Northern Trust partners with Greenlight Financial Technology a leading player in financial education, to enhance services for families striving for better financial understanding.
Northern Trust, a reputed financial institution, provides comprehensive wealth management services. Greenlight, on the other hand, offers an innovative family finance app and debit card that promote financial literacy among young users.
The partnership stems from a shared goal: to improve financial literacy among families and prepare the next generation for financial responsibilities. Research by the Northern Trust Institute underscores the urgent need for such initiatives, revealing that despite access to financial education, many high-net-worth families doubt their children’s readiness to manage wealth effectively.
Northern Trust specializes in holistic wealth management for affluent individuals, family offices, and privately held businesses, boasting $419.4bn in assets under management.
Greenlight’s platform is designed to teach children essential financial skills such as earning, saving, and spending wisely under parental guidance. This partnership allows Northern Trust clients to access Greenlight’s services, including a complimentary Greenlight SELECT plan subscription.
This collaboration will create numerous teachable moments for families, helping children and teenagers practice and develop sound money management habits that will benefit them throughout their lives.
Additional collaboration benefits include expanded reach and tailored financial education solutions provided by Greenlight, according to Greenlight’s Senior Vice President of Business Development, Matt Wolf. The partnership also aims to normalize financial discussions within families, fostering an environment where young ones feel comfortable exploring financial topics.
Northern Trust Chief Fiduciary Officer Pam Lucina said. Matt Wolf of Greenlight added, ““Knowledge becomes skill through practice. In addition to families talking openly and honestly about finances, children need hands-on money management experience to prepare them for a lifelong journey of financial responsibility.
“The best way to instill the habit of saving money and making wise spending choices is to intentionally create teachable moments.”
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