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Capital One & Khan Academy’s free financial literacy course

September 13, 2023 | 1:16 min video

Everyone deserves to feel confident, capable and in control when it comes to their money, and financial literacy is one key to making that a reality. But high-quality financial education isn’t always accessible or affordable.

That’s why Capital One is partnering with Khan Academy to help bring a free financial literacy course to anyone who wants to demystify personal finance and get one step closer to financial well-being.  

Khan Academy’s financial literacy course breaks down complex financial concepts into self-paced, easy-to-understand units. You’ll learn about everything from budgeting and saving to credit, debt, retirement planning and more—all from the comfort of your own home or wherever you choose to learn online. 

Key takeaways

• Khan Academy is a leader in online learning whose mission is to provide a free, world‑class education for anyone, anywhere.
• The Khan Academy Financial Literacy course is self-paced and completely free.
• The course is made up of multiple units, each with its own lessons, covering topics like budgeting, saving, credit, investments, insurance, taxes, scams, fraud and more.
• Capital One’s partnership with Khan Academy is part of the Capital One Impact Initiative , a commitment to advance socioeconomic mobility.

Khan Academy financial literacy

Overview of course units.

The Khan Academy Financial Literacy course is made up of units covering topics like budgeting, saving, credit, investments, insurance, taxes, scams and fraud.

The units are designed to give you the skills and tools you need to take charge of your finances. Each unit is made up of individual lessons that include engaging instructional videos, articles and exercises—all in one easy-to-access online platform. There are also unit tests and a course mastery challenge. 

The entire course is self-paced. You can pick and choose the units you want to complete or go through the entire course. You can also take the units in any order you want. And remember, it’s completely free for everyone. 

Here’s an overview of the course units: 

Unit 1: Welcome to Financial Literacy

Get an introduction to the course and discover how you’ll be able to take your finances to the next level with practical tips and step-by-step guidance. It includes this lesson: 

• Welcome to financial literacy  

Unit 2: Budgeting and saving

Do you know how to design and balance a budget? What about the 50-30-20 budgeting rule? Whether you’re looking to pay off debt, save for a rainy day or just want to be more in control of your money, this unit can help you learn how to budget and save like an expert. It covers three lessons:

• Reducing expenses
• Saving money

Unit 3: Consumer credit

Understanding credit is an essential part of making smart financial decisions. Find out how to use credit to your advantage with these three lessons: 

• Credit score  
• Credit cards
• Payment methods

Unit 4: Financial goals

Explore the importance of setting clear, achievable goals that pave the way for a stable financial future. Plus, learn how to prioritize your financial aspirations, create actionable plans and stay committed to your progress. This unit includes four lessons: 

• Money personality 
• Charitable giving
• SMART goals
• Short-, medium- and long-term goals  

Unit 5: Loans and debt

The world of loans and debt can feel overwhelming. This unit breaks down the complexities of borrowing money to help you make smart decisions about debt. That way, you can transform loans and debt into useful tools for your financial well-being. Check out these five lessons: 

• Borrowing money 
• Types of loans
• Terms of borrowing 
• Bankruptcy 

Unit 6: Insurance

Insurance can be a complex topic. There are so many types of insurance to know about—not to mention all the insurance jargon you have to decode. But insurance plays a vital role in safeguarding your financial future. And it’s crucial that you know how to make informed decisions about insurance. Gain the vital knowledge and tools you need to secure your financial future and peace of mind with these nine lessons: 

• What is risk and how to manage it 
• Insurance basics and terminology 
• Health insurance options and costs  
• Disability and long-term care insurance 
• Life insurance 
• Property insurance options and costs 
• Car insurance options and cost 
• Supplemental insurance and warranties 
• Estate planning and legal instruments 

Unit 7: Investments and retirement

Dive into different investment options and strategies so you can grow and secure wealth for the long term. Find out how to harness the power of investing to achieve financial freedom and set yourself up for a fulfilling, worry-free retirement. This unit includes three lessons: 

• Introduction to saving and investing 
• Risk and return of investment options  
• Planning for retirement  

Unit 8: Scams and fraud

Scammers are always evolving and coming up with new ways to trick people out of their money. Find out about different types of scams, the red flags to watch out for and ways to protect yourself from becoming a victim with these three lessons: 

• How to protect your personal information
• Common scams
• Consumer protection agencies 

Unit 9: Careers and education

Investing in your career and education is an important part of helping yourself succeed and reach your goals. Learning new skills and information can open up opportunities for better jobs and a brighter future. This unit covers four lessons: 

• Education and earnings  
• College, post-secondary education and training 
• Cost of post-secondary education and training 
• Choosing where to go  

Unit 10: Taxes and tax forms

Figuring out taxes on your own can be daunting. These practical tips and step-by-step instructions simplify complex tax information so you can confidently manage your taxes. Explore the fundamentals of taxes, including the different types of income, how they’re taxed and key tax forms like the W-2, 1099 and 1098, in these two lessons: 

• What are taxes? 
• Tax forms  

Unit 11: Additional resources

This final unit is packed with even more articles and videos to help you improve your financial literacy. This unit covers nine lessons: 

• About this unit 
• Saving and budgeting  
• Interest and debt
• Investments and retirement 
• Pay and benefits 
• Taxes 
• Car buying and leasing 
• Paying for college 

Khan Academy FAQs 

Here are the answers to some frequently asked questions about the Khan Academy Financial Literacy course:

1. How do I access the course?

You can access the course for free on the Khan Academy website .

2. How much does the course cost?

It’s completely free. There’s no charge for any part of the course.

3. What’s the benefit of completing the course? 

The course is designed to help you take your finances to the next level with practical tips, easy-to-follow instructions and step-by-step guidance. You’ll learn how to manage your finances like a pro and build a solid foundation for your financial future.

4. How long will it take to finish the course? 

The course is designed to be self-paced. Everyone’s situation is different. How long it will take to complete the course depends on how much you already know and your personal learning style. 

More ways to take your finances to the next level with Capital One

Capital One has even more tools and resources to help you stay on top of your money and reach your financial goals :

• CreditWise from Capital One: With CreditWise , you can access your TransUnion® credit report and VantageScore® 3.0 credit score any time—without hurting your credit scores. You can even explore the potential impact of financial decisions before you make them with the CreditWise Simulator . CreditWise is free for everyone, even if you’re not a Capital One cardholder.
• The Money & Life Program: Access self-guided exercises and on-demand workshops to support your financial well-being with the Money & Life Program .* Plus, get up to three free one-on-one sessions with a professional mentor who can help you make a personalized plan to achieve your goals. It’s free for everyone, whether you bank with Capital One or not. 
• Credit cards for building credit: Explore Capital One credit cards for fair credit and building credit , student credit cards and secured credit cards . When used responsibly, a credit card is one tool you can use to build or rebuild credit .
• Pre-approval: Find out whether you’re pre-approved for a Capital One credit card before you apply. It’s quick and only requires some basic information. And it won’t affect your credit scores. 

Monitor your credit for free

The capital one impact initiative.

The Khan Academy partnership comes to life through the Capital One Impact Initiative , a multiyear commitment to close gaps in equity and opportunity. The program is designed to help build the financial well-being of communities through support and emphasis on the financial fundamentals.

Related Content

Financial literacy: 5 basic concepts to know.

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article | April 9, 2024 | 6 min read

How to get a credit card

article | March 19, 2024 | 11 min read

Experience Meets Learning

Financial Literacy

Give your students skills they’ll use for life..

Gamified Education

Students learn best by doing. Banzai’s games and resources allow kids to make mistakes, learn, and succeed from the safety of their classroom. Some of the life literacy skills they develop include:

• Managing Debt
• Internet Safety
• Career Planning
• Soft Skills

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• Automatically graded units
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Learning resources.

Cover the most important aspects of each topic with offline and online resources.

• In-depth articles
• Practical calculators
• Printable worksheets
• Physical workbooks
• Digital flashcards

Meets State’s Standards

Banzai courses cover a wide range of essential topics while fulfilling your state’s standards of learning (SOL). Take a closer look at how each course aligns with your curriculum standards.

Banzai packages life's most important skills into fun, interactive games.

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Challenge your students to practice critical thinking, math, and vocabulary through physical workbooks shipped directly to your school.

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Banzai complies fully with restrictions set by COPPA and FERPA—we don't store personally identifiable information such as a student’s age, location, gender, or ethnicity.

Interested in sponsoring Banzai?

Thanks to the generous sponsorship of local banks and credit unions, Banzai is completely free for teachers and students.

