February 3, 2023
Cross River Commences 2023 with Unwavering Commitment to Financial Empowerment
The financial technology company provides financial wellbeing to future generations with community partnerships and volunteer opportunities
FORT LEE, N.J. - Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, showcased the company’s devotion to community responsibility by starting off the year with a series of financial literacy events.
“Community service and financial empowerment are a top priority and Cross River leads by example,” said Phil Goldfeder, SVP, Head of Global Public Affair at Cross River. "We’re proud to work with our neighbors and community partners to provide the tools and resources that families need to manage their finances and prepare the next generation for success.”
According to a 2022 report from the National Financial Educators Council, lack of financial literacy cost surveyed adults an average of $1,819 in 2022, a nearly $500 increase since 2021, proving money knowledge matters. This past month, Cross River partnered with the Young Women’s Christian Association of Northern New Jersey (YWCA NNJ) for a free, virtual panel discussion on bridging the gap between money management and emotional wellness, with the goal of empowering women. The company’s VP of Project Management Lisa Howard joined Psychotherapist, Life Coach and Clinical Director of Emerge The Counseling & Coaching Center, Tanvi Mathew, MS, LPC and CEO of YWCA Northern New Jersey, Helen Archontou to teach attendees about setting financial goals, tracking and managing a budget and investing.
Cross River is powering the future of finance, and our future begins with our children. To ensure the younger generations are empowered with financial literacy knowledge, Cross River hosted Lyndhurst High School students at Junior Achievement’s Finance Park. The day consisted of several of Cross River’s philanthropic employees guiding students through a budgeting simulation about real-life expenses and finances. Activities included learning and practicing savings, research, budgeting and shopping. The rewarding day ended in a standing ovation for Cross River team members who took away just as much from the experience as the students.
“I was impressed with how engaged the students were in the budgeting simulation and how they focused on managing priorities and exploring career paths,” said Greg Caminneci, one of the day’s volunteers and Head of Marketplace Lending Client Services at Cross River. “Guiding them through the process of developing a personal budget and all the considerations they need to factor in - including both basic necessities but also experiences that provide happiness and fulfillment - highlighted the difficult macro environment these students currently face and the critical importance of providing our youth with financial education before they go out in the world. Working with the students to build this foundational knowledge was a rewarding experience that will stay with me.”
The feedback from students was wonderful and showcased the immense value of the Finance Park program:
“Eden really helped me understand everything I was doing," shared Daniela. “After today’s program, I will put more thought into my budgeting process.”
“My volunteer helped me understand the value of different aspects and how you need to budget accordingly,” said Emily. “I also learned to budget my needs more than my wants.”
“Lisa was very helpful in explaining the differences between certain childcare options and basic necessities to survive,” expressed Cecila.
Since inception, Cross River’s commitment to expanding financial access, increasing financial literacy and empowering underserved and unserved communities has remained top priority. The Company continues to take innovative approach to financial literacy education by highlighting how technology can propel economic inclusion. For more information or to get involved, please visit: www.crossriver.com/making-waves/get-involved.