Data can help institutions provide educational content to raise their customers’ knowledge base while also helping with retention and cross-sell strategies.

Financial wellness is critical to living a sustainable life and achieving long-term financial stability.

When individuals are not equipped with the knowledge to make solid financial decisions, they’re more likely to take on debt, which often leads to stress that affect other areas of life, including one’s health and personal relationships.

Financial illiteracy has other costs, too. According to a new survey from the National Financial Educators Council, a lack of personal finance knowledge cost $352 billion in 2021, or an average of about $1,400 per person. Nearly 20 percent of respondents said they lost over $2,500 last year due to gaps in financial knowledge.

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