Frequently Asked Questions

• How is Banzai free? Banzai financial literacy courses are free with the help of local financial leaders in your community—like banks and credit unions. Because a local sponsor cares about your students’ future financial security, they cover the cost of Banzai (the online software, resource library, and printed booklets) for you and your students.
• How long does Banzai take? Banzai’s financial courses are built to supplement your curriculum, meaning you can use as many or as few of the games, worksheets, and educational resources as you prefer. That means new content is added all the time. At the moment, Banzai has 15+ interactive games that take anywhere between 30 minutes to 4 hours to complete, 30+ supplemental educational resources, and 40+ worksheets.
• What is a sponsor? A sponsor is a local financial institution, like a bank or credit union, that provides Banzai for teachers and students to use at no cost. But even more than that, a sponsor is your partner in student education. Sponsors are passionate about financial education and want to be involved; you can help by requesting in-person or online presentations or classroom visits.
• Is Banzai ADA compliant? We strive to make all content on banzai.org accessible to vision-impaired users through screen readers. Banzai can also be used without a mouse. Scroll through options using Tab, press Enter to select an option, and press Shift + Tab to move backward. If you’ve used Banzai for a while, you may notice that we’ve recently changed our look. These updated colors provide higher contrast and make it easier for all users to see and experience Banzai’s content.
• Is Banzai available in languages other than English? Banzai’s flagship financial literacy units (Lemonade Tycoon, Life Scenarios, and Advanced Budgeting) are available in English and Spanish. We are working on rapidly expanding the number of languages and courses available in other languages and will have exciting updates related to this soon.

Get started with Banzai today.

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Financial Literacy

Helping you prepare for life..

We want financial literacy to be a part of your life. To that end, we have focused our resources on providing support and education on financial understanding for all students. The more you know, and the more tools you have at your disposal, the better prepared you will be for life at and beyond Harvard.

In this guide, you'll find information on budgeting, credit, saving and investing, and taxes.

A budget is, simply put, a plan for your money. By tracking income and expenses you can create a plan for your spending and saving. 

Why do you need a budget?

If you have ever found yourself looking at your bank account and wondering where your money went, a budget can help. The most common cause of financial problems is spending more than you are earning. With a flexible, sensible budget, you can control of your money and avoid financial stress. It can help you limit spending and ensure there is enough money to do the things that you want. 

How to get started

• Build a starting budget with your best guess of what you spend in a month (on average), separated into categories like books, personal expenses, rent, phone, and entertainment.
• Track your expenses for a few months. Then, compare these figures with your previous projections. You may be surprised to see where your guesses were higher or lower.
• Once you have tracked your expenses, compare these to your income. If you are spending more than you are earning, you need to make changes.
• Be honest about "needs" vs. "wants". Enjoying a store-bought coffee every single day is nice, but you could save up to $80/month by reducing this purchase from daily to weekly.
• Review your monthly budget for any necessary changes. Remember: a budget is fluid, meaning that it will (and should) adjust as your income and goals adjust.

Determining How Much Disposable Income You Have

Consider setting some of your income aside in a savings account, and putting limits on how much you can spend on non-essential items.

Let’s say you buy a cup of coffee on most days, grab a quick bite a couple times a week, and go out on Saturday nights for fun with friends. Your yearly spending may look like this:

• Coffee 4x/week @ $2.50 = $520
• Quick late-night snack 3x/week @ $6.50 = $1,014
• Weekend Fun @ $25-30 each weekend = $1,560

Your total spending would be $3,094 per year, or $12,376 for the four years of college--enough to buy a car. Considering this, make sure you’re being thoughtful about how you want to spend and save your money!

Moving forward with a flexible budget

For your budget to be useful, you need to follow it for more than a few months. Tracking your daily purchases only takes a few minutes. It takes even less time with a budgeting app that links to your bank and credit card accounts and automatically categorizes your purchases. Finding it hard to stick to your budget? Some of your figures may be unrealistic so review and adjust as needed. Perhaps you need to allocate more towards books and travel, and less on clothing. The best budget is one that grows and changes to meet your needs

What can you do now?

Setting up financial goals will help you plan and prioritize what’s important to you, and how you should set up a budget to align with your interests. Goals will also help you be more aware of how you spend your money day-to-day. It’s a good idea to write out these goals, and to stay mindful of them as you go through college!

If you like a pen and paper approach, you can try a simple tracking sheet like this one from Balance Pro or a more comprehensive budget worksheet like this one from the Harvard University Employees Credit Union . If you prefer a phone app, there are many to choose from and most are free. Read reviews to determine what makes the most sense for you.

Credit is a major factor in today's economy and is your reputation as a borrower. In order to have the best reputation, credit wise, you should take the time to learn about managing your credit. This is especially important when it comes time to rent an apartment, finance a car, buy a house, or even find a job. The sooner you start building your credit profile, the better off you'll be in the future.

Credit Report vs. Credit Score

A credit report is a detailed report of your credit history. It has personal information, employment history, and a list of open and closed credit accounts. You can get a free copy of your credit report once per year from each of the three credit reporting bureaus: Equifax, Experian, and Transunion. The website to check is  www.annualcreditreport.com . It’s a good idea to review your report at least once per year to ensure accuracy and check for fraud. If someone were to fraudulently open a line of credit in your name, you might never know without checking your report.

A credit score is a snapshot of your credit risk at a point in time, based off of your credit report. Credit scores such as FICO range from 300-850, with the majority of Americans scoring between 600-800. For lenders, a higher score means a lower chance of default.

Lenders often charge higher interest rates when taking on higher risk, so a low credit score means a more expensive loan. Conversely, a higher credit score means a less expensive loan. With solid credit history you can pay less for many credit products like private loans, credit cards, insurance, auto loans, and mortgages.

Do Your Research

Before applying for a credit card, compare each potential card’s annual fees, interest rates, special rewards, and credit limit. Little differences can have major impacts. Once you choose a credit card and begin using it, make your payments on time and pay off your balance each month. Failure to do so can result in large fees and do serious damage to your credit score. Try not to carry a balance on the card; instead, make occasional and sensible purchases.

Components of Your Credit Score

• Payment History (35%)  This is the largest factor and thus the best way to improve your score: make consistent, on-time payments. If you are more than 30 days late even once, that record remains on your credit report for 7 years and could result in a drop of 90 points or more in your credit score.
• Amount of Debt (30%)  How much debt you have relative to your available credit makes up the second largest factor in your score. A good rule of thumb is to keep your debt utilization ratio ( amounts owed/total credit limit ) below 30%. Pretend you have two credit cards and both have a limit of $500. To stay within 30% you would spend no more than $300 between the two cards.
• Length of Credit History (15%)  Lenders like to see long relationships with other lenders. One easy thing you can do to build credit history is open a no-annual-fee credit card, charge a few dollars each month, and pay it in full each month when the bill comes. 
• New Credit (10%)  Anytime you apply for a line of credit and a lender does what is called a "hard pull" on your credit score, your score can drop by a few points. This isn’t a big deal as new credit only makes up 10% of your score, but if you do this often enough it can substantially impact your score and ability to secure new credit. This information remains on your report for 2 years.
• Credit Mix (10%)  Lenders like to see a variety of credit accounts in good standing because it signals that you are a responsible borrower. A person who is making on-time monthly payments on a credit card, an auto loan, and a student loan is considered less risky. Your access to different types of credit may be limited as a student, and most lenders realize this.

U.S. News and World Report Student Credit Card Survey

Each year, U.S. News and World Report conducts a survey of students who own a credit card. From the results, they identify and address common credit topics such as credit scores, costs of credit, and providing tools that help guide students with credit card best practices. View the survey and guide here .

Helpful Reads

For more information on effective credit building as a student, the following articles are useful.

• CreditCards.com Presents: 10 Ways Students Can Build Good Credit
• A College Student’s Guide to Building Credit

Saving and Investing

Figuring out how to secure your financial well being is one of the most important things you can do. 

For many people, the path to financial security is with saving and investing. As a student, these topics may not yet be on your radar, but saving is a key concept for financial well-being. If you make saving a regular habit, even a small amount, you are building a foundation for financial success.

Tips on getting started with saving and investing

• Pay yourself first:  This means that for every paycheck you receive, commit to putting an amount (even a small amount) aside in a savings account. An effective way of doing this is to have a set amount of your paycheck directly deposited into a savings account, separate from what you use for everyday expenses. You will be surprised how quickly your savings can grow.
• Keep track of your saving:  People who track their savings tend to save more because it is on their mind. With online and mobile banking, there should be no excuse not to know exactly how much money you have.
• Set Goals:  Setting financial goals is crucial. As a student, you may only have a few financial goals, but this is the perfect opportunity to hone your skills. Think of this scenario: You want to pay off a student loan before graduation, how will you accomplish this? How much do you need to work? To save? The better you do now, the easier accomplishing future goals will become.

Thinking ahead

Even now there may be long range financial goals that you start saving for. Here are some tips for investing in your long term financial goals.

