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Financial literacy is the key to a better future. This is why it is incredibly unfortunate that few Americans truly understand how to manage their finances. More than 50% of Americans lack a basic understanding of financial literacy; this simply means that people lack vital information that should help them budget, save, and invest their money correctly.
Without financial knowledge, people will simply go from salary to salary, unable to save for a rainy day or plan ahead for retirement. It is an entirely unfortunate scenario that can only be changed if financial education becomes a crucial part of the country’s education system.
For adults who want to catch up, self-education is always an option. In addition to reading books and articles, the Internet now also offers a lot of very useful information and could help you improve your financial knowledge at your own pace. These websites are updated regularly, have expert writers, and offer relevant insights that could definitely bolster your financial education.
Here are five online resources to help you increase your financial knowledge:
iGrad
For students and recent graduates, there is simply no better online resource than iGrad. While the other resources are informative and range from practical to academic, iGrad was specifically designed by financial aid professionals to assist college students who are trying to make sense of their financial independence – and responsibility – for the first time. The website not only covers personal finance, but also helps students make sense of their student loans (they offer advice on incoming and outgoing loans), find scholarships, manage credit, and find work.
Yahoo financial experts
Yahoo! Finance offers a wide range of articles on personal finance, investing and financial news. The articles are interesting, easy to read and very informative. More importantly, the articles contain practical advice that can be easily applied by even the greenest of financial beginners. Also, the website has so many articles that you can find more opinions and perspectives no matter what topic you choose to read.
The Morningstar Investment Classroom
What is the difference between investing in stocks and investing in mutual funds? Is there a difference? Morningstar’s Investment Classroom will teach you all of this and more. It covers all investing topics in short ten-minute courses that you can study at your own pace. For the savvy investor, you can jump straight to the advanced topics for tips; newbies can start on the first and most basic course before moving up.
CNN 101 money
The best thing about CNN Money 101 is that it is truly a carefully planned class that takes its “students” through easy lessons to advanced financial lessons. The website focuses on the practical application of financial knowledge. While it doesn’t delve into theoretical or academic discussions about investing and personal finance, the lessons are very useful and can definitely help readers increase their financial knowledge and apply these lessons in real life.
Investopedia University
The website is a valuable resource; it works for both newcomers and advanced investors. For those who already have a working understanding of investing, they can go ahead and take advantage of the more advanced tutorials at Investopedia University. The site covers in-depth topics like trading stocks, bonds, Forex, and more. The site also has very useful and easy to understand tutorials for newcomers. Indeed, one of the most valuable tutorials on Investopedia would be its introduction to financial literacy for children and teenagers.