We have information below on various free tools, online forums, companies that allow you to invest with little money, and other resources that can help you, your family, and your children improve their financial literacy. There are also programs that low income families or those with limited savings can use to help pay down debts, start on the path to investing into the stock market, build savings and improve your overall money management skills. Or you can even find information to help you get on the path to learning what financial literacy is.
Whether it is learning how to budget, understanding what compound interest is and the benefits to investing early, avoiding predatory loans, paying down credit card debt and so much more, the free information and tools we have listed will help you improve your financial literacy and, hopefully, over time become proficient. There are financial literacy programs and tools for adults, parents teaching their kids, teenagers, and even kids so they can learn at an early age. A major focus is also on helping low income families get started with investing into the stock market or saving for their retirement.
Free resources to help improve financial literacy
There are many resources out there to teach you what financial literacy is as well as how to develop the skills needed for short as well as long term financial success. There is assistance for adults, children, college students, single moms, low income households and anyone else who wants to learn. In addition, learn about the importance of investing early (even small dollar amounts) and find how to start to buy stocks or bonds, even if you only have a few dollars to start.
Most people do not even know the basic financial terms as they have never been taught them. It is very important to know what an interest rate is or how to use good debt and avoid bad debt to improve finances as well as countless other concepts. The earlier that anyone, especially kids and teens learn about and develop financial literacy skills, the better. Find a list of important financial literacy terms on the website, including how compound interest can build wealth.
Find how to start to invest, even if you have limited funds or savings. Learn about different types of investments, such as mutual funds, Real Estate funds or ETFs. There are even brokerages as well as smartphone apps that allow low income families to buy stocks even if they only have little money to invest. There are different types of investment accounts as well, including 401(k)s, IRA, and retirement options for gig as well as self-employed workers. Learn how to invest with little money.
There are an increasing number of free or low cost technology tools that you can use in your daily life. They will help you budget, save money, invest, show your children as well as teenagers how to save or invest, and help improve your overall financial knowledge and reach your goals. Find how technology can help with financial literacy.
Women, in particular single mothers, are behind when it comes to general financial literacy knowledge as investing for the future or saving for retirement. There are many reasons for this, such as the gender wage gap, the glass ceiling, gender discrimination, and more. But there are resources out there, and find personal financial literacy help for women.
When a national or regional crisis hits, such as the COVID-19 Coronavirus, there is free personal financial literacy advice given from non-profits, pro-bono firms, and even “for-profit” advisors. The free financial literacy help is for low to moderate income families, business owners, retirees, and anyone in need of free advice. Get free financial advice during a crisis.
Money can bring out all sorts of emotions. There is stress, anxiety, compulsive spending, fear of investing or buying/selling stocks at the worst times, relationship problems and so much more. Financial therapy can help you deal with all of these emotions (and others). They help people use logic in a non-judgmental manner when making personal financial literacy decisions. Find a financial therapist near you.
Need for personal financial literacy skills
Financial literacy is not stressed enough in our society. Only 21 states mandate some form of classes at the high school level for teenagers and kids, and even those classes may be lacking in what they teach students. Over 70% of Americans can’t pass a basic financial literacy test. Over 40% of Americans do not have $400 in emergency savings. High priced auto loans and credit card debt is at a record high. Only a fraction of people have taking a class or read a financial literacy book. Most people do not know the Rule of 72 for doubling money. The list of challenges goes on an on.
While there may be many reasons to why someone may be lacking in financial knowledge (whether you are rich or poor or low income), the point is it is never to late to start to learn and improve these skills. We also have resources that will help teenagers as well as children improve their money management as well as financial literacy skills, as the earlier someone starts to learn the more they will benefit. Find the best books, take a test, or learn about free counseling services.
Our only goal here is to provide help to anyone who needs and wants to improve their financial literacy. We also want to focus on assisting children as well as teenagers so that they can be better prepared as adults.
We were blessed to have parents who stressed financial literacy to us when we were young, and we also learned so much more growing up and as adults. We want to help share information to a wider audience and help others start on the journey to financial literacy.
Everything on this site is free to use. Any comments posted or emails sent are held in strict confidence and never shared. In fact, emails will be deleted as soon as we send a reply to your question. The site is also non-judgmental. No one should ever feel embarrassed or ashamed if they do not know key financial literacy concepts; in fact, you should only be embarrassed if you do not take it upon yourself to try to learn or to teach your kids.
By Jon McNamara