• Plan ahead:  As with any endeavor, advance planning is a way to figure out what you want, when you want it, and what you can do to achieve it. The sooner you start planning, the sooner you start accomplishing.
• Understand the time value of money /compound interest:  This is the principle that a dollar today is worth more than a dollar in the future, because the dollar received today can earn interest up until the time the future dollar is received. The longer the time frame for investment, the more you can increase the income potential of your investment. On the flip side, waiting to invest can make it more difficult to achieve your financial goals. Discover how much waiting to save could cost you with the SEC  compound interest calculator .
• Understand your objectives:  As a general rule, the shorter your time frame for investing, the more conservative you should be. For example if you are in your twenties and trying save for a down payment on a house, you are going to want to put your money in a vehicle that ensures the least risk of losing your principle investment. When your time frame for investing is long, you can consider less conservative options. Retirement savings are an example. Starting young allows you to save for a longer period and allows time to make up for potential loses in a less conservative environment.

Do you need to file taxes? Are you aware of the tax benefits for Education? Find out the answers to these important tax related questions.

U.S. Federal Taxes: Overview

If you are planning to work in the US, then navigating the tax code is going to be a large part of your financial well being. Gathered here are aspects of the tax code that deal with education and college related expenses. While the information here is a good start, it is only a broad overview and not a complete guide to filing taxes. For specific questions or additional information, you may wish to visit the  IRS website  or consult a tax professional. International students should consult the  Taxes & Social Security  page of the Harvard International Office website.

Do I need to file taxes?

Determining whether or not you need to file taxes depends on two things: how much money you earned and how much was taken out (aka “withheld”) for taxes.

If your earned income is over a certain limit as determined by the IRS, you may be required to file taxes regardless of how much was withheld from your paycheck.

• As an example, a typical Harvard undergraduate was required to file (2018) taxes if their income (including  taxable scholarships ) was equal to or greater than $12,000.
• The IRS strongly suggests that you file taxes, even if you are not required to do so. By filing your taxes, you may be eligible for a refund of some or all of the income withheld.

Types of tax benefits for education

The information provided here is intended only to get you started to learn about potential tax benefits related to higher education. It is important to note that there are eligibility restrictions and we strongly suggest visiting the  IRS website  directly for the most comprehensive information about tax benefits for higher education.

American Opportunity Credit

• This is a credit of up to $2,500 per eligible student based on Qualified Education Expenses paid during the tax year. The American Opportunity Credit can only be used for up to four years per eligible student.

Lifetime Learning Credit

• This is a credit of up to $2,000 per eligible student based on Qualified Education Expenses paid during the tax year. The Lifetime Learning Credit does not have a limit on the number of years it can be used per eligible student.

Tuition and Fees Deduction

• This is a deduction of up to $4,000 from your Adjusted Gross Income (AGI) based on amounts paid for Qualified Education Expenses. This deduction can be claimed for multiple students and the maximum deduction in a tax year is $4,000.

Student Loan Interest Deduction

• If you are a student making payments on an education loan that is accruing interest, you may be able to deduct some or all of the interest you paid that year from your taxes.
• Your parents may be able to deduct some or all of the interest they paid on their loans, taken on your behalf, if they still claim you as a dependent. The current limit is $2,500 per year, subject to income restrictions.

Important questions to consider

What are Qualified Education Expenses?

When filing taxes, you should know what counts as “qualified” and what doesn’t. This can be confusing because the definition of “qualified” is contextual. For example, the IRS may have a different definition of “qualified” than a 529 plan or other education savings plan provider.

What does the IRS count as Qualified Education Expenses?

• Per IRS guidelines, the expenses that you paid directly (or with a loan) for tuition, fees, and other related expenses count as qualified education expenses.
• The IRS website states that the following expenses do not qualify: room, board, insurance, medical expenses (including student health fees), transportation, and personal/living/family expenses.

What are Credits and Deductions?

Credits and deductions are two different ways to reduce your tax liability.

A  deduction  reduces the amount of income you have that is subject to tax. The actual benefit is tied to your tax bracket. In other words, if you are in the 25% tax bracket and have a Deduction of $1,000, your benefit is a $250 reduction in your taxes (25% of $1,000.)

A  credit  on the other hand reduces the amount of income tax you have to pay in a 1:1 ratio. In other words, if you have a $1,000 Credit, then your benefit is a $1,000 reduction in your taxes.

As a general rule, you should seek out credits before deductions, since the benefit is usually larger (i.e. to your advantage).

Additional Resources and Information

The information provided here is taken from the IRS website and is intended solely as a guideline. Because tax laws are constantly changing, information found here may change. For the most up to date and comprehensive information, we strongly suggest visiting the  IRS website , or consult a tax professional should you have specific questions. 

http://sfs.harvard.edu/taxes

http://www.irs.gov/Individuals/Education-Credits

IRS Publication 970 (Tax Benefits for Education)

http://www.irs.gov/Individuals/Qualified-Ed-Expenses

Throughout the year, we offer events on a wide range of financial literacy topics. Some events are in person and some are virtual, but all are geared toward helping you understand, manage, and move forward with your financial life. 

• First-Year Finance - A session delivered in the fall of your first year which provides an overview of all things Financial Aid. We also cover credit, budgeting, and the various financial literacy programs that we have available. Take advantage of this wonderful opportunity to ask questions and learn more about Harvard’s generous financial aid offerings.(This session has been cancelled for fall 2020).
• Money Management 201  – You’re getting ready to graduate and you have borrowed to help cover the cost of education. Is your financial health in order? Join us at one of our Spring semester sessions where we explain debt, loan repayment, and a host of other financial literacy topics. Regardless of whether you’re joining the work force, taking time off to travel, or prepping for grad school, these sessions are invaluable as you start your life post-Harvard.
• University Efforts  - In June 2011 the Directors of Financial Aid at each Harvard School as well as the University Financial Aid Liason’s Office decided to work on Financial Literacy as a University wide endeavor. One result of this collaboration was a university resource on financial wellness .

Related Guides

Financial aid fact sheet.

Get the facts about Harvard College's revolutionary financial aid program.

Guide to Debt Management

Loans are never required, but if you choose to take out loans, we want to help you "borrow smart". Here are some helpful tips on debt management.

Understanding Your Financial Aid Award

Let's review some of our financial aid terminology to help you fully understand your financial aid award letter.

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Best Resources for Improving Financial Literacy

Daniel has 10+ years of experience reporting on investments and personal finance for outlets like AARP Bulletin and Exceptional magazine, in addition to being a column writer for Fatherly.

• The Ultimate Guide to Financial Literacy for Adults
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• Money Orders: When, Where, and How
• How to Read a Consumer Credit Report
• How to Establish Credit with No Credit History
• Credit Cards vs. Debit Cards
• Buy Now, Pay Later vs. Credit Cards
• How to Get Out of Debt in 8 Steps
• Student Debt
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• How to Pay Back Taxes
• What You Should Know About Debt Relief
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• How to Save Money for Your Big Financial Goals
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Learning about various financial topics—personal finance, saving and investing, buying a home, retirement planning, the stock and bond markets, tax-shielding strategies, to name a few—is essential to well-informed, successful financial decision-making. Financial literacy is a key to achieving important financial goals over the course of your entire life.

What are the best resources for improving your financial literacy ? How can you take your financial know-how to the next level? We’re partial to a certain finance website, of course, but the reality is that there are a number of tools that are well worth your time.

Here are some resources that we recommend you explore.

Key Takeaways

• Books and magazines remain a great way to delve into financial topics, although it’s important to find a publication geared toward your experience and learning level.
• The past few years have seen a proliferation of personal finance podcasts that can help you hone your money-management skills in your spare time.
• Libraries and civic centers sometimes host presentations by local financial professionals that are geared to novice investors.
• Financial professionals themselves and/or financial firms also offer financial education opportunities.
• Financial websites (including Investopedia ) are another powerful and convenient resource for financial education.

For anyone trying to build their financial literacy , one place to start is with a good book. The big advantages of print are that you can go at your own pace and focus on the topics that interest you the most. Most public libraries should have a sizeable selection of publications on financial topics.

Here are some highly regarded titles to start you off.

Personal Finance for Dummies

Sure, opening up a book designed for “dummies” takes some humility, but those who dig through author Eric Tyson’s expansive tome are usually rewarded. At almost 500 pages, Tyson covers it all—from budgeting and investing in mutual funds to understanding different types of insurance. Other topics include cryptocurrency, technology, and even how to thwart identity theft. Don’t expect a deep dive into every topic. However, for a quick introduction to key concepts, it’s a good place to start.

Your Money or Your Life

This book by Vicki Robin and Joe Dominguez defined the financial independence, retire early (FIRE) movement often tied to the millennial generation. The main goal of FIRE is to save 25 times annual expenses and to withdraw 4% as retirement income. This savings goal requires a very frugal lifestyle and a firm commitment to the system. The book was fully revised in 2018 and is a great financial literacy resource for the topic of personal finance.

I Will Teach You to Be Rich

When a book on finances is described as breezy and irreverent, one might think it not worth reading. In this case, one might be wrong. Ramit Sethi's self-described "no guilt, no excuses, no BS, just a 6-week program that works" quickly became a New York Times and Wall Street Journal bestseller. It's a go-to resource that coaches readers to earn more, save more, and live a rich life. The revised 2019 second edition teaches you how to choose the right accounts and investments so that your money grows for you—automatically.

