What a wonderful time of year. This week families and friends will gather together to celebrate and give thanks for all of the amazing things life has to offer. Thanksgiving is one of the few holidays that does not typically offer gift-giving, just simply centers around connecting with loved ones.
Financial well-being defines all the intricacies of your money management. It goes beyond your income and credit score. It’s about your relationship with money—how you behave with money and how you spend money. Regardless of how large your income, if you are spending everything you make you are not getting wealthier, just living a higher lifestyle.
Policies are in the works to improve the struggles of minority deposit institutions (MDIs). Jill Sung, president and CEO of Abacus Federal Savings Bank in New York City and chair of ICBA’s Minority Bank Advisory Council and Consumer Financial Services Committee, has recently testified before congress on behalf of the ICBA regarding the impact MDI’s make in underserved communities.
Everyone’s financial situation is unique. We typically think of finances as credit scores, income, and net worth. However, analyzing financial well-being looks deeper by examining our relationship with money. The Consumer Financial Protection Bureau (CFPB) defines financial well-being as “the state wherein an individual has a sense of control over day-to-day and month-to-month finances, capacity to absorb financial shock, being on track to meet financial goals, and the ability to make financial choices to enjoy life.”1
Springdale, Arkansas (home to Teslar’s headquarters) has received an exciting new, albeit temporary, addition to the community—an Innovation Hub. The hub is a pop-up makerspace that offers opportunities for adults and children of the community to attend free classes and workshops that offer tools and training to spark innovation and creativity and improve future careers.
Let’s face it, we are fully immersed in a digital world and banks are finding a decline in traditional banking. Statistics show a 41% decline in teller transactions since 1992, further revealing the need to provide an engaging mobile banking experience.
Our home state of Arkansas recently passed the Personal Finance and Job Readiness Act, a bill that will make personal finance a required high school course beginning in 2021. Many other states have been introducing similar legislation, creating a widespread understanding of the importance of financial literacy for young people.
Today we honor those who have served and continue to serve our country. Words cannot begin to express our gratitude for the repeated sacrifices veterans have made on our behalf.