New Poll Finds Nearly Half of Today's Teens Lack Critical Financial Literacy Skills

  New Poll Finds Nearly Half of Today's Teens Lack Critical Financial Literacy

  TCF Bank Announces Bold Commitment to Improve Financial IQ of Two Million
      People over 3 Years with New Free Program for Students and Adults

Business Wire

DENVER -- October 15, 2013

Nearly half of teens (49 percent) report feeling pretty clueless about money
management, according to a new poll conducted by Opinion Research Corporation.
The survey also identified one of the reasons behind this lack of financial
knowledge: 90 percent of teen respondents said they’re not learning everything
they need to know about money management.

High school students participating in the new TCF Bank Financial Scholars
program, an online teacher ...

High school students participating in the new TCF Bank Financial Scholars
program, an online teacher-led curriculum on financial-education and money
management. (Photo: EverFi)

Findings of the Teen Financial IQ Poll – sponsored by TCF Bank and announced
today – also showed that more than a quarter (27 percent) of 17-year-olds
don’t feel confident they will have the financial intelligence they’ll need to
manage their finances by the time they graduate high school.

“Every high school student, and every adult, should have a firm understanding
of money management,” said Tom Jasper, vice chairman, TCF Bank. “This survey
demonstrates the urgent need to give young people the tools to better manage
their personal finances in order to set them up for a brighter, more
successful future. We believe that the more informed people are about money
management, the more it benefits them and the communities in which they live.”

Responding to the need to improve financial literacy, TCF Bank today announced
it is sponsoring the TCF Bank Financial Scholars program, an online
teacher-led curriculum created by EverFi, a leading education-technology
company. This program is specifically developed for high school students and
is currently being rolled out to more than 100 schools. TCF also announced
that it is sponsoring a new online financial-education portal, TCF Bank
Financial Learning Center (, a site designed to provide
adults with practical, non-commercial information about money management.

TCF Bank is making an ambitious commitment: It wants to help improve the
financial IQ of at least two million people over the next three years by
offering EverFi’s courses in schools, as well as through the public portal.
Both online courses incorporate video, animations, gaming and social
networking to simplify complex financial concepts for people of all ages. The
curriculum includes eight to 10 educational sessions, tailored either for high
school students or adults. Topics include savings and investments, mortgages,
overdraft, payment types and credit cards, credit scores and reports, identity
protection, insurance and protection, and financing higher education.

The TCF Bank Financial Scholars program will be offered free to high schools
in communities served by TCF Bank, including those in Colorado, Minnesota,
Illinois, Wisconsin, Michigan, Arizona, Indiana and South Dakota. The TCF
Financial Learning Center portal will be open and free to the public now
through the end of October, and will always be available for TCF customers.

“By partnering with EverFi, we are providing one of the best education
technology platforms available to deliver comprehensive financial literacy
education for both teenagers and adults,” commented TCF’s Jasper. “This is a
significant investment in our communities and a genuine effort to help people
become better consumers of financial services.”

Ray Martinez, co-founder and executive vice president of EverFi, called the
TCF Bank Financial Learning Center and the TCF Bank Financial Scholars
program, “a bold initiative to address financial literacy. Students who have
completed our high school financial education platform have walked away with
confidence in money management. There’s a high value to offering the same
interactive financial education to teenagers’ parents, as well as other

More information about the TCF Bank Financial Learning Center can be found at and information about TCF Bank can be found at

About the Teen Financial IQ Poll
Opinion Research Corporation conducted the polls in early October.
Five-hundred teens between the ages of 13 and 17 participated.

Other findings include:

  *Among teens who plan to attend college, fewer than half (43 percent) have
    a specific plan to pay for higher education.
  *The majority of teenagers learn about personal finance from school (60
    percent), followed by their parents (54 percent).
  *Fewer than half of teens (44 percent) have savings accounts, and only 18
    percent have checking accounts.

About TCF Financial Corporation
TCF Financial Corporation is a Wayzata, Minnesota-based national bank holding
company with $18.4 billion in total assets at June 30, 2013. The company has
over 425 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin,
Indiana, Arizona and South Dakota, providing retail and commercial banking
services. TCF, through its subsidiaries, also conducts commercial leasing and
equipment finance business in all 50 states, commercial inventory finance
business in the U.S. and Canada, and indirect auto finance business in over 40
states. For more information about TCF, please visit

About EverFi, Inc.
EverFi, Inc. is the leading education technology company focused on teaching,
assessing, and certifying K-12 and college students in the critical skills
they need for life. The company teams with major corporations and foundations
to provide the programs at no cost to K-12 schools. Some of America’s leading
CEOs and venture capital firms are EverFi investors including Amazon founder
and CEO Jeff Bezos, Twitter founder Evan Williams, Rethink Education, New
Enterprise Associates, Inc. (NEA), and Tomorrow Ventures (the investment arm
of Google Chairman Eric Schmidt). Learn more

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For TCF Financial Corporation
Mark Goldman, 952-475-7050
Tracy Carlson, 612-232-6578
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