Subscribe to a Newspaper or Magazine

With so much great content available on the web, forking over money for a print newspaper or magazine might seem antiquated. Still, finding a publication in your mailbox every day, week, or month may keep you from falling off the finance wagon for too long.

In addition, newspapers and magazines have a way of introducing you to topics and ideas that you might not have sought out on your own. Below are some of the best when it comes to developing your financial acumen.  

The Wall Street Journal

One of the leading daily newspapers in the world, the Wall Street Journal has covered business, financial, and economic news since its founding in 1889. For those seeking to improve their financial literacy, this newspaper (available as a digital version, as well) provides extensive daily coverage of business news, economic events, investing, and the markets.

There are other publications that offer personal finance information, but Kiplinger is the only print magazine left that’s focused entirely on investing and money management . Unlike a number of other finance publications clearly geared toward business readers, Kiplinger has always focused on clear-cut advice for everyday investors. Published monthly, it contains articles on investments, tax strategies, estate planning , and more.

For someone with a fairly strong grasp of how markets work, Barron’s is a great tool for tracking specific industries and companies. The weekly magazine offers stock picks, breakdowns of top-selling mutual funds, and other actionable content designed to give active investors an edge.

The Economist

Compared to the other publications on this list, The Economist is a monthly that casts a broader net. Readers will find articles on economics as well as politics, technology, and the arts. It’s not the straightforward advice-based content you’ll find in, say, Kiplinger. But for readers hoping to get a sense of events shaping the global markets, this U.K.-based magazine is a treasure.

There is an enormous amount of content online for those who want to improve their financial literacy. However, where to spend your valuable time is the question. Here are some suggested sites to start with.

Financial Literacy Resource Directory

Developed by the U.S. Office of the Comptroller of the Currency, this directory provides consumers with a great opportunity to explore a large selection of financial literacy resources arranged by topic. Visitors can find an assortment of educational resources on basic financial capability, credit management, home buying, retirement and financial security, and financial literacy programs/toolkits for youths.

BetterInvesting

BetterInvesting was established by the National Association of Investors (NAIC). The mission of the NAIC is to offer individuals an unbiased investing education. It focuses on providing information and useful online stock analysis tools that help people to learn about investing and reach financial goals. Its many resources include articles, classes, stock reports, publications, investor clubs, and webinars.

American Association of Individual Investors

AAII is a membership organization that's dedicated to providing individual investors with the information they need to make informed investment decisions and reach important financial objectives. Some may consider it most useful for those with investment experience, although its target market includes novices. AAII's website and monthly journal are packed with information about a range of topics, from coverage of current events, investing for beginners, and personal finance to stocks, bond, mutual funds, ETFs, dividend reinvesting, retirement income, tax strategies, and much more.

Investor.gov

Investor.gov is a site under the aegis of the U.S. Securities and Exchange Commission. It provides visitors with an in-depth introduction to investing, financial tools and calculators, guidance on protecting yourself and your investments from fraud, coverage of financial events in the news and guidance for dealing with their effects, money tips, competitions, and games for students, and more.

Whether you’re in the car, going for a jog, or doing work around the house, podcasts are an easy way to absorb some financial ed and money-management tips without a lot of effort. The podcast landscape is pretty crowded, so you’re bound to stumble upon some worthwhile shows. Here are a few of our favorites, in addition to The Investopedia Express , Editor-in-Chief Caleb Silver's weekly take on all things financial.

"Everyone's Talkin' Money"

A certified financial planner turned podcaster, Shannah Compton Game's goal is to help people learn to see money as a tool they can use to create the life they want for themselves. Originally called "Millennial Money," Game has re-focused her podcast to ensure that all, from the inexperienced to those ready to retire, get critical financial information explained in ways that are easy to understand and act upon. The podcast features topics like how to start building wealth on any budget, how to get rid of debt, the need-to-knows about student loan forgiveness, and creating passive income streams.

"Money Girl"

This show, hosted by Laura D. Adams, "has been downloaded more than 42 million times by legions of loyal fans." Laura's forté is applicable advice and tips in about 20 minutes per week that listeners can implement immediately. Inspiration for "Money Girl" podcasts comes from current events, social media, listener questions, and Laura's conversations with her friends. The variety makes it easy and fun for listeners to understand complex personal finance topics. "Money Girl" can be heard for free on the "Money Girl" blog and on many apps, including Apple Podcasts, Spotify, and the Stitcher app.

"Planet Money"

Those seeking a better understanding of what’s going on with the economy will probably find NPR's "Planet Money" a great starting point. The podcast likes to take recent news stories—the development of a COVID-19 vaccine or trade wars with China, for example—and give them added context. The show doesn’t always take aim at the big headlines, though. One episode tackled the plausibility of the television show The Simpsons through the lens of the economics of the modern middle class American family. If you’re curious about all things economics, this may be for you.

"The His and Her Money Show"

Learn the basics of marriage, money, and financial independence with Talaat and Tai McNeely and their guests, who include Dave Ramsey. The podcast covers a wide range of topics including credit, debt, saving money, investments, real estate, earning money from side hustles, tax deductions, and even making money from your car.

In-person and virtual events are another opportunity to increase your financial literacy and start making wiser choices with your money. Public libraries, for example, sometimes host seminars led by local financial professionals. Financial firms also periodically offer financial and investment seminars. Many of these events feature question-and-answer sessions in which you can get personalized advice on a specific financial scenario you’re facing.

There are also a number of community-oriented financial literacy programs around the country aimed at low- and middle-income adults that include budgeting and investment classes. Some offer free counseling sessions for eligible participants, in which you can talk one on one with a financial coach.

What's Financial Literacy?

Financial literacy is the ability to understand and use financial concepts such as saving, investing, and debt management. While these three concepts are the bedrock of financial literacy, each leads to other financial topics, all of which contribute to more in-depth knowledge and skill.

What Are the Key Components of Financial Literacy?

There are five key components of financial literacy, according to the Financial Literacy and Education Commission: Earn, spend, save and invest, borrow, and protect.

Why Is Financial Literacy Important?

Financial literacy is vitally important because it represents financial knowledge, and financial knowledge is power. The more that you learn and understand (about topics such as saving and investing, budgeting, borrowing money, investing, retirement planning, and more), the better able you'll be to take advantage of opportunities to improve your current financial well-being and your future financial security.

Improving your financial literacy is a must in order to possess and build on the knowledge you need to develop healthy money habits and invest wisely. Books, magazines, and financially-focused websites abound. With the growth of podcasts, and other digital media , there are more places than ever to get the valuable information that can enhance your financial literacy.

Wiley. " Personal Finance For Dummies, 10th Edition ."

Penguin Random House. " Your Money or Your Life ."

Hachette Book Group. " I Will Teach You to Be Rich, Second Edition ."

The Wall Street Journal. " July 8, 1889: The First WSJ ."

Everyone's Talkin' Money. " About ."

Everyone's Talkin' Money. " Podcast Episodes ."

Laura D. Adams. " Money Girl Podcast ."

National Public Radio. " Planet Money Podcast ."

NPR: Planet Money Podcast. " Homer Simpson vs. The Economy ."

His & Her Money. " The His and Her Money Show ."

Federal Financial Literacy and Education Commission. " My Money Five ."

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Personal finance education is key to improving the financial stability of millions of Americans. InCharge develops and distributes personal finance education, free-of-charge, to children and adults, nationwide.

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Budgeting & Saving

A good budget and savings commitment are the foundation of your financial plan. Learn how to budget, cut expenses, set savings goals and more. Challenge yourself to make every category in your budget more efficient. Learn how to reduce your expenses and built an emergency fund.

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Free Resources For Teachers

InCharge is proud to offer free financial literacy resources to teachers, K-12, college and adult. These are designed for individual study as well as in-person workshop experiences. These resources are free for downloading, printing and reproducing. Teacher’s guides included.

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Personal Finance Workshops & Workbooks

InCharge has developed specialized financial literacy workshops for at-risk adult populations, especially low-education and low-literacy. These unique materials are highly visual and interactive – designed for the in-person workshop. Check out our programs, use our materials in your own community and let us know how they work for you.

More financial workshops and workbooks

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The State of Personal Finance Education In The United States

Americans as a group are woefully lax at managing money. Many borrow too much, aren’t good about repaying debt and postpone planning for retirement until it’s right in front of them.

Worse still, they make terrible investment decisions based on advice they should have dismissed.

Statistics bring focus to the problem. If hit with a $1,000 emergency, 39% of Americans in 2021 said they wouldn’t be able to cover it with money they have on hand. More than half of Americans won’t be able to maintain their lifestyle after age 65 because of a lack of adequate retirement savings. And by the way, that’s even if they keep working, according to the Center for Retirement Research at Boston College. Americans were getting a little better, but the number has inched back up in the wake of the COVID-19 pandemic.

