Best Educational Programs to Teach Financial Literacy

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Best Educational Programs to Teach Financial Literacy

With the quarantine extending in multiple places in the world, suddenly people have a lot of time on their hands. This is a great time to learn more about earning passively in a pandemic! What better way to make use of this extra free time than learning something new, right?

Now that most organizations have shifted into a virtual setting, online courses have been a big thing. Given the various topics that we could learn more about, getting educated about financial literacy has been made more accessible! From organizations that promote financial literacy to multiple universities offering free short courses, there’s a lot to choose from.

 In the realities and context we have right now, it is really beneficial to learn about financial literacy. Understanding how money works daily – investments, stocks, and more can help individuals have a better future if taken seriously.

What Is Financial Literacy?

First and foremost, let us define what financial literacy is and its relevance to our day to day lives. In essence, financial literacy talks about one’s capacity to understand & apply finance-based skills. These skills include budgeting, investing, tracking and management, and the likes. Regardless if you study businesses, it’s important to acquire these skills because everyone’s a consumer in one way or another. 

Furthermore, it also ensures people have a grasp of money usage so planning for the future can be learned as well.

finance

The study of financial literacy actually has 5 components: budgeting, interest rates, savings, debt, and theft & security. Although these all have different target focus areas, collectively, it sums up what financial literacy is all about. Let’s learn more about it one by one!

Budgeting

Most often people think that it is easy to learn about budgeting, however, that’s not always the case! Creating one is one thing but sticking and managing it is another. Not to worry though because a lot of online e-programs offer short courses on budgeting and we’ll learn more about it later. 

Budgeting allows people to make the most out of their money instead of money being a limitation. Knowing proper budgeting can really lead to lifetime benefits especially once you get the discipline for it!

Interest Rates

Nominal interest rate, compound interest rate, fixed interest rate – all sounds familiar? Knowing how to effectively comprehend interest rates is a skill not a lot of people have. But with e-programs, grab the opportunity to try out different exercises and even practice problems to hone the skill. 

With this skill acquired, you wouldn’t have to hire someone to help process your finances because you’d be familiar with it yourself!

Saving

Definitely, saving sounds easier said than done. More than just doing the act of saving itself, learn how to set goals in a long-term manner. Luckily, there are multiple opportunities for individuals to develop this skill through materials provided in educational programs. 

These materials can come in many different forms, perfect for those who want to learn asynchronously or synchronously. In no time, learn the skill of saving through learning platforms available online.

Debt

debt avalanche

One misconception for a lot of people is that financial management is just all about gaining money. However, just like any person, we have our day to day needs and expenses. With this, people have to continually spend but of course, we cannot spend more than what we have. In the process of understanding debt, more individuals fail to understand that financial management isn’t just staying out of debt but also aiming for financial freedom

Staying out of debt’s more than just a lesson but’s something that has to be integrated into one’s lifestyle and habits.

Theft & Security 

Of course, safety is a must even in financial management. Whether it’s in online banking or in a business deal, theft & security knowledge is essential. Financial management trains individuals to know how to take good care of one’s assets so it can be maximized at its best. With fraud & scams being very rampant, knowing how to manage these issues can help you become better at financial literacy too. 

Necessities Needed To Learn Financial Literacy

If you are planning to learn more about financial literacy, it might be helpful to have these simple essentials prepared:

Laptop

A lot of educational programs being offered virtually require you to go through a series of materials or sessions related to the topic. If this is your preferred type of learning, it would be helpful to have a laptop for better information absorption.

Accounting Notebook

If you want to deepen your skills in financial management and really want to go all out, having the right materials can help! There are ledgers or sheets that are really used for accounting and budgeting that you might want to invest in. These can be of long-term use if you want to organize your current and future expenditures and savings in an organized fashion! 

Calculator

laptop and calculator

From budgeting to adding savings, and computing for interest rates, a calculator can be a really helpful tool resolving all of this. If you’re not exactly a math wiz, carrying a calculator can be a helpful buddy in this endeavor. Although there are built-in calculators in other devices, there are some functions in a real calculator that might be helpful!

Best Educational Programs To Teach Financial Literacy

After learning the basics of financial literacy & essentials to make learning effective, let’s get to the programs available!

1. National Financial Educators Council (NFEC)

NFEC offers various financial literacy solutions for all types of learnings and in partnership with lots of other schools & organizations. Being an independent finance company, they promote financial education in inclusive means following a sustainable business model. NFEC offers the following programs: 

  • Training Certification for Interested Educators
  • Training Certification for Interested Coaches
  • Enterprise Level Team Training
  • Financial Education Program Development
  • eLearning & Tech-based Education
  • Individual Classes
  • Personal Financial Coaching

Overall, NFEC has over 2,500 programs developed with target markets ranging from individuals, communities, organizations, and more. They also have more than 80 financial literacy assets developed by various financial experts and an advisory board. Lastly, they also run multiple campaigns that promote financial awareness in partnership with other universities and organizations too.

2. You For Youth (U.S. Department of Education) 

The You For Youth financial literacy programs aim to target young people becoming more adept when it comes to financial literacy. From virtual financial literacy courses to age-adjust curricular, they ensure that the learning can be tailor-fit to the person taking the course. They also have policy review programs and private & public sector partnerships that allow initiatives to continue the same purpose. YFY offers the following programs: 

  • Basic level certificate of completion (2 hours)
  • Advanced level certificate of completion (5-7 hours)
  • Coaching My Staff (1 hour) for Leadership Level certificate

You For Youth provides interested students with various resources and materials that could be of their use. They also offer Coaching My Staff certificate sessions that train people to know how to train others too. In this way, trainers are also trained so more people can be educated about financial literacy. 

3. InCharge Debt Solutions

Aiming to help educate and capacitate adults, InCharge also offers financial literacy education not just specifically for debt solutions. The institution offers financial literacy resources for free with it tackling topics such as budgeting & saving through finance workshops & workbooks.

The Personal Finance Workshops in cooperation with local and national partners offer the services for students, companies, organizations, and clients, interested to take in the curriculum. To see more of the topics included in the workshop agenda, you can definitely check it out here. But in general, registering for the workshop is easy because it offers the following: 

  • Financial Literacy Workshops For Teachers
  • Credit Counseling and Financial Literacy Workshops
  • Financial Literacy Workshops for Habitat For Humanity
  • Homebuyer Education Workshops And Webinars
  • Personal Financial Education

Overall, the services offered by InCharge allow different stakeholders to learn more about financial literacy in various levels of understanding. Thankfully, they also offer many options whether you would want webinars to modular types of learning. In this way, more people can feel more comfortable especially with varying learning styles per person. 

4. Yale University

What’s it like to study in one of the most prestigious schools? Get a taste of that through their financial literacy courses that can be accessed online. The Association of Yale Alumni and Students and Alumni of Yale (STAY), generously offered their time and talents to conduct financial literacy workshops to help others.

Learning Is Key

learning

Most often than not, the cause of debt and other financial problems is a lack of financial education. Whether this financial education is in terms of literacy, skills, decision-making, and the like, it all contributes to the long-run. With this, it is essential to acknowledge and recognize the role of financial literacy in the ability of individuals to achieve sustainability. 

With all the tips and programs mentioned, we highly recommend individuals to start financial education as soon as possible. Break the misconception that financial education is just for “adults” because young or small, economic development is also part of well-being.

 

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