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Declining Financial Literacy Costs the Average American Thousands, First Bank & Trust Company Responds with Leading Financial Education Tools

ABINGDON, Va., Nov. 7, 2023 /PRNewswire/ — First Bank and Trust Company has partnered with Zogo, an award-winning financial education tool, designed for users aged 13 and up. Zogo offers more than 900 modules designed to meet the national standards for financial literacy.

Industry leading reports indicate that financial literacy among Americans is declining. A report from the National Financial Educators Council shows that a lack of financial literacy cost the average American more than $1,800 in 2022, up from just over $1,300 in 2021. This documented change is one of many factors motivating First Bank and Trust Company to expand financial education tools.

“It’s important for us, as an institution, to recognize the needs of our customer-base and meet them whenever possible,” said Mark Nelson, First Bank and Trust Company’s President and CEO. “Understanding the financial landscape is difficult without a foundational understanding of how finances work. We want to ensure that all First Bank and Trust customers, and their children, feel adequately equipped to make informed financial decisions.”

Younger demographics are a key audience for tools like Zogo. T. Rowe Price’s 11th Annual Parents, Kids, and Money Survey found that 3 out of 4 parents think financial apps are a good way to teach financial literacy. The app implements industry-leading gamification strategies to increase engagement and retention, ensuring the needs of adolescent and young adult users are addressed by Zogo’s architecture.

In late September, First Bank and Trust Company announced the initial launch of Zogo to customers within the bank’s app. To date, users have completed an estimated 7,000 modules.

“Since launching Zogo, we’ve seen a great response from our customers. That engagement shows us the impact of the educational tools we offer. We will continue exploring opportunities to expand Zogo use beyond our immediate customer base, potentially partnering with schools or community organizations,” said, Vice President – Marketing Officer, Kaitlyn Widner.

To learn more about how to access Zogo, visit www.firstbank.com/financial-education.

About First Bank & Trust Company
First Bank & Trust Company, one of the top community banks in the United States, is a diversified financial services firm with more than thirty office locations throughout Southwest Virginia, Virginia’s New River and Shenandoah Valleys and Northeast Tennessee. The bank’s financial solutions include free checking products for personal and business accounts, savings, money market and time deposit accounts. Lending solutions are managed by mortgage, agricultural and commercial lending divisions. Comprehensive wealth management solutions are available through First Trust & Wealth Management.

For more information, visit www.firstbank.com.

About Zogo
Zogo is a technology company that works with financial institutions to promote financial education and wellbeing through short-form content. Its award-winning platform offers bite-sized modules and tangible incentives to make financial literacy and education accessible, fun, and rewarding. The company partners with over 250 institutional partners in all 50 U.S. states to help educate, engage and empower the next generation of financial decision-makers regardless of their background and experience. The platform has garnered nearly one million users since its creation in 2018. The company is currently headquartered in Austin, Texas. To learn more, visit zogo.com or follow @zogofinance on Instagram.

Media Contact: 
Kaitlyn Widner
Vice President – Marketing
[email protected]

SOURCE First Bank & Trust Company

Originally published at https://www.prnewswire.com/news-releases/first-bank-and-trust-company-partners-with-zogo-to-advance-financial-literacy-301981984.html
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