Year after year, the storyline continues. Studies suggest the problem is inter-generational. Many college students graduate with no plan to repay student loans and a pile of credit-card debt.

The Importance of Financial Literacy

Educators and consumer-focused nonprofit organizations believe the issue is largely that American consumers just don’t know any better. A cadre of these groups are fighting back with curricula aimed at making financial education part of every secondary-school program.

“We want people to have a financial education before they become adults,” said Laura Levine, president and chief executive of Jump$tart Coalition for Personal Financial Literacy. “We need to do better. We need to educate more students with courses offered more often.”

Jump$tart Coalition is a Washington, D.C.-based consortium launched in 1995 to encourage financial-training programs. The organization has a wide range of tools for both consumers and educators, in-person and online. The goal is to create a population that is informed about financial choices and competent enough to make good decisions, the essence of financial literacy.

But it’s an uphill struggle.

Financial Education in Schools

School districts across the nation complain that they lack the money and staff to take on new programs. The sort of financial training they offer varies greatly. According to the Council for Economic Education, 21 states require that high school students take a personal finance course to graduate and 25 require students take an economics course.

“Financial education is the classic underfunded mandate,” Levine said. “The states say the programs are necessary, but they often leave it to the local school districts to find the money.”

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Online Financial Literacy Tools

The problem has grown in an age of seemingly limitless financial choice. Credit cards, which not long ago had strict underwriting standards, are now widely available. Online access to financial services and promotional email has made credit offers of all sorts a ubiquitous part of life.

But the internet has also brought more tools for managing money, offering a vast array of free financial-planning calculators and budgeting apps. The trick is knowing what to do with them and deciding which are worth using.

The website  mymoney.gov , for example, has advice divided into three categories: youth, teachers and educators, and researchers. There are sections devoted to each group with information ranging from games that help children understand the concepts of saving and spending to a roadmap for financial abuse of retirees.

The site  360financialliteracy.org  puts that idea on steroids with topics aimed at eight different stages of life from teenagers to retired. You identify the stage of life you’re in – student, parent, homeowner, crisis, etc. – and you will find news and information aimed at your situation, along with tools and calculators that can help solve problems you may be encountering. You can even submit questions to the Ask the Money Doctor and see what “the doctor” prescribes for debt relief.

If you are a high school or college student or a teacher who instructs on financial skills, you might want to visit  cashcourse.org , which has financial education courses that include assignments, customized worksheets and calculators and articles geared toward answering real-life questions about money.

The federal government gets into the act with the website  federalreservereducation.org  that offers teachers excellent guides for educating children from kindergarten all the way through college. Subject matter includes material on credit, personal finance, consumer protection and other areas of interest to students.

The Consumer Financial Protection Bureau , was founded in 2011 to increase the financial literacy of Americans, from childhood to old age. The bureau provides direct financial education to the public, shares its research on financial education and literacy with educators and others, and addresses needs of financial literacy and inclusion for military service members and veterans, older Americans, underserved consumers and communities, and students. In 2020 alone, more than 12.1 million people used the bureau’s web or print resources.

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Financial literacy is an essential skill that enables individuals to make informed decisions about their money, manage their finances, and plan for the future. Whether you're a beginner or looking to take your financial knowledge to the next level, the internet offers plenty of free resources to help you boost your financial literacy in 2023.

With that in mind, here are 12 free sites, apps, and courses to help you improve your financial knowledge and make better decisions about your money.

1. Credit Karma

Credit Karma is one of the most comprehensive financial literacy resources available today. With a focus on credit scores and financial management, this free site and mobile app offer a wealth of information and tools to help you improve your financial literacy and achieve your goals.

The Credit Karma app offers credit score tracking, personalized finance recommendations, and access to free credit report information from the major credit bureaus. You can also view and compare offers for credit cards, loans, and insurance. Whether you're looking to improve your credit score, save money, or better understand your finances, Credit Karma is an essential resource for anyone looking to take control of their financial future.

Download: Credit Karma for Android | iOS (Free)

2. YNAB (You Need a Budget)

You Need a Budget (YNAB) is a budgeting app that aims to empower users to take control of their finances by creating a monthly budget and tracking their spending. YNAB's Four Rules are designed to change your relationship with money and provide simple, actionable steps to align your spending habits with your financial goals.

Similar to other budgeting apps, YNAB offers real-time syncing with your bank, goal tracking, and spending reports; however, YNAB goes above and beyond with its teaching resources. The YNAB YouTube channel has an entire playlist dedicated to getting started with and ultimately succeeding with the YNAB way of stress-free money management.

From the makers of Credit Karma and TurboTax, Mint is a free personal finance app that helps users manage their finances by tracking their spending, creating a budget, and staying on top of their bills. Mint connects to users' bank accounts and credit cards to automatically import transactions, making it easy to track spending and budgeting.

The app's Mintsights™ provides users with customized spending categories and personalized budget suggestions and alerts users when bills are due. It's the ultimate one-stop shop for personal finance management.

Download: Mint for Android | iOS (Free)

4. BadCredit.org

BadCredit.org is a financial education website that focuses on helping individuals with poor credit or no credit improve their financial situation. The website offers a wide range of resources, including articles on credit improvement, guides to debt consolidation, and advice on choosing a credit card to build credit.

Regarding stand-out features, BadCredit's Consumer Guide to Free Credit Reports and Scores compiles information on all major credit report marketers, breaking them down by applicable fees, credit report bureaus, and features. In addition, the BadCredit blog routinely publishes interviews with industry stakeholders representing credit unions, credit repair agencies, and up-and-coming personal finance tools, so you can discover resources to make your personal finance goals a reality.

5. CardRates.com

CardRates.com is a comprehensive resource for credit card comparisons. The site features in-depth reviews of various cards, conveniently broken down by card features, necessary credit score, and issuer.

The site's Advice section features niche card comparisons, as well as expert commentary on broader financial topics—from inflation to investments. You can also follow the CardRates experts on Twitter to stay apprised of the latest discussions in personal finance optimization.

6. Investopedia.com

Investopedia.com is a comprehensive financial education website that provides a wealth of personal finance, investing, and trading information. It offers articles, tutorials, and videos on various financial topics, making it an excellent resource for anyone looking to improve their financial literacy. The website's primary goal is to provide accessible and comprehensive financial education, and it accomplishes this by offering clear explanations and examples of financial concepts.

Investopedia's stock market simulator is arguably its most valuable feature. The tool allows users to practice investing without risking real money. It's a realistic experience, including real-time market data, commission fees, and the ability to buy and sell stocks, so this should be your first stop on the road to stock investing.

Stash.com features a mobile app that offers a unique approach to investing, making it easy and accessible for anyone, regardless of their investment experience. The app offers a range of investment options, including exchange-traded funds (ETFs), individual stocks, and bonds. It provides users with personalized investment suggestions based on their goals and risk tolerance.

Stash is ideal for first-time investors because you don't have to become fully versed in the financial jargon before taking advantage of investment opportunities. In addition, with Stash's Smart Portfolio , you can take a hands-off approach to invest automatically, yielding a diversified portfolio based on your financial situation.

Download: Stash for Android | iOS (Free)

8. Robinhood

A Stash competitor, Robinhood is a popular investment app that offers commission-free trading on stocks, ETFs, options, and cryptocurrencies. The app's user-friendly interface and abundant training resources make it an excellent resource for individuals new to investing or looking to invest with limited funds.

Robinhood recently launched Robinhood Retirement, which allows app users to open an IRA account, either Traditional or Roth. "Robinhood's IRA product offers a 1% match from Robinhood on every eligible dollar contributed to the account," reports an article on Fortune.com . "For the first time, savers who aren't currently benefiting from an employer match (like gig workers) can grow their retirement savings."

This is a must-try tool and a game-changer in personal finance management. If you're still not sold, check out our comparison of Robinhood, Stash, and Acorns , three popular investment apps.

Download: Robinhood for Android | iOS (Free)

9. Coinbase

Coinbase is a cryptocurrency exchange that allows users to buy, sell, and store cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. We consistently praise Coinbase as the best crypto exchange platform , and its mobile app is extremely user-friendly.

Coinbase offers a range of tools and resources to help users understand and invest in cryptocurrency. The app's intuitive interface and commitment to security make it an excellent resource for anyone hoping to invest in cryptocurrency.

Download: Coinbase for Android | iOS (Free)

10. PocketSmith

In August 2022, the free personal finance app Pocketbook closed its doors. A web-based Pocketbook alternative, PocketSmith welcomes users to seamlessly transfer their Pocketbook data and take advantage of more features. For example, the bank account aggregation feature allows you to view your accounts in a single app, including support for multiple currencies and currency conversion. You can also sort and filter transactions, edit account names for easy finance management, and generate income and expense reports.

The PocketSmith Sidekick mobile app works in tandem with the web app, allowing you to manage your finances on the go.

