Northern Trust Partners with Greenlight to Help Families Achieve Greater Financial Literacy

Northern Trust is partnering with Greenlight® Financial Technology, Inc. (“Greenlight”) to better serve families and help the next generation build healthy financial futures. Northern Trust clients now have complimentary access to Greenlight’s award-winning family finance app and debit card, available through the Greenlight for Banks program.

Research conducted by the Northern Trust Institute found that 79 percent of high-net-worth families have provided their children with access to financial education, but nearly half (48 percent) are still concerned for the preparedness of the next generation to manage wealth. Similarly, nationwide testing by the National Financial Educators Council revealed that teenagers, with an average score of 64 percent, lack the basic financial knowledge they need to make qualified financial decisions.

“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,” said Pam Lucina, Chief Fiduciary Officer for Northern Trust. “The best way to instill the habit of saving money and making wise spending choices is to intentionally create teachable moments.”

Northern Trust’s partnership with Greenlight will provide clients with more of these teachable moments, in which families can build smart money habits together and equip the next generation to steward wealth responsibly. Greenlight’s platform teaches children how to earn, save, give and spend wisely – all with parental supervision. Northern Trust clients can receive a free Greenlight SELECT plan subscription by registering through a dedicated landing page.

“Partnering with leading financial institutions across the country helps Greenlight serve even more families with best-in-class financial education,” said Matt Wolf, Senior Vice President of Business Development at Greenlight. “Alongside Northern Trust, we’ll be able to have a huge impact on improving financial literacy for the next generation.”

Recently, Greenlight Co-Founder Johnson Cook appeared as a guest on “The Road to Why,” a podcast focused on business owners hosted by Eric Czepyha, Director of Business Services at Northern Trust. Cook and Czepyha discussed how normalizing conversations about finances creates an environment where children feel comfortable asking questions and gain valuable experience.

Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise, with $419.4 billion in assets under management as of June 30, 2024. The Northern Trust Company is an Equal Housing Lender. Member FDIC.