Financial Education and Outreach
Eight out of ten banks reported providing free counseling to underserved consumers. The survey asked banks if they provided financial education and outreach activities, including teaching basic financial education, funding community partners, providing technical expertise, and offering free counseling. Free counseling was the most frequently used and highly rated financial education and outreach activity targeted to unbanked and underbanked consumers. Overall, 81 percent of banks said they offered free counseling to underserved consumers and 58 percent rated this activity as very effective or effective.
Financial Education and Outreach Locations
Almost three-quarters of all banks provided financial education at K-12 school sites. The survey asked banks that participated in financial education and outreach activities about the locations where these activities took place. K-12 schools were the most common sites identified by banks (74 percent), bank branches were the second most common location, and nonprofit or community organizations were the third most common locations for conducting financial education and outreach by banks.