Download: Pocketsmith Sidekick for Android | iOS (Free)

11. EdX Course: Planning for Risk and Retirement

If you're interested in retirement planning, consider EdX's Planning for Risk and Retirement course. This free, self-paced, online course covers insurance principles (life, property, and casualty insurance), retirement planning, and investment planning.

Led by experienced finance professors and lecturers, the course is designed for people who want to develop a solid understanding of financial literacy and gain the skills and knowledge they need to plan for their future. And if you choose to upgrade to a paid plan, you'll unlock access to course materials indefinitely.

12. Udemy Course: Personal Finance 101

For a broader lesson in personal finance, we recommend Udemy's Personal Finance 101 course. After a mere three hours of online video tutorials, you'll walk away with a well-rounded understanding of personal finance topics, including building credit, filing a tax return, and navigating finances during life changes such as divorce or childbirth.

By upgrading to a paid plan, you'll gain access to instructor Q&A sessions and a completion certificate, but this really isn't necessary for the scope of the course. The free video material alone provides the basics; from there, you can further your financial literacy using any of the other resources in this article.

Elevate Your Financial Literacy in 2023 and Beyond

Empower yourself with the knowledge and tools you need to take control of your finances. With these 12 free and low-cost resources, you can boost your financial literacy, manage your money, invest in the stock market, and prepare for retirement. Choose from various platforms and courses to suit your learning style and financial needs. Whether you prefer interactive budgeting apps, in-depth online courses, or educational resources, this list has everything you need to achieve financial success in 2023 and beyond.

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Learn to navigate the complexities of finance with Politecnico di Milano. Understand savings, investments, stocks, bonds, and financial risk in 10 weeks. Perfect for demystifying financial jargon and making informed decisions.

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In this introduction to finance course from Michigan learn to apply frameworks and smart tools for understanding and making everyday financial decisions.

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Stanford Seminar - Strategic Investment for Girls' Empowerment

Stanford University offers a short seminar on strategic investment for girls' empowerment, featuring insights from Girls Inc. of Alameda County.

Finance for Non-Financial Managers

Emory University's 9-week course equips non-financial managers with key financial principles, analysis techniques, and decision-making skills using real-world contexts.

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Learn to validate your startup idea with this 6-week course from the University of New South Wales. Gain confidence in pitching and start your business right away.

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Financial Accounting and Analysis

Learn to demystify accounting jargon, understand and analyze financial statements for better decision-making with this 6-week course from the Indian Institute of Management Bangalore. No prior finance knowledge needed.

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Learn about the complex relationships between faith and money, and acquire strategies for wise, faith-based stewardship of finances.

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Learn the language of business with IESE Business School's 4-week course. Gain the ability to read, interpret financial statements, and make informed business decisions.

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Macquarie University's 26-week course enhances financial and data literacy, equipping leaders with tools for data analysis, financial management, and customer-focused strategies. 3hrs/week.

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For students & teachers, partnering with everfi to meet local financial education requirements.

EVERFI Content Team

Financial education is a pivotal skill for young people to develop, as it prepares them for the challenges and opportunities ahead in adulthood . However, many high school students in the US lack access to high-quality and engaging financial education curriculum that meets their needs and interests. Research states that effective financial education programs are positively correlated with improved financial behaviors and decision-making surrounding credit and retirement planning. That’s why we at EVERFI partner with financial institutions to scale online financial education courses and equip schools with all the resources they need to facilitate impactful learning experiences. 

Progress Update on US State Mandates

We are delighted to report that as of the summer of 2024, twenty-five US states now guarantee high schoolers will experience a standalone personal finance course before they graduate. This is a significant increase from just two years prior, when only fourteen states had such requirements. This shows that policymakers, educators, and parents are increasingly recognizing the importance of financial education and continue to advocate for students to learn these skills in school.

Although this is great progress, the requirements established by these mandates vary greatly by state. The learning standards for financial education and the method of instruction is largely determined at the state and local level. As part of EVERFI’s mission to prepare students for their financial future, we are committed to scaling financial education in a way that meets the unique needs of teachers and schools no matter where they are.

Challenges with Scaling Financial Education

No single learning experience can meet the needs of all school districts and teachers. This is clear from how much variety exists within the learning standards adopted at the state level. Although they often have some level of overlap, the topics and sub-topics chosen as requirements for the learning standards are influenced by what the region values most and the local needs of their demographic.

In some regions, financial education requirements are deeply influenced by economics or career-preparation skills. In other cases, it is treated as a completely standalone subject. Financial education standards can often be robust and very specific in identifying what students should walk away knowing, or they can be broad and only focus on what teachers should instruct at a higher level.

An educator’s experience and credentials are also something that varies by region. Some schools rely on their social studies department to teach this subject matter , while others turn to their career / technical or business educators to facilitate the learning experience. Research shows that 4 in 5 adults have not received financial education in school, which may signal that teachers themselves may not be well-equipped with the valuable pre-requisite experience to effectively teach this content. An emerging trend to combat this within some states is the requirement for teachers to have a valid financial literacy credential to teach financial education

EVERFI’s Approach

EVERFI’s products and content are well suited to solve these challenges and scale financial education in a way that works for all teachers. We design content with a modular framework that allows for flexibility in content inclusion and sequence of instruction. Every digital lesson we create is paired with guides, lesson plans and other supplemental materials that provide teachers with all the resources they need to facilitate in-classroom learning alongside the digital experience for students.

EVERFI aligns its content to the Jump$tart National Standards for Personal Financial Education, which covers a diverse range of sub-topics with personal finance. We also provide states and school districts with localized alignment guides tailored to each state’s required learning standards. We even meet some state’s financial education standards entirely.  Our mission is to make our content both effective for learners and easy for teachers to implement in the classroom.

New EVERFI: Financial Literacy Flagship Course

To reflect best practices and our commitment to meeting the needs of teachers, we are launching a new version of EVERFI: Financial Literacy ® for High School course. This new course’s design now comes with eleven lessons, instead of seven, making it more bite-sized and easily digestible for students. We have designed the course experience to be more flexible and comprised of standalone experiences.

The new lessons in this course are:

• Consumer Skills
• Smart Money Habits
• Checking Accounts
• Savings Accounts
• Credit & Debt Basics
• Education ROI
• Education & Financial Aid
• Exploring Jobs & Careers
• Beginning Employment
• Insurance Basics

The new format achieves the same interactivity that teachers and students love in our courses and makes it easier for teachers to pick the subjects they need most, in the way that best meets their learning standards. For additional content areas, such as investment education, a deeper dive into the world of credit, mental health’s correlation to finances, and more, we offer separate courses to meet these learning needs. And as always, all of our courses and resources are 100% free for school districts and teachers, thanks to the partnership of our sponsors that help schools meet standards.

By sponsoring scalable online financial education courses and using th is Financial Literacy Checklist or watching this on-demand webinar , How to Build Financial Lit eracy with Gen Z , your organization can play a pivotal role in enhancing financial literacy and equip schools with all the resources they need to facilitate impactful learning experiences.

Ready to make a difference in your community? To get in touch with EVERFI, click here . Together, we can promote financial inclusion and empower our communities.  

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Jun 27, 2024

California to add financial literacy as a requirement to graduate high school

What you need to know: California is ensuring that all high school students are taught personal financial literacy before graduating after an agreement between state leadership and NGPF Mission 2030, an affiliate of Next Gen Personal Finance was reached.

SACRAMENTO – Governor Gavin Newsom, Senate President pro Tempore Mike McGuire (D-North Coast), Assembly Speaker Robert Rivas (D-Salinas), and a national financial literacy non-profit — NGPF Mission 2030, an affiliate of Next Gen Personal Finance — today announced an agreement to make financial literacy required content to graduate high school.

“We need to help Californians prepare for their financial futures as early as possible. Saving for the future, making investments, and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after.” Governor Gavin Newsom

Senate President pro Tempore Mike McGuire (D-North Coast) : “Financial literacy is a critical tool that pays dividends for a lifetime. There’s a wealth of data about the benefits of learning these valuable lessons in high school, from improving credit scores and reducing default rates to increasing the likelihood that our future generations will maintain three months of savings for emergencies and have at least one kind of retirement account.”

Assembly Speaker Robert Rivas (D-Salinas) : “Ensuring our students have the skills and knowledge to thrive is paramount to California’s continued success, and financial literacy is a key part of that educational mission. Our agreement is the culmination of many robust and productive conversations with stakeholders across the state on how best to implement financial literacy into every student’s high school curriculum.”

Tim Ranzetta, co-founder of NGPF and lead proponent of the Californians for Financial Education initiative campaign:  “We commend Governor Newsom, Senate President pro Tem McGuire, Speaker Rivas, and the bill’s authors and supporters for their leadership and commitment to guaranteeing access to one semester personal finance education for every California student. We look forward to supporting the implementation of this essential course.”

