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    10 Online Resources for Student Financial Literacy

    Posted May 16, 2024, 4:16 pm by The Experts at TeenLife
    10 Online Resources for Student Financial Literacy

    U.S. Secretary of Education Arne Duncan believes that financial literacy needs to be a staple of the American education system. Speaking at Pensions and Investments’ Innovation and the Global Future of Retirement conference, Duncan likened financial literacy education to learning a foreign language in that it's something that should be taught as early as possible.

    Financial Literacy is an Essential Skill

    “If our young people aren't financially literate, we are part of the problem, not part of the solution. And as a nation, we have a huge problem,” Duncan said. He also noted that financial literacy is a topic that students find interesting.

    “This is a great way to teach math. Kids care about money,” he said. “Rich, poor, black, white; it doesn't matter. This isn't an add-on or extra (to the curriculum); this is a really interesting way to engage students.”

    If our students aren’t financially literate, they head to college without the tools they need to budget and have the proper perspective regarding student loan debt. Recognizing this, many states are taking steps to improve financial literacy among students.

    According to a 2023 survey conducted by Empower, a financial services company, the top three most valuable financial lessons Gen Z learns by age 19 are the importance of:

    • Having an emergency fund
    • Budgeting and tracking expenses
    • Avoiding excessive debt

    A December 2023 survey conducted by the SPARK Institute found U.S. students score low on financial literacy knowledge. The survey asked high school seniors and college students to take a self-assessment of their financial knowledge.

    • 18% of high schoolers and 26% of college students rated their financial literacy as "somewhat high" or "very high"
    • 46% of high schoolers and 55% of college students felt they know enough to reach their financial goals.

    Not surprisingly, individuals who are less financially literate are more likely to face higher overall debt, unfavorable mortgages, and large credit-card balances.

    Here are 10 online resources to help students improve their financial literacy:

    1. FinAid

    For years, FinAid.org has been providing students and families information on all aspects of financial aid with tools for calculating college costs, loan payments, savings and the Expected Family Contribution (EFC).

    2. Edvisors

    Edvisors offers interactive site for families and students that offers advice about a wide variety of financial aid topics that include planning ahead for college and cutting costs, filing the FAFSA, winning scholarships, paying as you go, borrowing for college, and the ins and outs of student loans.

    3. CashCourse.org

    The National Endowment provides this student financial literacy resource for Financial Education (NEFE). This non-profit foundation has been around for more than 30 years and is committed to educating Americans on a broad range of financial topics and empowering them to make positive and sound decisions to reach their financial goals. CashCourse.org serves as a great resource for students as it speaks to many of the common financial pitfalls they may be encountering during their college years.

    4. Practical Money Skills

    This site, created by Visa, provides users with helpful articles, budget planning resources, games, apps, videos and calculators. These are all designed to help users of all ages to learn about and understand financial literacy.

    5. MoneySkill.org

    MoneySKILLisa free online reality based personal finance course for young adults developed by the AFSA Education Foundation. This interactive curriculum is aimed at the millions of high school and college students who graduate each year without a basic understanding of money management fundamentals.

    6. ShowMetheFuture.org

    Before graduating from college, it would be nice to know if you’re truly ready for the “real” world. This educational game provides users with an identity including occupation, income, marital status, whether or not you have kids, and more. You have a checking account with a register, which will contain the money you earned as your new identity.

    Then you get to make choices, like the kind of house you’ll live in and what you’re going to eat based on your identity. Every choice you make costs money, which will be deducted from the money in your checking account. The trick to the game is to see if you can make ends meet and still have some cash at the end.

    7. Teens’ Guide to Money

    This online resource guides teens to learn all about money and money management. It is broken down into four major categories: earning, saving, investing, and spending. Under each category you can choose a topic that interests you providing helpful tips and resources for each topic.

    8.  Finra Invester Education Foundation

    FINRA empowers teens and young adults to take charge of their financial future by providing resources and education about personal finance. The organization believes that strong money skills are essential for building a successful and secure future.

    9. HandsonBanking.org

    The Hands on Banking site allows visitors to take charge of their own finances and reach goals. You simply pick your age group and get started! Whether you want to build your credit, your investments, or your own small business; invest in the market, a home, or higher education; shop for a loan, buy a car, or open your first bank accounts, the Hands on Banking program offers all the basic money tools, skills, and information you need. It’s course divisions offer programs from kids to senior adults.

    10. Teen Financial Literacy

    This resource, from the Public Library Association, includes four more online resources for teaching teens financial literacy including the Consumer Finance Protection Bureau's "Money As You Grow." This webpage offers conversation starters to help parents help their children grow their financial knowledge.

    Poor financial decisions, made by everyone from Wall Street elites to average homebuyers, have snowballed into the recession that began in 2008. Financial literacy education will help students prepare for a life free from debt and added frustration.

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