Technology helps build financial literacy skills

A number of non-profits as well as for profit businesses have technology solutions that can help people increase their financial literacy. The resources may include free apps or software available on a smartphone, tablet, desktop computer, or other tools listed below. The options, most of which are free, are extensive and can be very helpful.

Whether a free budgeting app for a smartphone, games to teach kids financial literacy, free online financial counseling or anything else, solutions are available. Some of the tools used to teach or improve financial literacy are aimed at teenagers or singe moms. Some may be for senior citizens, women or families living paycheck to paycheck. The goal of all of them is to help families gain financial proficiency, and to make the process as quick and straightforward as possible.

Apps

Unfortunately most young people are not taught anything about financial literacy in school. But they tend to be more technology proficient than the older generation. This is where some of the financial literacy apps focused on teenagers, high school students, or even younger kids can be incredibly valuable.

There are free smartphone apps that allow kids to get paid for chores and build up a savings bank, all the while teaching them the importance of saving, investing, and hard work as well as building financial proficiency at the same time. Games or apps as well as websites can teach kids about knowing the difference between wants and needs, and help them save money for and work towards some of those “wants”. There are also free programs as well as financial literacy courses to help college kids, young adults, high school students, and so many other forms of technology out there. Find financial literacy apps for kids.

It can be very challenging for families to build up their savings, especially for an emergency. This is where technology can help again. Smartphone apps can be used to help start or build up savings.

Get help saving money when shopping. Use an app from your financial institution or your bank that slowly but steadily builds up your savings, which is an important lesson of financial literacy. There are “round up” apps, Keep the Change programs, and similar tools out there that can make saving very “painless”. Continue with saving apps.

Some apps come as games too. They may also have desktop computer or bard game versions. Most are focused on kids, elementary, middle or high school students and teenagers.  They can teach kids all about managing their money, investing, and general financial literacy. One effective way to teach kids about financial literacy (or really anything) is to blend fun with real life topics, and technology is being used to do this. Find financial literacy games for kids.

Parents can use an allowance-chore app to teach their kids about budgeting, financial literacy, investing and more. There are options on iPhones as well as Android smartphones, and these apps are a great way to pay the kids for doing some household chores while also teaching children the basics of personal finance. After all, technology has changed so much in life these days, and chores/allowance are yet another evolution of how technology has benefited us all. Read how to teach kids about financial literacy from chore apps.

There are also countless books about personal finance, including budgeting, investing, retirement, teaching kids, and many others. In there, there are so many books it is overwhelming to know which ones to read or not. You can read about almost any financial topic your mind can imagine. One of the great things about technology is you can often read these books for free using your tablet, computer or smartphone app as most libraries offer E-Books. We have a list of which ones you should read. Find financial literacy books.

By Jon McNamara