Financial Literacy Online

In recent decades, the marketplace of financial services has changed drastically. In the previous generation, most people went to their local banks to open a checking or savings account, as well as obtain a home mortgage. Due to technological advances and the deregulation of interest rates, the choices for financial services have increased widely. Transactions now occur over the phone, in the form of checks and cards instead of cash and even checks are not being used nearly as much as they have in the recent past.

Even the consumers who are considered the savvier bunch, are having difficulty navigating through the plethora of financial choices. By becoming more financially educated, this benefits both consumers and the economy as it creates an increased number of opportunities and competition for banks and other financial institutions. A study completed by the FDIC shows that consumers who are financially literate have better attitudes and behaviors towards a variety of aspects as they relate to money management.

Consumer Behaviors, Attitudes and Financial Outlooks Are Improved by Financial Education

One of the main measures that determines financial education success is to level of which positive changes are produced in behaviors and attitudes. The Money Smart curriculum for financial education shows that attitudes and behaviors are, in fact, affected by financial education. Additionally, it also shows that those who are educated have an enhanced level of financial literacy and that their creditworthiness is improved. Furthermore, consumers who complete programs for financial education have also been shown to improve the relationships they have with the banking sector at the formal level.

The FDIC conducted the study along with the cooperation of NeighborWorks America in an effort to gather the necessary information from participants of the Money Smart program across the nation. This collection included information in regards to their behaviors, confidence and knowledge regarding money management. Three surveys were conducted: one occurred before the subjects took the course, another survey was taken after the completion of the curriculum program to determine whether or not there were any changes and the final survey was taken between six to 12 months after they completed the curriculum program as a follow-up survey to see what behaviors and attitudes remained. The demographics for these surveys were separated into four groups of characteristics: age, race/ethnicity, education and annual income.

Who Is In Need of Financial Education?

All consumers are suggested to be in need of some sort of financial education at some point in their lives. As an example, first-time home-buyers may be in the need of financial education that relates to the process of purchasing a home and what to expect. Consumers who are of retirement age may be in need of financial education to find out more information on the benefits they qualify for and what are the best options for budgeting their finances in their final days. Additionally, small business owners benefit from financial education because they are able to distinguish the best ways to utilize their budget and credit. Consumers who have not had much communication with financial institutions are perhaps in need of the most financial education. These consumers fall into three categories: students, immigrants and individuals that have low or moderate income.

Students generally consist of school-aged children at the age of 25 or under. These are people who have had a limited amount of experience with banking institutions. By educating this group of individuals, they are prepared to make the appropriate decisions throughout the rest of their lives. Although this is the case, there are currently only seven states that incorporate a personal finance course as a part of the requirements in order to graduate from high school.

Immigrants’ ability to learn about financial education may be constrained due to their ability to participate in the mainstream financial marketplace. Additionally, some may be extremely new to the country that they have not yet had the chance to conduct a sizeable transaction. Households that have low and moderate income levels are shown, according to studies, to have a limited number of transactions through mainstream institutions.

Offering Financial Education

Bankers have established a key benefit in offering financial education to the public, which is the acquisition of new customers. Additionally, by offering this type of education, this is improving creditworthiness and the strength of formal bank relationships. Banks offer informal, one-on-one counseling; they host formal classes at bank facilities; they provide services that do not require an account, such as money transmission and check cashing services; and the donate money to schools for formal classes.

Financial Education is Good Business

By obtaining financial education, consumers are more confident than before when it comes to making sound decisions dealing with money management. Additionally, financial education benefits the business for banks since it helps them to establish new customers who may not have chosen to develop a relationship with a bank. Local communities can also be influenced through financial education over the long term. Households develop a higher level of financial stability as people begin to manage their money better due to financial education and financial literacy. This translates into a minimal number of foreclosures, bankruptcies and other types of credit problems.

General:

