As Michigan prepares to implement new financial literacy graduation requirements for students across the state, Cornerstone Community Financial Credit Union has launched a new digital banking tool designed to help families teach money management skills at home.
The Auburn Hills, Mich.-based credit union recently introduced its GenGrow Family Wallet, an app that combines allowance tracking, chore management, savings goals and debit card usage for children and teens ages eight to 17.
Paired with a GenGrow youth account, the platform allows parents to manage chores and allowances, monitor balances, set spending limits and control debit card access through the free app. Children can create savings goals, mark chores as completed, move money between accounts and complete financial literacy lessons through the app.
The launch comes ahead of Michigan's new personal finance graduation requirement, which takes effect beginning with the graduating class of 2028. Under the new requirement, high school students will be required to complete a personal finance course covering topics including budgeting, saving, credit and financial decision-making. The credit union said that GenGrow is meant to help families reinforce financial lessons outside the classroom through everyday activities at home.
"Financial literacy is one of the most important life skills young people can develop, and many of those lessons start at home," Steve Flores, chief innovation officer at Cornerstone Community Financial, said. "GenGrow gives families an engaging and safe way to help children build healthy financial habits early, whether that's learning how to save toward a goal, manage spending responsibly, or understand the value of earning money."
The platform also includes a GenGrow debit card with controls designed to help parents introduce spending and budgeting concepts to their children in a structured way. Parents can receive spending notifications, set card controls, and freeze or enable cards.
Cornerstone Community Financial said the app is launching now as many families head into the summer months and may be looking for ways to teach responsibility to children at home.
GenGrow Family Wallet is available to eligible Cornerstone members. For a limited time, members who open a GenGrow youth account may also qualify for a $35 bonus.
Cornerstone Community Financial was founded in 1951, has approximately $479 million in assets and serves members across Michigan and Ohio.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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