MB&T is Working to Close the Financial Literacy Gap

February 1, 2024

Santa Barbara, Calif. – More than 2,100 students and adults participated in over 270 hours of financial literacy classes offered by Montecito Bank & Trust (MB&T) associates in 2023. Complete with lessons, activities and in some classes the opportunity to open accounts on the spot, MB&T associates cover foundational topics from establishing goals, determining needs vs wants, budgeting and banking basics, to the importance of saving, understanding credit and investment basics, and protecting one’s information.

Janet Garufis, Chairman & CEO, believes that “One of the many ways we can best serve our community is to increase the financial knowledge and create comfortable environments for residents, businesses, and nonprofits to discuss financial matters. Recent studies highlight the growing gap in financial literacy across the country and here in California; our associates are eager to be a part of the solution. By providing this critical information, we can help empower youth and adults to be more prepared with the knowledge they need to make informed financial decisions now and in the future.”

Working with schools and client organizations across Santa Barbara and Ventura County, some of the partnerships have included a 3-week series with the United Way of Santa Barbara County’s Fun in the Sun Summer program, bi-monthly Zoom classes for adults with the Housing Authority of the City of San Buenaventura and participation in the annual American Bankers Association Teach Children to Save Day program. After attending one of the Bank’s workshops, a local high school student said, “I have never heard about these topics, so it feels really good to learn about ways I can start saving today to invest in my future, and I am going home and share with my parents too.”