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CashIQ game teaches millennials financial literacy

Union Leader Correspondent

August 26. 2018 8:20PM

SEABROOK — Merrimack Valley Credit Union has launched a web-based game called CashIQ to help millennials learn about finances.

Vice President of Marketing Yean-Ai Long said it came up with the idea for the app in May after a financial literacy workshop at Methuen High School in Massachusetts. Credit union officials wanted a way to educate people who were already in the workforce and needed advice to buy a house and plan for retirement.

The digital marketing experts at Wedu in Manchester suggested creating an app.

“Once they talked to us about it, we were very quickly on board,” Long said.

According to the George Washington Global Financial Literacy Excellence Center in Washington, D.C., less than one-quarter of millennials demonstrate basic financial literacy. That is problematic, Long said.

“If your financial life is not in order, it impacts so many areas of your life,” Long said.

With CashIQ, people of all ages can test their knowledge and learn about financial topics with 10-question quizzes in nine different categories. These categories include budgeting and saving, credit scores, loans and retirement. Players are awarded 10 points for each correct answer and those can be redeemed for prizes and raffle entries.

Seabrook Branch Manager Christine Doucette said they take pride in educating all of their members.

“Schools don’t teach the financial aspects of anything,” Doucette said. “I’ve gone to the app, and I love it.”

Doucette said they stress the importance of credit building and savings for millennials at the credit union. Members can consolidate debt to save money, which adds up on a monthly basis.

Peter Matthews, president and chief executive officer of Merrimack Valley Credit Union, said CashIQ is a fun way to break down broad financial topics.

“Setting our members and people in the community on a path toward financial understanding and well-being has been a long-standing mission of MVCU,” Matthews said in a statement.

Points can be accumulated through Nov. 16.

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