Immersive, Youth-Oriented Programs and Products Spark Financial Education

In a Nutshell: Educating people about money before they face life’s biggest financial decisions sounds like a great idea. But kids with plenty of schoolwork already may balk at the suggestion of attending classes outside of school. BankSouth teaches young people about money in an engaging manner to keep their attention and prepare them for life after school.

The 20th century wasn’t that long ago. But when you consider how much the world has changed over the past 25 years, the 1900s can seem like the ancient past. For one thing, we didn’t have streaming services or the ability to pause or rewind live TV in the 1900s. 

That meant we had to sit through commercial breaks while we waited for a program to resume. I remember more commercials than I should from the 20th century, including one where a company used the entire 30 seconds of an ad to explain its name. As I watched the commercial, I can recall wondering why the company didn’t just choose a more straightforward name. 

It’s refreshing when you see or hear a business name and immediately feel confident that you understand what they can offer you. For example, imagine you’ve never heard of Burger King or Subway restaurants. If someone asked you which of the two franchises you’d like to visit for lunch today, I’d venture a guess most people would choose the spot that sounds like it serves food — Burger King.

BankSouth is a financial institution that offers financial education that empowers people to reach their goals. If you saw the company’s name and guessed it’s a bank located in the southern portion of the U.S. — you guessed right. We spoke with Bryce McCuin, BankSouth’s Marketing Manager, to learn about the company’s educational initiatives that help communities learn about managing finances.

BankSouth has served customers for more than 75 years. McCuin told us the company has grown significantly during that time and now boasts $1.3 billion in assets and has approximately 150 employees.

BankSouth operates five branches in the state of Georgia, including a location in Atlanta’s Buckhead neighborhood that serves the state’s most populous city. The company’s headquarters are in Lake Oconee, which is where McCuin is based.  

“We have a branch in historic downtown Greensboro and a location in Watkinsville that serves the Athens and Watkinsville markets,” McCuin told us. “We also have a branch in Savannah, which has a great downtown, and a lot of growth and economic opportunity coming to that market.”

BankSouth believes its company culture creates a team of employees who are motivated to support initiatives benefiting local groups. McCuin told us that reinvesting in the community is one of the bank’s core values. And one way the bank shows its care toward its community is by promoting financial literacy.  

“It’s really interesting to me how much things can change over time, particularly with advancements in technology,” McCuin told us. “Part of our challenge in promoting financial literacy is adapting to be able to speak to every generation and evaluate where they are from a financial standpoint. But part of what makes financial education fun is taking the time to figure out how to present the material so that it really resonates with your audience.”

People who don’t have access to a financial education program may have to figure out how to use banking products on their own. McCuin first learned about banking by writing checks and balancing a ledger. But he told us that digital tools have changed the financial landscape so much that kids today don’t have to learn many of the fundamentals that permeated 20th-century banking.

BankSouth leverages tools offered by trade associations, including the FDIC, American Bankers Association (ABA), Independent Community Banking Association (ICBA), Community Banking Association (CBA); as well as the Georgia Bankers Association (GBA).

McCuin told us associations like these provide resources BankSouth uses to help youth learn about key banking concepts. BankSouth also partners with its online banking partner and other vendors to help its community engage with content that promotes financial education.

“The different banking associations that are out there are a great resource for those that don’t know where to start with putting together a plan for financial education,” McCuin told us. “Not every financial topic is going to be beneficial for everyone, especially when you’re teaching students who are 14 or 15 years old. But there are a lot of learning models, like gamification, that give you a number of ways to help you connect with customers.”

Synergy happens when two groups or things join forces to create a better outcome than either could produce on their own. A grilled cheese sandwich or a bowl of creamy tomato soup can each make for a great snack. But you’re in for a very satisfying lunch when you order the two items together.

BankSouth partners with nonprofit groups to teach preteens and teens the financial ropes. The bank recently collaborated with the Pete Nance Boys and Girls Club to reach youth in its communities. McCuin told us a class the bank conducted for young people taught them about the history of money and the importance of budgeting.

The class also taught attendees about how they can keep their money safe by depositing it with a local bank. McCuin told us a lot of thought went into making the class interesting for young people.

“We didn’t make the class into a boring slideshow because most of the kids there were coming to meet with us after having a full day of school,” McCuin told us. “We set up stores to allow the kids to experience buying things, and we had an exercise that helped them understand how to use their money for things they want, things they need, and building savings. We found it to be very beneficial, and we’ve been asked to do something similar in the future.”

BankSouth is exploring ways to turn the class into a regular program that it can offer to other regional schools and institutions. Many schools don’t have a financial literacy component to their standard curriculum, so the bank is seeking to help kids establish a firm financial foundation. 

McCuin told us kids aren’t the only ones who learn from the bank’s educational efforts — he’s learned things, too.

“A lot of these kids that we have a chance to work with are really sharp,” McCuin explained. “But what was surprising to me is that many of them were so hesitant to spend the fake money we gave them in a class exercise because they didn’t want to be wasteful. And I think it was really important for them to learn how to budget and see how they can build up their savings if they start with the right habits early in life.”

The Beach Boys once advised people to show their school spirit in their hit song, “Be True To Your School.” Though the song was released more than 60 years ago, its message still resonates today. 

BankSouth recently introduced its Spirit debit card, which allows cardholders to get a debit card featuring their school’s logo. Schools that permit the bank to use their name and logo on its debit cards receive a cash donation for each card opened in their name. McCuin said that although the program is relatively new, it has already raised more than $2,000 for local schools.

“What’s great about this program is we’ve tried to remarket to those that received the cards to provide educational information to their parents about how the card can help kids learn to use a bank account,” McCuin told us. “We’ve had a couple of parents post pictures on social media with their kid holding their new cards, and that’s the stuff you want to see. We also showcase the cards in our educational sessions.” 

It’s not just kids who can catch school spirit — adults can have pride in the school they attended as well. BankSouth allows customers who aren’t in school to open a Spirit debit card. McCuin told us that parents and school staff often request to update their debit card to one featuring their school’s name and logo.

Putting together financial classes for children and developing products they can get excited about doesn’t happen overnight. But McCuin said all the bank’s effort is worth it.

“When you’re able to get in front of these kids and give them valuable resources, it’s time very well spent,” McCuin told us. “As we move forward, we’ll continue to find different outlets to connect with our community and craft messages that help them be successful.”