EY launches financial literacy summer camp for employees’ kids

It’s never too early to start learning good financial habits. 

EY is helping their employees’ children get a headstart on their financial wellness goals with their second annual financial education summer camp. Kids will have an opportunity to engage in sixteen online webinars about financial literacy, learning about topics like banking, navigating financial advice on social media, beginners’ stock investing and more. 

“When we talk to our employees, we see very directly the impact of good and bad financial decisions that were made early, and that carries through decades later,” says Dan Eck, managing director of group learning at EY. “If young adults can walk into their first job with the right financial skills, they're going to make the right decisions early, and we know how much of a difference that can make.” 

Financial literacy is a challenge at all ages — 55% of Americans feel confused when it comes to building a stable financial plan, and almost half do not understand financial concepts like interest, bankruptcy or how inflation works, according to a survey by GuideVine, a financial service platform. That lack of literacy translates into financial anxiety: CapitalOne bank found that 77% of Americans feel anxious about their financial situation. 

Read more: Employees spend 25% of their workday worrying about money

For younger generations, the Organisation for Economic Co-operation and Development, an international economic think tank, found that one in four students could not make simple decisions around spending, and only one out of 10 could explain financial terms. Getting ahead of these hurdles now can set teens — and their parents — up for success, Eck says. 

“Folks that spend too much in their early years, the impact of that carries through when decades later, they're in their forties and they're still paying off debt,” he says. “This is just one more way that we can make sure that kids start life out on the right foot and they enter adulthood with the right knowledge so they can make good financial decisions from day one.” 

The EY program offers sessions tailored to different age groups — younger children can participate in online classes that teach them about how to save, as well as the importance of giving back to charity. Older participants can learn about how banks work, as well as tips for building credit and signing up for a first credit card. Campers can also get a rundown of how to manage their first job by learning about employee benefits and how taxes work. 

Read more: Financial literacy matters to Gen Z — and they want employers to help them

Eck says many parents participate in the sessions with their children, which have started important conversations about the value of financial wellness benefits for not just employees, but their families, too. 

“We saw a lot of employees participating with their kids and we got feedback that it was a great time to have a conversation about money, and sometimes it’s the first time they've had a conversation about money,” Eck says. “The adoption of family friendly benefits is recognition that it's not just the employee — it's the whole family unit that we care about and that needs to be taken care of.”