Northern Trust & Greenlight to educate HNW Families on financial literacy

By Gloria Mathias

Northern Trust, a provider of wealth management, asset servicing, asset management and banking solutions, has partnered with Greenlight Financial Technology, a family fintech company, to serve families better and help the next generation build healthy financial futures.

Northern Trust clients have complimentary access to Greenlight’s family finance app and debit card, available through the Greenlight for Banks program.

Research conducted by the Northern Trust Institute found that 79 % of high-net-worth families have provided their children with access to financial education, but nearly half (48%) are still concerned about the next generation’s preparedness to manage wealth.

“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 create teachable moments intentionally.”

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.”