Financial Education

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The Need (And Demand) For Better Financial Literacy

Today, many young adults are experiencing stress when faced with taking responsibility for their finances and planning for the future. This is because most lack the skills, knowledge and confidence to do so. Average student loan debt continues to climb to never-before-seen amounts, but many young adults know little beyond a transactional bank account. As a result, many report

Financial Wellness Differs from Financial Literacy

Financial wellness differs from financial literacy.  Clearly, Financial Wellness and financial literacy are not the same things. Surprised? This author was, too. But it turns out there’s a major difference between being financially literate and achieving financial well-being. Essentially, there are some of the fundamental differences between financial literacy and financial wellness. Financial literacy means

Getting millennial employees on board with financial wellness programs

Financial stress among American workers is high, particularly among millennials, a group that makes up 35 percent of the U.S. workforce. A study by Payoff shows that one in four Americans and one in three millennials suffer from a condition known as Acute Financial Stress (AFS).  Study author Dr. Galen Buckwalter suggests that there is virtually no difference between

Let’s stop the argument that financial education doesn’t work

About this time each year, I expect the predictable articles proclaiming that personal finance education doesn’t work. Pundits point to poor proficiency in financial literacy “tests,” and programs that show minimal change in consumer’s behaviors to support their position. They assert this education is useless, ineffective and a waste of time, and we should stop spending

How Financial Literacy Can Lift Women Out Of Poverty

Without financial literacy, you can’t lift yourself from poverty. In order to have financial security and eventual financial independence, knowledge of personal finance basics—managing savings, banking and investment accounts—is mandatory. Financial literacy can provide so much more, though. Think about this: When you are money savvy, no one can try to control your life by

Consumers Still Have Much To Learn To Reach Financial Literacy

April is Financial Literacy Month, a congressionally-backed effort to educate Americans about healthy financial practices and habits. Consumers tend to overestimate their financial literacy, according to a survey by research provider Raddon; 44 percent said they were “very” or “extremely” literate, but when given a financial quiz only 6 percent scored an “A.” Overconfidence can lead to costly mistakes.

America Scores an Average ‘C’ Grade for Financial Literacy Month

Ten years after the financial crisis and Great Recession, WalletHub measured the financial literacy of each state. The average grade? No higher than a B, with most states falling in the D+ to B- range. The reason? Little to no financial education. “We don’t learn personal finance anywhere in school —some schools have very limited

Will Robo-Advisors And Chatbots Eliminate The Need For Financial Literacy?

OBSERVATIONS FROM THE FINTECH SNARK TANK According to one banking industry expert: Traditional methods for financial education are a waste of time when it comes to helping Millennials plan for their financial futures--instead, credit unions should share financial advice that helps Millennials get through the week or month, and relaying that information through mobile platforms and

6 Keys to a Best-in-Class Financial Wellness App with Data, AI and a Human Touch

For more and more consumers, the ability to feel financially secure has become more complicated and increasingly stressful as the burdens of health care, educational funding, retirement, and daily expenses grow. This stress impacts consumers’ personal relationships, physical and mental health, and has a significant impact on productivity at work. Fiscal wellness reaches far beyond

Are states providing adequate financial literacy education?

Young people in America face an economic landscape marked by increasingly expensive higher education costs, more frequent job changes, and greater personal responsibility for retirement savings. It is more important than ever that youth are financially literate in order to navigate the many difficult decisions they will face during their lifetimes. Unfortunately, levels of financial

Taking aim at employee stress, employers expand financial education benefits

From credit card debt to saving for retirement and paying for children’s education expenses, stress over finances is taking a major toll on employees — and it’s also taking a major toll on the workplace as a result. That’s among the takeaways from new research from the International Foundation of Employee Benefit Plans, which found

In an age of responsible capitalism, financial education must be our shared purpose

When my daughter was 10 she asked me if I was a ‘saver or a spender’; I asked her to guess, and she said “a saver”. I asked her the same question back; she replied that she was a spender, but that her sister was a saver. Research by the University of Michigan recently showed that

Americans Overestimate Their Financial Literacy

A new study reveals that while Americans are generally overconfident in their financial knowledge, only a few could score a top grade on a financial quiz. The “Financial Literacy: Prosperity Begins with Knowledge” study from Raddon, a provider of innovative research, also found that the vast majority have never attended a financial education program, although

4 Stats That Reveal How Badly America Is Failing At Financial Literacy

Do you work hard every single day but still don’t feel like your finances reflect your grind? You’re not alone. Most of us invest a significant amount of time, money and effort on getting a job but we pay very little attention to managing the money we make once we have that job. And having

Money 101 For Millennials: Seven Tips For Improving Your Financial Literacy

When young adults become fully responsible for their personal finances for the first time, they're often in for a rude awakening. Financial literacy is rarely taught in school, and if their families didn't discuss credit scores, taxes and interest rates as they were growing up, these newly-minted members of the "real world" can easily get

April is Financial Literacy Month – Why Financial Wellness Matters

April is Financial Literacy Month and a great time to focus on financial education. A lack of financial preparedness has huge societal costs, and in the coming years as Americans age, these costs will likely increase. There are daunting challenges facing not only the poor but also the working middle class. In the face of

“Adulting” Is Harder Without Any Financial Education

T. Rowe Price’s tenth annual Parents, Kids & Money Survey revealed that receiving financial education in school can have a positive impact on financial behaviors years later. The survey sampled 1,000 young adults and found that those who received some financial education in school (59%) are more likely to have good saving habits compared with

Five things to know about the financial illiteracy crisis

Over the past five years there have been repeated calls for the government and educational bodies to step up and tackle financial illiteracy. These have largely fallen on deaf ears, and the crisis has continued to deepen. With this in mind, here are the five things financial advisers need to know about the financial illiteracy

Financial Feedback

How feedback trumps financial education in improving people’s financial capability. By Crawford Hollingworth and Liz Barker, The Behavioural Architects Our financial capability – being in control of managing our money – is crucial to our financial health. Without it, we may struggle to pay off debts, pay bills on time, buy a house, save for unexpected

The Value of Family-Related Benefits in Financial Literacy Programs

There’s one family-related employee benefit that, although it does not get as much attention as paid parental leave, can have a huge impact on employees’ children’s lives: financial literacy education.  With job candidates no longer focusing solely on salary but also on the benefits accompanying a job offer, employers are seeking new benefits to attract and