Financial firms must foster customers’ financial literacy and resilience

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In the face of change, one thing is common to many Americans — they are striving to achieve financial stability. They want to save for their children’s education, prepare for retirement and build security for the unexpected. Another common factor is that the path forward isn’t always clear. Hope is powerful, but it’s not always enough to overcome the barriers that limit economic mobility for working families and future generations.

The reality can be sobering: According to research from Opportunity Insights, the likelihood of earning more than one’s parents has declined dramatically in recent generations, especially for those born into lower-income households. At the same time, inflation and the rising cost of living weigh heavily on families. These aren’t just statistics. They’re the lived experiences that create a challenge and a call to action for the financial services industry.

One of the greatest opportunities is to equip people who are not yet saving or investing with the education, tools and confidence they need to take that first step. When we expand access, more people can participate in — and benefit from — the capital markets that fuel our economy.

But education alone isn’t enough. Research from Edward Jones shows that nearly one in five American adults never received financial education — at any age — and more than a quarter say they lack confidence in their financial knowledge. To be truly effective, financial education should be connected to real opportunities: opening a savings account, building credit or investing for the first time. When people see the connection between learning and progress, financial literacy becomes more than education — it becomes empowerment.

Across the financial services industry, partnerships are emerging to make those connections real. Programs are bringing together nonprofits, fintech companies, schools, banks and credit unions to help people begin their wealth-building journey and strengthen their financial futures. Whether it’s a teen investment club working with high schools, a matched-savings initiative with community credit unions, or support for small-business owners, these efforts combine financial education with assets and accessible tools that create lasting impact.

Consider a homeowner in St. Louis who participated in a matched savings program through a local credit union. After decades of homeownership, she faced a critical need: replacing a failed HVAC system. By completing financial education seminars, strengthening her credit, and saving toward her goal, she was able to make the repair without taking on new debt or risking her family’s financial stability. That’s what financial resilience looks like — protecting what you’ve…