Financial literacy is the key to a brighter future. This is why it’s incredibly unfortunate that few Americans truly understand how to manage their finances. More than 50% of Americans do not have basic grasp of financial literacy; this simply means that people lack vital information that should help them budget, save, and invest their money properly.
Without financial knowledge, people will simply go from pay check to pay check, unable to save for a rainy day or plan ahead for their retirement. It’s an altogether unfortunate scenario that can be altered only 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. Apart from reading books and articles, the Internet now also offers a lot of very useful information and it could help you improve your financial knowledge at your own pace. These websites are regularly updated, have expert writers, and offer relevant insight that could definitely sustain your financial education.
Here are five online resources to help increase your financial knowledge:
For students and recent graduates, there simply is no better online resource than iGrad. Though the other resources are informative and range from practical to academic, iGrad was designed specifically by financial aid professionals to assist college students who are trying to make sense of their financial independence – and responsibilities – for the first time. The website covers not just personal finance, but also helps students make sense of their student loans (they offer entrance and exit loan counseling), find scholarships, handle credit and find jobs.
Yahoo Finance Experts
Yahoo! Finance offers a wide range of articles on personal finance, investments, 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 rookies. What’s more, the website has so many articles that you can find multiple opinions and perspectives no matter what topic you choose to read about.
Morningstar’s Investment Classroom
What’s the difference between investing in stocks and investing in mutual funds? Is there a difference? Morningstar’s Investment Classroom will teach you about these and more. It covers all the topics concerning investments in short, ten-minute courses that you can study at your own pace. For experienced investors, it’s possible to go straight to the advanced topics for tips; newbies can start from the very first and most basic course before moving up.
CNN Money 101
The best thing about CNN Money 101 is that it really is a thoroughly planned class that takes its “students” through easy all the way to advanced financial lessons. The website focuses on the practical application of financial knowledge. Though it doesn’t delve into theoretical or academic discussions of investments and personal finance, the lessons are very useful and can definitely help readers increase their financial knowledge as well as apply these lessons in real life.
The website is a valuable resource; it works for both newcomers and advanced investors alike. For those who already have a working understanding of investing, they can move forward and take advantage of the more advanced tutorials on Investopedia University. The site covers in-depth topics such as trading stocks, bonds, Forex and more. The site also has very helpful and easy to understand tutorials for newcomers. In fact, one of the most invaluable tutorials on Investopedia would be its introduction to financial literacy for kids and teens.