Tower Federal Credit Union (Tower) today announced a partnership with Greenlight® Financial Technology, Inc. (Greenlight) to better serve families and help the next generation build healthy financial futures. Starting today, Tower members will have free access to Greenlight’s award-winning family finance app, available through the Greenlight for Credit Unions program.
According to a recent survey, 91% of kids and teens believe they need financial knowledge and skills to achieve their life goals, and 94% of parents agree.* Still, only 35 states require a personal finance course for students, and teens score an average of 64% on the National Financial Literacy Test, showing a clear gap in financial education that is accessible and effective. Parents also rank personal finance as the #1 most difficult life skill to teach their children with 81% saying they wish they had more financial education tools and resources.**
Greenlight offers a debit card and app that teaches kids and teens how to earn, save, give and spend wisely – all with parental supervision. Using the Greenlight app, parents can send money instantly, automate allowance payments, manage chores, set flexible spending controls, get real-time notifications of all transactions, and more. Kids get hands-on money management experience, along with access to Greenlight Level Up™, an in-app financial literacy game with a best-in-class curriculum, educational challenges, and rewards.
“We’re excited to offer complimentary access to Greenlight as a new membership benefit,” said Tom Poe, Chief Marketing Officer at Tower. “Greenlight helps families turn everyday moments into opportunities to learn about money. Whether it’s managing allowance, saving for a goal, or giving kids the freedom of a debit card with parent-approved controls, Greenlight makes it easier for parents and kids to build healthy financial habits together.“
As part of Tower’s membership benefits, checking account holders receive free access to Greenlight by enrolling through the Tower mobile app. Learn more at Tower’s Greenlight page at towerfcu.org.
*Survey insights were collected by Greenlight through a Researchscape survey fielded between March 22 and March 24, 2024, among 2,310 respondents in the U.S., split between kids and teens ages 10-19 and parents of 10-19 year olds.
**Survey insights were collected by Greenlight through a Researchscape survey fielded between February 9-12, 2023, among 1,034 U.S. respondents, all of whom were working parents of 8-18 year olds.
About Tower Federal Credit Union
Tower Federal Credit Union is a member-owned, non-profit financial institution with headquarters in Laurel, MD. Established in 1953, Tower is one of the largest credit unions in Maryland, with over $5 billion in assets. The credit union provides a full array of financial products and services and serves more than 215,000 members worldwide. Tower serves its local-area members with 12 branches in Anne Arundel, Baltimore, Howard, and Prince George’s counties and four branches at Fort Meade, as well as online banking at towerfcu.org and top-rated mobile app.
About Greenlight
Greenlight is a family technology company on a mission to help families navigate money and life together. Best known for its debit card and money app for kids and teens, Greenlight has grown into an all-in-one technology platform trusted by over 6.5 million family members. Its suite of products, including the Greenlight app, GPS-enabled safety devices†, and the Greenlight Family Hub, brings together financial tools, scam and fraud protection, real-time safety features, and everyday family management in one connected experience for every stage of life. Greenlight partners with more than 200 leading banks and credit unions to bring its family finance solution to more families through the Greenlight for Banks and Greenlight for Credit Unions.
†Requires mobile data or a WiFi connection, and access to sensory and motion data from cell phone to utilize safety features including family location sharing and driving alerts and reports. Messaging and data rates and other terms may apply.
