How FHLBank Indianapolis' Money Masters program is advancing financial education in Indiana and Michigan

last updated on Thursday, April 30, 2026 in Federal Home Loan Bank Indianapolis

U.S. financial literacy - the basic understanding of financial principles - has hovered around 50% for eight consecutive years, according to the World Economic Forum, and it has actually dropped 2% in the past two years.

Moreover, according to the Survey of States conducted by the Council for Economic Education, only 22 states require students to take a course in economics, and only 39 states require a personal finance course to graduate from high school. Luckily, Michigan and Indiana are among states that require such education, but their mandates don't apply until the graduating class of 2028 - meaning opportunities exist. That's where the Federal Home Loan Bank of Indianapolis comes in.

Part of our mission is to support homeownership and affordable housing across our district of Michigan and Indiana. And our research shows that financial education is a key barrier that prevents homeownership or qualification for affordable housing.

What our study shows

According to "Bridging the Gap," the Bank's 2023 housing and community needs assessment report for our district, financial education is a key element in decreasing the wealth and homeownership gap for at-risk communities. In fact, 59% of survey respondents cited financial literacy training as the most significant need outside of housing. Having a bank account and the ability to conduct basic financial transactions is key to financial well-being.

That's why the Bank set out to arm youth in our district with the financial knowledge and skills to survive in today's dynamic world and prosper in the future.

"Fiscal health is just as critical as physical health, and that's why FHLBank Indianapolis has stepped forward to help educate the next generations in our district," said MaryBeth Wott, SVP, Community Investment and Strategic Planning Officer. "Our members have supported our efforts to expose our youth to basic financial principles and skills - their support is a critical component of the program, and their response has been overwhelmingly positive."

Our solution: Money Masters

The centerpiece of the Bank's efforts: the 2023 launch of the Money Masters Scholarship Program, a financial literacy initiative developed to promote and improve financial literacy among youth and young adults in Michigan and Indiana.

Among the key supporters: FHLBank President and CEO Brendan McGrath (above), who rolled up his sleeves and visited local schools to present Money Masters curriculum.

"Banking and education have played a crucial role in shaping who I am, both personally and professionally," said McGrath, who has spent more than two decades in the financial services industry. "I welcome any opportunity to combine those passions and support our members' communities whenever I can, and financial literacy is a great way to do that."

How the program works

To date, the Bank has partnered with 28 of its member financial institutions and leading community groups in Michigan and Indiana to award more than $500,000 in financial literacy scholarships to over 300 teenagers through the program. Money Masters partners include Elements Credit Union, Financial Plus Credit Union, First Merchants Bank (formerly First Savings Bank), Horizon Bank, Lake City Bank, Lake Michigan Credit Union, Lake Trust Credit Union, Limestone Credit Union, Mercantile Bank, Merchants Bank, One Detroit Credit Union, and People Driven Credit Union (PDCU).

Our members or nonprofit community youth groups apply for $25,000 awards and partner in delivering in-person, financial education. Scholarship recipients are selected based on criteria established by the financial institution or community group, and completion of the financial education curriculum. Scholarship awards are then deposited into bank accounts with the financial institution, which can be used for discretionary expenses.

Taking it to the next level

And FHLBank Indianapolis isn't stopping there. This year, the Bank is piloting a new program - Money Masters Plus - focused on foster youth. This expanded program would support foster children who "age out" or are too old to remain in foster homes. The program will provide fostered youths with skills and resources to support their transition into adulthood. Our financial institutions will provide financial counseling and credit building services throughout the year and connect them with various housing assistance programs. Scholarship recipients can use the funds for housing, education or other essential life needs.

Award-winning WDIV-Channel 4 TV anchor Rhonda Walker of Detroit, founder of the Rhonda Walker Foundation, credits the Bank for stepping up as a leader in the financial literacy space.

"We are so proud to be one of the first organizations to benefit from this program," she said. "The financial education workshops and budgeting classes delivered by People Driven Credit Union have had a tremendous impact on the young women that we support."

Story by Scott Thien, Sr. Corporate Communications Associate. For more information, contact Marchelle Costa, Corporate Responsibility and Strategic Engagement, at [email protected]. Learn more about the Bank at fhlbi.com.