• My Money: A trusted source for financial information as provided by the Financial Literacy and Education Commission. Have access to life events, resources and tools to use.
• Frequently Asked Questions About National Banks: Review this comprehensive list of topics and subjects that link to questions on national banks. Have all of your questions answered with this extensive resource.
• Money Tips for All Ages: List of financial literacy resources that is helpful for people of all ages. This includes information for teens and young adults to newly weds and retirees.
• Financial Terms Dictionary: This comprehensive list of personal finance terms is provided to help you fully understand everything you read on financial literacy. This is so you are able to fully comprehend the facts in order to successfully apply them.
• Educational Games and Resources: Collection of games and resources that are designed to help educate you on the various aspects of financial literacy. Also take part in the interactive video quiz.
• Financial Literacy Quiz: List of four quizzes along with an answer key to help you become more financially literate. This site provides you with a total of 40 questions in regards to financial literacy.
• Financial Literacy Education: Read the comprehensive information that is provided on this site in regards to retirement financial literacy and education strategies. Information is provided to those who are about to retire, who have already retired and to those who are interest in learn more about the benefits.
• America Saves: Organization dedicated to providing free financial tools, services for saving and resources in an effort to advance the financial literacy of Americans. Take part in the national campaigns from this site.
• Choose to Save: Learn how to save money and how to manage your debts. This site also provides you with information on how to create an effective budget and how to speak with your kids about money.
• Practical Money Skills: Comprehensive resource for financial literacy. This site provides you with information on personal finances as well as games to play to make learning more fun.
• Financial Literacy Resources Directory: Comprehensive list of resources as they deal with financial literacy. From asset building programs to various newsletters and fact sheets, you have all of the information you need for financial literacy.
• 360 Degrees of Financial Literacy: Free program provides to help you understand the various aspects of personal finances through different stages of your life. This includes stages such as tweens and teenagers, college students and small business owners.
• Hands on Banking for Adults: This online course provides you with a comprehensive amount of information for financial literacy. The topics range from the basics of banking services to protecting yourself financially and buying a home.

Young Adults:

• Smart Money – Money Management for Teens: Refer to this list of resources for a better understanding of how to manage money. Learn about where to keep your money, saving money and spending money.
• Understanding Taxes: This is a comprehensive site as provided by the Internal Revenue Service. Learn about the hows and whys of taxes through tax tutorials, activities, simulations and assessments.
• JumpStart: This site is dedicated to the financial literacy of the public. This site provides information specifically for youth ranging from pre-kindergarten through students who are of college age.
• Investing for Your Future: A home study course that provides you with an extensive amount of information on investing your money for a better future. This information includes consumer education, estate planning and all about the financial planning process.
• The Stock Market Game: This interactive game provides you with instructions on how to play the official Stock Market Game. This site puts out an effort to teach you about the stock market.
• Money Smart for Young Adults: This program provides you with eight learning modules. These modules teach you information on financial literacy that ranges from bank services to making informed decisions on mortgages and apartments.
• FDIC Consumer News: This article discusses how to take control of your finances as a special guide dedicated to young adults. This includes information on financial fraud and theft as well as credit cards and checking accounts.
• Financial Football: Play Financial Football to learn about various financial concepts while having fun. This site also provides you with Financial Football news.
• Hands on Banking: This program is designed for young adults to learn about earning money, spending smart, saving money and building credit. Also learn about the various out-of-pocket costs you can expect to incur due to financial irresponsibility.

Kids:

• TreasuryDirect KIDS: Learn about treasury securities and the United States debt. Learn about the debt to the penny, the history of the U.S. debt and what bonds are.
• YouAreHere: Teach kids how to be smarter consumers with this interactive website that shows children how to navigate through a shopping mall. Also provides parents and teachers with a resource to help teach children themselves.
• H.I.P. Pocket Change: Learn about the history of coins as well as interactive games and activities to help make the learning process fun. Play games and learn about the various types of coins and medals.
• Summer Entrepreneurs: Money-Making Ideas for Kids: This article discusses the various ways that kids are able to make money over the summertime. An example is to provide technology services to those who are not tech savvy.
• Treasury Direct KIDS: Show kids treasury securities and provide them with information on savings bonds, bills, notes and bonds. Also obtain a list of tips on investing in savings bonds and the like.
• It’s My Life: Learn about ways to earn money, manage money and spend in smart ways. Play games, watch videos and obtain advice from others.
• The Banking Kids Page: This site teaches kids the importance of financial literacy. Sections are available for preschool kids as well as elementary and teens.
• Planet Orange: Teach kids about finances through this use of this kid-friendly website. This site has a section for kids, teachers and parents. On the teacher section, you are able to download lesson plans and parents learn how to keep children safe while they are online.
• Wise Pockets Clubhouse: Learn how to earn money through this interactive website. This site teaches kids how to earn, save and build credit.
• Games: Play a variety of fun games while learning about finances. In addition to online games that are available, this site also provides you with information on various games that can be done inside the classroom.
• Hands on Banking: This interactive site provides your child with an extensive amount of information on finances. Some of the information that is provided includes budgeting, savings and checking accounts and information on credit.

History of Accounting

While accountants have long borne the brunt of bean-counter jokes and number-cruncher stereotypes, they are inestimably important in a smoothly-functioning society. While a certain less-savory career holds the claim on the oldest profession‚ accountants have a storied past dating back to the first civilized societies…

https://www.ngscholars.net/history-of-accounting/

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