Green Dot and Stockpile Collaborate to Boost Financial Literacy

FinTech firm, Green Dot, and investment platform, Stockpile, have entered into a partnership aimed at enhancing personal finance accessibility for all ages. The collaboration will lead to the development of new products, tools, and features designed to empower individuals, according to a press release issued by the companies.

Parental Controls and Debit Cards for Minors

Stockpile intends to incorporate parental spending controls and debit card functionality for minors into its retail investment product suite. This will be made possible through Green Dot’s banking-as-a-service (BaaS) platform. The partnership aims to establish a platform that enables parents to guide their children in learning and applying responsible financial habits. This effort aims to close the gap between teenagers who rely on their parents for financial education and parents who rarely discuss household finances with their children.

New Features for Stockpile’s Investment Suite

The first feature to be introduced into Stockpile’s investment suite is a parental controlled debit card. This feature will enable parents to quickly and easily set up debit cards for eligible minors while maintaining appropriate access, oversight, and controls. Stockpile also plans to introduce additional tools and functionality to its product suite in the future.

Victor Wang, CEO of Stockpile, stated that the partnership with Green Dot adds a new dimension to Stockpile’s hands-on financial learning and access. Simran Singh, head of enterprise business development and embedded finance at Green Dot, added that the partnership will provide powerful financial tools and experiences that will benefit their customers.

The Need for Greater Financial Literacy

Surveys indicate a significant need for improved financial literacy. A financial literacy survey conducted by the Financial Industry Regulatory Authority (FINRA) found that the average respondent could only answer 2.6 out of five questions correctly. Alarmingly, only 4% of respondents managed to answer all five questions correctly.

In response to this need, Intuit launched an educational program in September aimed at teaching high school students the skills required to run a business. The company stated that currently, only 25% of high school students are required to enroll in personal finance courses, with even lower rates in low-income areas.