This agreement is reflected in AB 2927, sponsored by NGPF Mission 2030, which the Governor will sign. The legislation will require a semester-long personal finance education course available for all California high school students by the 2027-28 school year and make personal finance a graduation requirement starting with the 2030-31 graduating class. 

Once the Legislature passes this legislation, proponents of the California Personal Finance Education Act initiative eligible for the November 2024 ballot have agreed to withdraw their measure.

College savings accounts

The financial literacy bill aligns with state efforts to prepare students early on for a healthier financial future. California’s  CalKIDS program  invests $1.9 billion into accounts for low-income school-age children in grades 1-12 and for newborn children born on or after July 1, 2022 – indicating the need for early financial literacy. All families of low-income public school students – 3.4 million across the state – are able to access college savings accounts created in their children’s names.

Press Releases , Recent News

California’s new high school requirement: Balance a checkbook, manage credit, avoid scams

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California students will have to complete a course in pocketbook economics — balancing a checkbook, managing credit cards, avoiding scams — to graduate from high school under a bill that will become law, state lawmakers announced Thursday.

“We need to help Californians prepare for their financial futures as early as possible,” Gov. Gavin Newsom said in a statement. “Saving for the future, making investments and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after.”

This bill — which has drawn criticism from those concerned about another requirement on crammed academic schedules — orders school districts and charter schools to offer a stand-alone, one-semester course in personal finance. To meet the requirement, the class cannot be combined with any other course beginning in the 2027-28 school year.

Students graduating in 2031 will have to pass the class.

The agreement among state lawmakers avoids a ballot-box verdict by voters. Backers of the new requirement had gathered enough signatures to place the proposal, dubbed the California Personal Finance Initiative , on the November ballot. They will now shut down that effort.

The new requirement and the bill that will make it law “will benefit countless future generations of Californians,” said Tim Ranzetta, a wealthy Silicon Valley businessman who bankrolled the signature gathering for the ballot initiative and also supported the legislation.

Thursday was the legal deadline for Ranzetta to withdraw the ballot initiative, which he said he would do if an adequate version of the requirement was guaranteed to become law.

Ranzetta heads a nonprofit, Next Gen Personal Finance, that provides free curriculum and teacher training. He said the materials have reached nearly 100,000 teachers across the country, including more than 6,000 in California.

Although there is broad agreement on the importance of financial literacy, not everyone supports the requirement or the process that brought it about.

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“There is a philosophical opposition to governance by ballot measure — where billionaires by virtue of their wealth — are exerting a disproportionate impact on determining curriculum in our schools,” said Troy Flint, chief information officer for the California School Boards Assn. “We don’t believe that’s the best system.”

He said financial literacy could have been incorporated into the existing one-semester economics requirement.

“Financial literacy instruction could be included within that larger preexisting economics course without further cluttering the class schedule for high school students — and reducing their ability to take an elective course or a course of interest to them, which this new bill will do.”

The final version of the bill attempts to speak to this concern, according to a legislative analysis , by allowing students to substitute personal finance in place of the one-semester course in economics.

Former L.A. schools Supt. Austin Beutner also expressed concern: “What is it that one is going to subtract to create time for financial literacy?”

“It’s more important for kids to build a foundation in literacy and math before they get to high school,” he said. “ If they have that, then there’s little mystery in personal finance.”

Several students liked the subject matter, but Angelica Gonzalez, who just graduated from Rancho Dominguez Preparatory School, said, “It should just be based on what the student wants, not what the student has to do in order to graduate.”

As an elective, “a course in financial literacy is more of a necessity than other electives, such as leadership.” Often students value “how easy an elective is rather than what the elective actually has in its course,” she said.

Chidubem Okigbo, a student at Narbonne High School, was less concerned about the requirement “crowding out electives ... because the course has potential to be practical and creative. For example, if the course included a lesson on how one could monetize their passion, students would most likely be interested and engaged.”

Odalis Lopez, who just graduated from Angelou Community High School, said personal finance is “hardly ever talked about in other required classes/courses, not even in business classes. ... I personally think it should be a one-year course to better prepare students.”

The legislation was introduced by Assemblymember Kevin McCarty (D-Sacramento). Not everyone was fully on board from the outset. McCarty introduced a similar bill last year that was amended to make financial literacy an optional component of economic classes, which could be done already. Ranzetta dropped his support of that bill, and even the watered-down version failed to pass.

The fate of the bill on this round changed with the backing of the governor and leaders of each house.

“Financial literacy is a critical tool that pays dividends for a lifetime,” said Senate President Pro Tempore Mike McGuire (D-North Coast). “There’s a wealth of data about the benefits of learning these valuable lessons in high school, from improving credit scores and reducing default rates to increasing the likelihood that our future generations will maintain three months of savings for emergencies and have at least one kind of retirement account.”

“Ensuring our students have the skills and knowledge to thrive is paramount to California’s continued success,” said Assembly Speaker Robert Rivas (D-Salinas).

Separately, California lawmakers recently added an ethnic studies course to the list of mandated classes.

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Minimum graduation requirements include three years of English and two of mathematics , including one year of algebra. There also are two years of science , including biological and physical sciences and three of social studies , as well as two years of physical education, one year of visual or performing arts , world language or career technical education.

There are additional requirements if a student wishes to apply to a four-year state college, and selective universities carefully evaluate the rigor of a student’s advanced coursework. Individual school districts often have their own added requirements as well.

L.A. high school teacher Colleen Ancrile said her school builds financial literacy into its advisory program, a class similar to the homeroom of old. “Adding a course to all of the other requirements will be a scheduling difficulty. Financial Literacy should be embedded starting in elementary school. Outreach to accounting firms to come in [is] actually a better idea.”

“Great idea but difficult to implement,” said L.A. parent Beth Owen. “The requirements to graduate are already quite cumbersome and often at the end a student discovers they are missing something and have to scramble. ... Electives are often courses that happen yearly, like band. It doesn’t work to have to drop something like that for a semester. Or it’s leadership or yearbook— yearlong commitments that are valuable.”

Los Angeles-area parent Irene Luczynski was surprised by how few opportunities there are for her ninth-grade son to take electives: “There’s really no room for him to branch out and try something new, and isn’t that what electives are supposed to do? ... Perhaps this is trivial, but where’s the fun in school?”

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However, momentum appears to be building for financial literacy. The number of states that guarantee personal finance education for high school students has grown from eight in 2021 to 26, according to Ranzetta’s organization, which tracks the issue .

In an earlier analysis, the Center for Financial Literacy at Champlain College gave California an F in the topic: “Personal finance is not included in the graduation requirements, either as a stand-alone course or embedded in another course, and schools are not required to offer financial literacy courses.”

Researchers gave California some credit because the state education department offers “a robust list of financial literacy resources.”

In addition, the state’s CalMoneySmart program provides annual grants of up to $200,000 to nonprofit organizations to “provide financial education and financial empowerment programs and services for unbanked and underbanked Californians.”

A report by the consulting firm Tyton Partners concluded that the lifetime benefit for California students of taking a one-semester high school personal finance course is $127,000 — although such figures are hard to prove and ultimately abstract to the real-world experience of young adults.

More to Read

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June 11, 2024

Overwhelmed by student loans? A free new California program can help you

June 4, 2024

California Assembly passes bill to make kindergarten mandatory

May 21, 2024

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How to find the right guidance to improve your financial literacy.

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Money shame can combine with a lack of financial literacy to wreak havoc on the finances.

One of the most common emotions connected with money isn’t excitement, fear or even uncertainty. It’s shame.

This shame around money can cause deep havoc to your financial well-being because it’s often mixed with another common theme for American savers: a lack of financial education and knowledge.

Both of these financial realities — lack of education and the shame around money — work in tandem to derail goals, drive higher debts and reduce the potential for long-term security . Yet, in the United States, financial literacy isn’t improving — and may be getting slightly worse.

According to the annual P-Fin Index conducted by the World Economic Forum , which measures a population’s money knowledge, the U.S.’ financial literacy rates have hovered around 50% since 2017. In 2023 and 2024, the rate dropped slightly to 48%. This figure captures basic financial education knowledge and doesn’t necessarily mean that people who have the acumen then knows how to apply that information to increase their overall security and wealth.

The area where Americans show the least amount of comprehension is in financial risk, while showing a better proficiency in borrowing, saving and consuming, according to the survey.

The lack of an increase in financial literacy indicates the shame people feel around money isn’t their fault. It instead could be due to a lack of education and resources at a young age to properly guide decisions as they get older. Instead of shame, it’s important to realize this fact and determine what type of resources you need.

Adults may have to seek guidance based on their needs. Here’s how to delve further into the financial void, and reduce the shame around what you were likely never taught.

Seek Out A Financial Therapist

Best high-yield savings accounts of 2024, best 5% interest savings accounts of 2024.

