Financial Literacy

China’s Impressive Trajectory Toward Universal Financial Inclusion

China has achieved remarkable success in financial inclusion over the last 15 years. Traditional financial service providers have dramatically increased the reach of the formal financial sector, including through the world’s largest agent banking network. China has also been a leader in the fintech revolution, with new technology-driven providers transforming how Chinese consumers make payments,

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

Financial literacy is an essential link in the chain of student success

When the modern-day U.S. Department of Education (ED) was established in 1979, personal computers were in their infancy, cell phones were science fiction and almost all financial transactions were face-to-face. While much has changed, the core functions underlying how America manages its $1.3 trillion federal student aid (FSA) program covering 42 million student loan borrowers are remarkably similar to

Women’s Guide to Financial Literacy

There has been a lot of discussion around women’s rights in the past year. One issue that hasn’t received much attention is financial literacy and a woman’s ability to make her own financial decisions. While the other issues are important, this one could be the most important of all.  The ability to make wise financial

Why Personal Finance Education Is Important

When the question of who needs personal financial education comes up, the people that come to mind are those who probably deal who business or those seeking to invest. Most people would not be bothered with any financial education, and they are always under the false illusion that they are in touch with their finances.

Why this could be one of the best ways to invest in America’s future

Millennials, the generation born between the early 1980s and the mid-to-late 1990s, make up about one-third of today’s U.S. workforce. They are better educated than previous generations, with a greater proportion of them possessing a college degree. Because they have lived through the Great Recession, they are more risk averse. They are also more likely

Financial New Year’s resolutions that will pay off

It’s time for New Year’s resolutions, and what better one could Americans choose than to become financially literate in the coming year. Want to get out of that credit card debt you rang up over the holidays? How about paying off your mortgage? Setting up an IRA for retirement? It’s not surprising that Americans fail

Here’s how long it will take Americans to pay off their Christmas debt

In the days after Christmas, Americans can be found taking down the tree, cleaning up wrapping paper, and perhaps surveying the financial wreckage of another holiday season. Shoppers in the U.S. racked up an average of $1,054 of debt this Christmas season — an increase of 5% over last year, according to a survey from MagnifyMoney,

Grading U.S. states on teaching financial literacy: Some earn A’s, while others flunk

The third report card of the Center for Financial Literacy at Champlain College highlights the mixed record around the country — including in the D.C. region, where the District earned an F, while Virginia aced it and Maryland received a B.  (See all grades below.) The grades are only a slight improvement from those given in 2015,

Is it time to offer financial education as a benefit?

Whether employers realize it or not, they have employees who are distracted at work due to stress about their personal finances. According to a recent report from the Personal Finance Employee Education Foundation, one in four workers suffer from serious financial distress. Of those 30 million workers, 30 to 80% of them spend time at work worrying

Financial Literacy Now or Calamity Later

The financial crisis of 2008 that roiled global financial markets and triggered the largest recession in modern American history had a number of causes. Experts put most of the blame on the housing bubble that caused an overvaluation of homes and featured banks that loosened lending policies to capitalize on the flood of potential homebuyers.

Smart data can improve behavior, outcomes for retirement savers

We have all heard of big data, which the defined contribution industry has not leveraged sufficiently and has gotten a black eye for it. At a recent industry conference, I heard Tina Wilson, senior vice president at MassMutual, mention a new concept that may have far reaching implications for the 401(k) industry: smart data. Today,

Better business: Calls to improve financial literacy

The industry might be working hard with the regulator to make financial services accessible to more people, but there is still a knowledge gap, which is putting adults at a disadvantage when it comes to understanding about how to save or invest. Tom McPhail, Hargeaves Lansdown head of policy, said the government needs to do

Financial literacy should begin with a paycheck

Does your new employee have a savings account? Does he or she know how to budget a paycheck? These are important questions since the whole reason companies offer a salary and benefits is to make employees feel compensated and valued. If employees don't know how to manage money or don't understand the benefits on offer,

Here’s why businesses should invest in their employees’ financial literacy

Speak to any entrepreneur, and they will tell you that investing in their team’s development is vital to the growth of their business. There is a war for top talent in Canada, and this is one way to attract them. In my experience, the most talented people choose the companies at which they believe they’ll

4 Tips for Promoting Financial Literacy within Nonprofit Organizations

When we think of nonprofit organizations, many of us first envision local or national charities. But don’t let the name fool you. Despite having “nonprofit” in the title, these organizations are just as centered around money as any for-profit business. The primary difference is what they do with their earnings. Instead of paying out profits to shareholders,

Laden With Student Debt

At year-end 2016, Americans held a record $1.3 trillion in outstanding federal student loans, according to a report from the Federal Reserve Bank of New York. These loans now represent the biggest chunk of consumer debt in the country outside of mortgages, and they carry the highest delinquency rate. Additionally, it seems that the skyrocketing

How Financially Literate Are You Really? Let’s Find Out – WSJ

There’s a financial-literacy crisis in the U.S. And it is probably even worse than it seems. Study after study shows how poorly Americans understand money and investing. Consider this common question posed by surveys: “Suppose you had $100 in a savings account and the interest rate was 2% a year. After five years, how much