Financial Literacy

Fintech savvy no substitute for financial literacy, finds study

Millennials’ usage of smartphones can’t fill gaps in their financial literacy, according to a new report. The study, titled Millennial Financial Literacy and Fin-Tech Use: Who Knows What in the Digital Era, comes from the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business. It assessed individuals’

Brushing up on financial literacy

Money is the greatest and the most ill-used factor in life. People don’t know how to tend it, how to manure it, how to water it, how to make it grow, and when to pluck its flowers and when to pluck its fruits.  These were the words spoken by Margayya, the people’s banker in the

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

Financial Literacy Awareness Programs Include Eliminating Confusion

Financial literacy awareness programs are topics we address with regularity.  Whether people realize it or not, strong financial literacy awareness programs are at the heart of the success of every 401k, 403b, and financial wellness effort. And rightly so. Many Americans are confused about managing their day-to-day finances because they simply fail to comprehend the

Millennials don’t trust the financial industry. These startups want to change that.

One spring morning in New York City’s Financial District, several besuited men couldn’t help but stop and gaze at a rather out-of-place sign hanging from the New York Stock Exchange building. “Follow us on Pinterest!” read the enormous red banner. A few weeks later they stopped again, this time in front of a yellow sign

By the numbers: Americans are barely in control of their money

In an era of financial-services innovation, money remains one of the great stressors in our lives. By the numbers: 5% of Americans with checking accounts rack up more than 50% of all the country's overdraft and bounced-check fees. It's a $35 billion income stream for the banks, even after Dodd-Frank. Needless to say, those 5% of Americans are

5 Awesome Budgeting Apps For 2018 And Beyond

If you feel like your finances are out of control, it’s likely that you’re not using a budgeting tool, and today’s best budgeting tools are apps. It’s no surprise that so many who feel helpless with money aren’t using the tools available to them. Let’s solve that. Below are five apps that will get you

Financial Literacy Awareness and Wage Increases Would Complement Policy Moves

Financial literacy awareness and wage stagnation are contributing factors in how much an employee can save for their retirement years.  There is no denying the current retirement plan policy proposals on the table for regulators and legislators, are good for American workers. The executive branch and lawmakers are looking for ways to make workplace retirement

Our Favorite Tools to Stay on Top of Your Financial Life

Getting your finances in order isn’t a one-time task — it’s an ongoing process. Whether it’s budgeting, planning your debt payoff, or monitoring your credit, your financial life needs regular, reliable attention. The right set of tools can help. We’ve rounded up some of the best money apps and services to help you get on

Do Financial Literacy Courses Work?

The classroom is where many Americans learn to read, write, perform arithmetic and speak a foreign language. So can it also be the place where they master important financial concepts such as how to manage debt, improve credit, take out student loans and plan for retirement? For many politicians, educators and financial literacy advocates, this question

Quiz: How Financially Literate Are You With Investing?

Are You Financially Literate? If you’ve ever paid attention to any report on financial literacy from around the world, you’ll likely know that the results aren’t exactly awe-inspiring. For example, according to one global survey, only about 33% of adults are financially literate. Americans tend to fare better on average, but not as much as you might

3 simple ways to overcome financial fragility

Can you handle an immediate $400 emergency expense? Are you able to come up with $2,000 in 30 days? If your answer is no, you are probably financially fragile. The National Endowment for Financial Education (NEFE) reports that nearly two out of five working-age Americans fall into this category. This means an unexpected medical bill, parking ticket or

5 Steps Everyone Must Know to Become Financially Literate

Legendary investor Warren Buffett used to say that the greatest risk in investing is when you don’t know what you are doing. Very often, many people invest in financial products that they don’t understand. They act based on their emotions without the appropriate investment information. They rely on recommendations made by friends or relatives rather

What Is ‘Financial Literacy,’ And Why Does It Matter?

Americans aren’t saving enough for retirement. That’s a trite statement. Precisely how great the shortfall is, is in dispute, of course, as is the question of what remedies, if any, should be undertaken. But what’s the reason for this savings shortfall?  Discarding specifics like “no more traditional pension plans,” there are three potential reasons, each

Where’s the ROI on Financial Literacy Programs?

It’s doubtful many banking professionals view financial education programs as a serious marketing tool. Such initiatives often feel like little more than an obligatory community service, and thus receive perfunctory attention from the senior leadership team. And that’s typically where it ends. However, data suggests that financial literacy is much more than just a feel-good

Video: Former U.S. Education Secretary on How Financial Literacy Solves Poverty

Former U.S. Education Secretary Arne Duncan said poverty can't be eliminated without proper financial literacy. "If we're serious about breaking cycles of poverty, if young people get a good education, get a good job and still can't manage their money and they're spending more than they are bringing in, we're not actually breaking those cycles of

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

Older Americans Can’t Pass a Retirement Financial Literacy Quiz

Even if you plan well for retirement and have a reasonable amount saved, you can still end up in financial trouble during your golden years. There are lots of money traps that even reasonably prepared seniors can fall into if they're not well-versed in the unique details of retirement-stage personal finance -- and the new RICP Retirement Income

How financial literacy can assist offender rehabilitation

A few weeks ago I received a prepaid debit card in the mail. This was different from the usual credit card offers I receive almost daily. This was not a credit card, but a card the company wanted me to direct deposit my paycheck to. As I know it is common for offenders to use