Financial decisions can sometimes seem obvious when looking at hard numbers. But it’s actually the impulses we have that impact what we do with money more than the calculations. These impulses may lead us down paths completely unrelated to what we want to spend money on, what we want to do in the future or even what we want to do today. Instead, it’s an outlet for stress or emotions that we have, which can include shame as well as myriad other feelings.

When managing this, the dollars-and-cents analysis will only go so far. Even with the knowledge of what to do, you still face these emotional pulls that put all your knowledge to the back burner. In such cases, you might need to work with a financial therapist.

This type of professional can help you manage the emotions you have around money, especially when there’s a psychological reason for the way they appear. A financial therapist can guide you on how to recognize these tendencies and find ways to manage them when they arise in the future.

For certain situations, no matter what a financial coach or advisor provides, it’s actually therapy that’s required to move you past your common financial pitfalls.

Find A Financial Coach

To help with the knowledge portion of the equation, you can look to a financial coach to help teach you the basics of budgeting and debt management.

These individuals will provide you with tools, resources and ways to think about how you spend, why you spend, what you can spend and develop a routine for such efforts. If you’re in debt, they can also help you find tactics to escape it and begin looking toward longer-term goals.

The other part of the financial coach job is education, which can help you close your knowledge gaps. To find a professional, look toward people with the Accredited Financial Counselor designation. These coaches will have taken some classes and education on the basics of finances, which provide guidance for the AFC credential.

A word of warning though: Anyone can call themselves a coach. You’ll want to speak to the coach, trust the person knows what to talk about and possibly see about a reference in order to ensure someone has been helped by your candidate in the past.

Hire A Financial Advisor

Financial advising or financial planning has become a catch-all for anyone providing any sort of financial guidance. But there are varying levels of help.

Insurance companies and brokerages have used the term financial advising to hire folks who guide customers into their own products, with very limited service beyond that scope. But other financial advisors have shifted the business to focus on education and guidance through tricky financial situations. For those with a lack of financial knowledge, this latter group is the one you will want to seek out.

When considering financial advisors, it’s important to evaluate how they’re paid. There are multiple business models in the financial space. Many fee-only financial advisors (of which, I am one) have built models that allow for the education component. For more rudimentary financial concerns, it’s not just about guiding clients but also teaching them how to do it themselves. Then, once the basics have been secured, it’s about moving along the conversation to more complex tactics and concerns.

To value the work, the type of business model will differ. There are some advisors who will invest for you, and others who use a subscription-like service. Others still do this kind of teaching through one-time plans.

To find the right one for you, look for a trademarked CFP professional, and ask how the person is paid. The good news is, if you find the right advisor, this professional can help you with the education component — and, in many cases, recognize the shame you feel in the process, putting you at ease.

You can find a fee-only financial planner in your area by searching databases like XY Planning Network or The National Association of Personal Financial Advisors .

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Newsom signs law requiring California high-schoolers to take financial literacy class

High school students in California soon will have another graduation requirement to get a diploma: financial literacy.

California Gov. Gavin Newsom signed AB 2927, which requires a semester-long personal finance education course to graduate. The proposed new law requires schools to offer the course by the 2027-28 school year and make it a graduation requirement by 2030-31.

The bill provides $300,00 to a commission of educators to develop a curriculum guide and teaching material for the new course. Teachers with social science, business, math, or home economics credentials would be qualified to teach the course.

"We need to help Californians prepare for their financial futures as early as possible," Newsom said in a statement. 'Saving for the future, making investments, and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after."

With the signing, California becomes the 26th state to require high school students to take a stand-alone, one-semester financial literacy course.

How will students benefit from personal finance education?

Bill author Assemblymember Kevin McCarty, D-Sacramento, wrote the bill because young adults are often "bombarded" with credit card offers and often get into financial trouble because of their lack of knowledge.

"Taking a finance class in high school can help students make smart money decisions that will benefit them throughout their adult life," he said.

A recent report,  Investing in Tomorrow: Lifetime Value of Financial Education in High School , found that students taking personal finance courses can save more than $100,000 over a lifetime.

Are high school students financially savvy? Not so much, study finds

A 2022 study from EverFi found that high school juniors surveyed do not understand how credit card debt can quickly accumulate, how credit scores work, or how to read a paycheck.

"The data we’ve collected shows that students need real financial education, and they need it now," Ray Martinez, president and co-founder of EVERFI, said after the 2022 study was published.

In the study, fewer than a third of high school juniors and seniors (32%) reported being prepared to compare financial institutions and select one that best meets their needs. Slightly more students—but less than half (47%)— felt they could choose, open, and manage a savings or checking account.

The survey found even more bleak findings for students preparing to go to college: About a quarter of students (27%) reported being ready to estimate their monthly payments after college. About the same share of students (28%) said that they felt “prepared” or “very prepared” to establish a plan for repaying the loans that they take out to pay for college.

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Teens lack financial literacy and maths skills for digital economy, OECD report finds

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

This article is the latest part of the FT’s Financial Literacy and Inclusion Campaign

Teenagers in rich countries lack the financial literacy and maths skills needed to prepare them for the digital economy, according to an OECD report.

Despite growing numbers opening bank accounts and showing an interest in cryptocurrencies, the majority of 15-year-olds in the Pisa study, published on Thursday , struggled to understand key financial terms and a fifth found it difficult to calculate percentages.

Experts say this underlines a persistent gap between young people’s financial knowledge and the increasingly vast range of products that they are being exposed to online.

“There is a moving target in terms of the skills that are needed to achieve basic financial literacy,” said Carmine Di Noia, OECD director for financial and enterprise affairs. “These are uncharted territories. Ten years ago we wouldn’t have talked about crypto or AI or finfluencers [financial influencers].”

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The study explored the links between teenagers’ financial literacy and their competency in maths and reading, as well as their money experiences, habits and exposure to financial literacy at home and in school.

Across the 14 OECD countries within the 20 nations surveyed — including the US, Italy and the Netherlands — an average of 18 per cent of teens had difficulties using division to handle their finances.

These low-performing students struggled with everyday spending decisions, such as calculating whether buying tomatoes by the box or kilogramme was better value.

The report also found that although about two-thirds of teens in the 14 OECD nations were financially active and had opened bank accounts, just 36 per cent of those surveyed were confident about reading bank statements.

There has been limited improvement in financial literacy in the four countries — the US, Italy, Spain and Poland — that have taken part in the Pisa test since it first began in 2012.

In each of the four countries, more than one in seven students still lacks basic money skills, based on the 2022 findings.

Meanwhile, just 11 per cent of students from all the 20 nations involved could solve complex money problems, spot transaction costs, or understand the differences in types of investments.

The report urged countries to implement a financial literacy strategy and improve education in schools, highlighting the importance of strong consumer protection frameworks and educating parents.

Only a third of adults are financially literate, according to research published by the OECD last year.

Karen Holland, a teacher and founder of the Gifting Sense financial literacy programme, said parents had an important role in teaching children “powerful and therefore sticky life skills” such as thinking before they buy. “The gold standard is a combination of parents and schools developing their money habits and beliefs,” she added.

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Only 14 of the 38 OECD countries that take part in the headline Pisa tests on maths, reading and science participate in the financial literacy assessments.

The UK is one of the countries that has opted out, with policymakers arguing it has limited value as most of the variation in pupil performance is explained by maths attainment.

Charities such as the FT’s Financial Literacy and Inclusion Campaign (Flic) and parliamentary groups such as England’s education committee have said financial education needs to be improved and recommended the UK take part in the 2025 assessments.

John Jerrim, professor of education and social statistics at University College London, said the UK had opted out of the financial literacy assessment to reduce the burden on reluctant schools, creating a “big data gap”.

“We really don’t know enough about financial literacy in this country,” he added. “These are absolutely key skills that kids need to know about.”

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California to make financial literacy classes a requirement to graduate high school

SACRAMENTO, Calif. -- California is set to add financial literacy classes as a requirement to graduate high school.

The video above is from a related story and will be updated.

Governor Gavin Newsom announced on Thursday an agreement with Nex Gen Personal Finance , a national financial literacy non-profit.

The agreement requires all California high school students to take a semester-long personal finance education course starting by the 2027-28 school year.

The course will also be a graduation requirement starting with the Class of 2030-31.

"We need to help Californians prepare for their financial futures as early as possible," Newsom said in a statement. "Saving for the future, making investments, and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after."

Nex Gen Personal Finance, which sponsored California Assembly Bill 2927, aims to have all U.S. high schoolers take at least one semester of a personal finance course before graduation.

Governor Newsom says he will sign the bill into law. This comes after California lawmakers approved a budget on Wednesday that slashes spending and temporarily raises taxes on some businesses to close an estimated $46.8 billion budget deficit.

Once the bill is signed, proponents of the California Personal Finance Education Act initiative have agreed to remove its measure from the November 2024 ballot.

Related Topics

• PERSONAL FINANCE
• HIGH SCHOOL
• GAVIN NEWSOM
• CALIFORNIA LEGISLATION

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