Michigan First Credit Union’s new youth banking app aims to build healthy money habits early

Michigan First Credit Union has introduced Finley, a free mobile banking app for kids and teens designed to encourage healthy financial habits from an early age.

Block by Block is a solutions journalism series supported by CEDAM, Invest Detroit and MI CDFI, with coverage focused on community development leaders and initiatives in Michigan, Ohio and Indiana.

Money habits often begin forming in childhood. Yet conversations about money can be uncomfortable, which sometimes keeps parents and children from discussing the topic at all. To give kids and teens ages 6 to 17 practical experience with banking, Michigan First Credit Union has launched a new youth-focused mobile app. Built for families, Finley includes parental controls and age-appropriate weekly lessons to make banking safer and more accessible for young users.

Michigan First Credit Union President and CEO Jennifer Borowy discussed the member-owned, not-for-profit institution.

“We are focused on people rather than profit,” she says. “That means we invest a lot in competitive financial products, personalized service and personalized guidance to serve members in their needs.”

Headquartered in Detroit, Michigan First Credit Union also has branches across the state, including in Lansing and Grand Rapids. Founded in 1926, the institution has grown to more than 160,000 members at 32 branch locations. Its ability to adapt to changing community needs has helped it remain strong for a century.

The launch of Finley continues that approach and reflects the organization’s educational roots — the credit union was started by nine teachers. The app went live in August, and the credit union has already opened nearly 300 Finley accounts.

“We really wanted to make sure that we were providing a pathway for the next generation of members to learn about financial education early on — so that they were prepared to have a better financial future,” Borowy says.

Financial literacy tools can be expensive, but Finley is free for members, a deliberate choice intended to keep it available to more families.

Chanel Everett, the chief growth officer, oversees efforts tied to membership, deposits and lending growth. Her role includes coordinating internally with teams and senior leaders, as well as working with outside vendors and partners.

As Michigan First marks its centennial, Everett says she is encouraged to see membership being passed from one generation to the next.

“A lot of our older generation members introduce Michigan First Credit Union to their children, and grandchildren,” she says.

Everett says the app has even helped generate new memberships.

Young people are growing up in a largely cashless world, making access to digital money tools increasingly important for children and teens.

“Parents are trying to figure out how to get their children access to cashless options, so a debit card can be really important for children,” Borowy says. “We want to make sure kids understand how it all works. That was the background of the financial education part — they learn what saving means, what interest is, what happens when they spend money, or what a transaction is.”

Some young people use digital wallets such as Venmo or CashApp, but Borowy says those can carry more risk because the funds are typically not federally insured. Finley, she says, offers a safer environment where children can have fun while parents still retain control and can tailor the experience.

The app was built to appeal to young users through gamified learning. Children can create avatars, earn badges, unlock achievements, complete lessons and progress through the program. Parents can also assign chores, automate allowances and help children set goals for items such as bikes, gaming systems, a college fund or even a first car.

“Children can learn how to do regular banking things so they’re developing the right habits to have confidence later in life handling their money management,” Borowy says.

Borowy says her own children have served as early testers for the app and have enjoyed learning financial habits through it.

“From a user perspective as a parent, my daughters are very protective of their money and when they want to spend it, but they’re also attentive to their chores,” she says. “They have responsibilities and want to make sure they can get their allowance money. It gives us an opportunity to have age-appropriate conversations about money because of where they’re at with quizzes in the app.”

Everett says she wishes the app had existed when she was raising her children. Now, she says, she is proud that the organization offers a tool that can help close a common gap in financial education.

“Finley is a great opportunity to increase the level of engagement with our existing Michigan First membership base,” Everett says. “They can be proud to be a part of a credit union that’s continuing to think about education and explore ways to help them and their households.”

Although the app offers the convenience of digital banking anywhere there is internet access, Michigan First says it also remains committed to hands-on customer service.

“We wanted to ensure that our members were still getting a great service that they have come to realize with Michigan First,” Borowy says. “We have our 365 Live Contact Center team that we do not outsource. These are real live team members that any of our members can talk to around the clock. We never shut down for our members, because we want to ensure we can answer questions at any point in time for them.”

That focus on community and responsiveness is central to the credit union’s identity. Its efforts include student banking partnerships with local schools, mobile branches, random acts of kindness and collaborations with other nonprofits.

As the state’s oldest active credit union looks back on more than 100 years, Everett says members have played a major role in its growth.

“Over the years, we’ve been able to grow and evolve because our members have been a big help — they’ve been heard. We’ve come up with different products, services and initiatives because our members share with us,” Everett says. “They have that relationship with us, we gather and hear a lot of their needs through these conversations. Because of that, they feel heard, which allows them to maintain their membership with us and continue to share with their family and friends what Michigan First can do for them.”