This April, Chelsea Groton Bank is celebrating Community Banking Month and Financial Literacy Month! These celebrations highlight the Bank’s commitment to the community and our community members.
Community Banking Month
Banking locally not only supports small businesses but, according to the ICBA, also contributes to the local economy through the creation of up to 62% new jobs annually. Collectively, community banks provide more than 60% of all small business loans and more than 80% of agriculture loans nationwide and contribute tax dollars that help maintain local municipalities.
“As a financial provider deeply rooted in the local community, we leverage our local insights and financial acumen to help residents reach their financial goals,” said Lori Dufficy, EVP, Chief Experience and Engagement Officer at Chelsea Groton Bank. “At Chelsea Groton Bank, we not only apply personalized banking solutions, but we contribute to vital causes that positively impact the community.”
Community banks like Chelsea Groton Bank take in deposits and distribute loans that feed into a self-sustaining micro-economy that fuels Southeastern Connecticut. It is all part of a symbiotic relationship that community banks have with their communities. Proceeds from those businesses employ residents, fund municipalities, and continue the cycle of locally based economic growth.
Financial Literacy Month
Financial Literacy Month is dedicated to empowering individuals with the knowledge and skills necessary for sound financial decision-making. We’ve long believed the more people know, the better decisions they can make for themselves, their families, and their businesses. Dedicated to the mission, Chelsea Groton holds over 200 educational classes each year and offers in-branch, online, and in-classroom financial education.
According to the Council for Economic Education (CEE)’s Survey of the States, only 30 states in the U.S. require high school students to take a course in personal finance and only 25 states require students to take an economics course. While this denotes a marked improvement since CEE’s first survey in 1998, there remains a sizeable financial education knowledge gap.
Chelsea Groton Bank believes that financial capability education, improves the financial health outlook for our youth and better prepares them to tackle unexpected financial situations or prepare for significant life milestones like paying for college, purchasing a home, opening a business, or building a nest egg.
Having the knowledge about how to best manage your money is just the start. When young adults practice proper money management techniques early, they’re more inclined to make effective financial decisions throughout life. The sooner youth start to grasp these concepts, the more apt they’ll be to plan for a better financial future.
Whether through Chelsea Groton’s commitment to serving the needs of every customer equally or the hundreds of complimentary in-person and remote financial wellness programs and lifestyle events we provide each year, Chelsea Groton is proud to be a community bank.
