Month: May 2023

By Jennifer Elmore

BIRMINGHAM, Ala., May 5, 2023 /3BL Media/ – Regions Bank invited consumers and businesses to take a fresh – and free – review of their financial health and their plans for building savings, reducing debts, and reaching other financial goals.

April is Financial Literacy Month, and Regions Next Step, the bank’s no-cost financial education program, is highlighting the importance of budgeting and saving to help people focus on key parts of money management. According to recent Regions Next Step surveys, Americans have serious questions and concerns about managing their financial futures. The good news is Regions Next Step has a wealth of information and budgeting tools to help people start or meet their financial goals.

Surveys have found:

Only 35% of respondents think they will save enough to retire comfortably.Roughly 60% of respondents say they do not follow a budget.Additionally, 76% of respondents are not confident they can withstand an unexpected financial emergency. For people with medical financial hardships, a survey in 2022 found people are not prepared to cover medical expenses or pay off debt.

Regions Next Step has useful tools and information to help people start or meet financial goals. These resources are available to anyone, regardless of whether they have a Regions account, and there is no cost to access them.

“Seasons of economic volatility create stress and make a real impact on finances,” said Joye Hehn, Next Step financial education manager at Regions Bank. “With inflation impacting every part of daily living, Regions Next Step is helping people lean into the basics of money management to keep their financial goals on track. Financial wellness is at the heart of how we serve consumers and businesses, and we invite people to not only check out our free tools online but also stop by for a personal conversation in any of our branch locations.”

Resources available around the clock include:

Budgeting and savings calculators help categorize spending, address debt and increase savings. People can use these and other online calculators to develop a budget, know where money is going every month, and work toward long-term savings goals.The Regions Next Step content library includes courses on creating a budget, building an emergency savings account, having family conversations about money and more. These self-paced, interactive courses are designed to help people grow money management skills. Each course takes 10 minutes or less to complete and can be accessed via a mobile device, tablet or desktop.Articles, podcasts, worksheets and other financial wellness resources are available in the Next Step Family Budgeting and Saving Resource Center to help set up families for financial success through all of life’s milestones.The Personal Spending Plan Worksheet can plan, track and organize monthly spending.Next Step workshops are available to people for one-on-one guidance to address their money-management needs. These quick, informative workshops can be delivered in-person or virtually. For more information on hosting or attending a workshop, contact a Regions Bank branch or call 1-800-REGIONS to learn more.

Additionally, Regions Bank customers can access convenient financial management tools through My GreenInsights, available through Regions online banking and mobile app. My GreenInsights allows customers to create and track budgets, set financial goals and combine external accounts, providing one place to track spending and savings.

During Financial Literacy Month, Regions is also highlighting key tips:

Consider Zero-Based Budgeting. This method accounts for every dollar of monthly income, so it can be helpful to use when people want to stretch their budget and find new ways to save. Each month, start from scratch and create a new budget that accounts for every dollar of income. Move any dollars saved by spending less than budgeted into a savings account.Track Spending: Closely track spending on a weekly or monthly basis to help ensure budget goals are on track. Regions has a free downloadable worksheet to track personal spending. At the end of the tracking timeframe, review spending trends, areas for improvement and areas on target.Set Savings Goals. Saving a little bit on a regular basis adds up over time. Set smaller savings targets along a timeline toward a goal. Consider saving a percentage of your tax refund as a simple way to begin.Do a Savings Challenge. Try Regions’ 52-Week Savings Challenge, and watch savings grow when a little money is put aside each week. By following the downloadable worksheet, $1,378 can be saved in 52 weeks. Just save the amount each week that corresponds with the week of the challenge.Maintain an Emergency Savings Fund. An emergency fund is key to managing unexpected expenses. Some examples include car or home repairs, medical bills or a sudden loss of income. Aim to set aside three to six months of income, and keep these funds separate from any other checking or savings account so you know it isn’t part of monthly operating expenses. This podcast is available for more tips on growing an emergency fund.Pay Down Debt. During periods of inflation, minimize existing debt with variable interest rates, such as credit card debt. Include these payments as a line item in the monthly budget. As you pay down debt, reallocate funds from paid debt to other debt or add it to savings.

Financial wellness is a key part of Regions’ mission to make life better in the communities it serves. In 2022, Regions Next Step provided financial education to more than 2.1 million people across the Southeast, Midwest and Texas and received 3.2 million financial education content page views. Nearly 150,000 Regions podcasts and other resources on a variety of consumer and business topics were downloaded. Further, Regions Bank associates completed 9,800 financial education volunteer hours.

