new initiative aims to teach students how to make smarter decisions with their money.
The content is to cover topics teaching MoneyLion customer’s about budgeting, planning for retirement, gross income, building credit, and investing. Beginning January 2023, the MLU are releasing long-form and short-form videos on this topic. The MLU will also be holding monthly live-stream webinars on MoneyLion’s mobile app to address the financial literacy gap.
MoneyLion has partnered with NFL player and University of Pennsylvania lecturer, Brandon Copeland. The partnership hopes to bring real-world money education and skills to consumers nationwide.
Closing the financial literacy gap
Dean Brandon Copeland explained his involvement in promoting the initiative.
He said: “Part of my life’s mission is to make financial literacy, personal finance and general money education fun, entertaining and more accessible. We often focus on stress-related issues not considering how some of those stressors are directly related to our financial situation. I want everyone to reach financial confidence by taking control of their money through smart, intentional decisions.”
Copeland continued: “Combining my curriculum with the creative minds that make the MoneyLion team special, we know we can bring the right content and information to millions of people in ways they’ve never seen before.”
Dee Choubey, co-founder and CEO of MoneyLion spoke on the importance of closing the financial literacy gap. He said: “The financial literacy gap is a huge problem for students nationally and we’re proud to have Dean Copeland join forces with us to help fill this need.”
“Traditionally, simple money skills and lessons are not taught in schools. Through our partnerships and technology, we’re looking to fill that gap in a way never done before. Via fun, engaging and informative content right at your fingertips.
“Our elevated mobile app feed and launch of MoneyLion University at the end of this year is the innovation needed to help us deliver on this promise. We want to reach our customers wherever they are in their financial journey and provide personalized content in the way they want it and where they want it.”