whyfinly
With Finly's courses students understand the what and the how.
HERE'S WHAT WE KNOW
THERE IS A PROBLEM - A LACK OF FINANCIAL CAPABILITY
HERE'S WHAT WE KNOW
THERE IS A PROBLEM
A LACK OF FINANCIAL CAPABILITY
IT IS CAUSED BY
LACK OF KNOWLEGE
In the U.S., 34% of individuals can correctly answer the questions on a basic five question literacy test.
Overconfidence
64% of ALL adults think they have high financial knowledge. Yet, only 24% answer all questions correctly on a basic financial literacy test.
stress
63% of millennials feel anxious and 55% feel stressed when discussing their current financial situation
poor habits and decisions
Current millennial behavior trends show only 49% make just the minimum payment on their credit card, 24% took out a payday loan, 28% took a loan from their retirement account.
We also know financial knowledge and skills are rarely nurtured at school or home
At school - only 17% of high school students who graduate in 2021 will have taken a financial literacy course to meet their requirements.
At home - 50% of parents agree with the statement, they don’t know the best ways to discuss financial topics with their kids (T Rowe Price) and, 71% of adults learned about savings from parents, but only one-third of today’s parents say they talk about money with their children regularly (Wells Fargo, 2020).
There is a way to solve it
FINANCIAL EDUCATION IS IMPORTANT, VERY IMPORTANT
Teens and young adults cannot get better with money management if they don't understanding the basics. But, a major missing piece of many financial education programs is not the what but the how.
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For example, one may know compound interest leads to greater wealth over time. But, how does someone actually make saving money a habit?
HERE'S how to BE MONEY SMART
start early
Extensive research from the Consumer Financial Protection Bureau demonstrates that between the ages of 13 and 21 youth:
- Solidify financial knowledge and decision-making skills and
- Formulate their habits and norms about money
use best practices
These are defined by the National Endowment for Financial Education and include.
- Well-trained educator
- Vetted program materials
- Timely instruction
- Relevant subject matter
- Evidence of impact
put skills into practice
Students learn best by doing not by clicking through self-paced lessons, or listening to one-way videos.
build with real life experiences
Students learn best by doing not by clicking through self-paced lessons, or listening to one-way videos.