“Regions Bank works with many community organizations to connect financial education opportunities to more people,” said Wendi Boyen, community advocacy and financial wellness manager for Regions Bank. “Regions takes an inclusive and accessible approach toward providing helpful insights and encouraging people to take the next step in their financial journeys. By working together, we can keep our communities moving forward.”

For more advice on budgeting, saving and planning, visit Regions.com/NextStep. Or, visit a nearby Regions Bank branch to speak with a banker directly.

About Regions Financial Corporation 
Regions Financial Corporation (NYSE:RF), with $155 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

About Regions Next Step® 
Regions Next Step is the financial education program from Regions Bank, offering a free collection of action-oriented tips, tools and resources. Next Step is designed to simplify financial topics, help people of all ages and business of varying sizes stay on track and meet financial goals. Resources are available online, in-person, virtually, and in English and Spanish. In 2022, Next Step provided financial education to more than 2.1 million people across the company’s footprint, delivered more than 1,600 financial wellness workshops, received 3.2 million financial education content page views and associates completed 9,800 financial education volunteer hours. Additional information and resources are available at Regions.com/NextStep.

Cadence is spotlighting the final group of Cadence’s Women in Technology Scholarship recipients by sharing these students’ outstanding achievements and inspirational stories in celebration of the program’s fifth year.

These highly accomplished women are pursuing technical degrees and were selected to receive a scholarship based on their impressive academic records, work in the community, leadership potential, and recommendations from professors. Get to know our awardees, the next generation of innovation, by reading more about their journeys below.

Watch this short video to hear directly from the students as they dive into their personal experiences, post-graduation goals, and what drives them to shape the future of technology.

Fabia Athena, Georgia Institue of Technology
“Since my childhood, I have been very interested in mathematics and science. My love for these subjects influenced me to study engineering. Eventually, growing up, I realized technology is essential to solving problems faster and for the future of a nation. My excitement for science, coupled with the realization of its importance, inspired me to study a technical field.”

Hena Naaz, Georgia Institue of Technology
“I wish to pursue a career in the VLSI and software industry to practice my skills that I have developed. I want to contribute to creating technologies for the present and future generations to come. I will try my best to be a good leader and a source of support for newcomers in my field.”

Margaret Cox, Elon University
“This scholarship will allow me to make sure that I find the best fit with a company that shares my values. I am excited about entering the workforce but want to ensure that I am working for a company that strives to support its employees and create an inclusive workspace.”

Marziyeh Rezaei, University of Washington
“I have always wanted to have a significant impact in my field, and I believe creating my own startup would give me a chance to make this happen. I believe pursuing a PhD will expand my knowledge while exercising teamwork and leading projects, and it will prepare me to establish my own startup after graduation. Winning this scholarship made me respect myself as a female engineer and reminded me of all the challenges I have faced and all the efforts I’ve put in to stand where I am now. And now, I know my duty is to encourage other women who are at the beginning of their path to have faith in their dreams and never give up.”

Nujhat Tasneem, Georgia Institue of Technology
“The main hurdle I faced as a part of an underrepresented group is the lack of knowledge of how other women in this field are thriving. I hope they know that there are opportunities waiting for them, and with hard work, they can achieve almost anything. I will encourage them to attend various women in engineering conferences that are out there (for example, Grace Hopper, Grad-Cohort CRA-WP, Society of Women Engineers conference, IEEE WIE conference). I attended two of the above-mentioned conferences—the women I met there and the talks I attended boosted my confidence, and I learned a lot.”

Olivia Jo Dickinson, Duke University
“Do not be intimated by challenges or setbacks. STEM is difficult for everyone, but you are capable, and your curiosity and passion will guide you to success. There may be stages of your career where you feel especially ostracized for your race, ethnicity, gender, etc., but do not let these times be moments where you doubt yourself. Let these times be moments where you realize how ever more important you are for ensuring others do not have to feel the same way because they have you to look up to as a representative of what is possible and what is attainable for someone who looks like you. “

Vidhisha Balachandran, Carnegie Mellon University
“I hope to use the scholarship to attend conferences outside of my research area, specifically toward the impact of NLP technology in day-to-day applications and use cases. I believe that this would help expand my knowledge and also inspire new ideas from adjacent fields that would be impactful in NLP. This will also enable me to understand the impact of NLP on other fields and identify cross-disciplinary future directions.”

Cadence is proud to support women in technology and thanks everyone who submitted applications this year. We hope to continue reaching STEM students from underrepresented groups with our upcoming scholarships. Congratulations to the talented individuals who were selected based on everything they have accomplished thus far. We appreciate them sharing how these programs have impacted their studies and are excited to see where their passions take them next.

Learn more about the Diversity in Technology Scholarship and say hello to other recipients from 2022.