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Study Finds American’s Most Burning Financial Questions

May 29th, 2020 Posted in Credit and Debt, financial education, Money Tips
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The corona virus pandemic has jolted people into thinking more about how they manage their finances. Even those who still have income are asking serious financial questions and considering how to save more given the uncertainty of the future. 

A recent study researched what American have been searching for during the pandemic — and the results stuck out to us. 

Study Finds American’s Most Burning Financial Questions - man searching for financial help online
Photo by Kaboompics .com from Pexels

Increase Demand for Basic Necessities

Feeding America, a network of 200 U.S. food banks, says that it projects a $1.4 billion shortfall in the next six months. This shows how much the coronavirus has impacting American’s ability to afford a basic necessity. 

And, the study backed that up with an increase of searches around how to get food stamps and where local food banks were located. Top searches included: 

  • Emergency Food Stamps: up by 130%
  • How to Apply for Food Stamps: up by 50%
  • Food Banks Near Me: up by 50% 
  • Apply for Food Stamps: up by 50%
  • Food Pantry Near Me: up by 40%

Experts don’t see the demand slowing down until the unemployment rate begins to drop. 

Americans in Pursuit of Financial Literacy

Online learning is nothing new. However, the financial impact of the coronavirus has catapulted Americans into wanting to learn more about how to manage their finances. Demand for finance-related courses is up by 200%. 

  • Online Finance Courses: up by 200%
  • Foundational Finance: up by 170%

As people have learned to accept the new normal, millions have turned to the internet to learn. There are a wealth of opportunities to learn more about investing, managing finances and entrepreneurship. 

The CEO of Skillcrush, Adda Birbir, said that she’s seen an uptick in interest in online learning since the coronavirus started, specifically from those who were working in the hospitality industry or the performing arts. And, that trend is growing. With the rise of unemployment, Americans are interested in learning new skills that can help them in their life and career. 

Uncertainty Around Affording Housing

The study found that a majority of searches around mortgages were related to how to afford paying it including terms like “deferment,” “forbearance,” and “assistance.” This was a category that had the most increase in searches month-over-month with “rent and mortgage cancellation act” up by 5,000%. The top trending search terms were: 

  • Rent and Mortgage Cancellation Act: up by 5,000% 
  • Forbearance on Mortgage: up by 500% 
  • Mortgage Deferment: up by 300% 

Overall, the study on what Americans are searching for during the pandemic reveals their most important financial questions and tells us that people are more interested than ever on how to save, manage and make money. 

Sarah ArcherSarah is a writer at Money Crashers who covers money management tips and the financial impact of the pandemic. When she’s not investigating personal finance strategies, you’ll most likely find her outdoors hiking, biking or running.

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Helping Kids Learn About Money

December 23rd, 2018 Posted in financial literacy, teaching children about money, teaching kids about money
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Has there ever been a more important time to help our kids learn about money? Record levels of student debt, lack of financial education in schools, unconscious spending through apps and games plus the movement towards a cashless society are all compelling reasons.

Did you know that research has shown many of our values and beliefs around money are formed by the age of 7?
This means that as adults, our money decisions are being heavily influenced by the ideas we picked up as kids, whether helpful, or for many a hindrance.

The Financial Fairy Tales are a fun way to introduce money ideas and tools from an early age. Concepts such as saving, investment, budgets and entrepreneurship are explored though stories set in a fairy tale world.

The Financial Fairy Tales Patreon - helping kids learn about money
The first 3 Financial Fairy Tales stories and Activity Book

We have big plans for 2019 and beyond which includes 3 new story books, more learning activities and an animation series. Above all we want to help more kids around the world grow up with a better understanding of money by providing the skills, tools and beliefs which will empower them now and in the future.

How You Can Help

By becoming a supporter through Patreon, you can help us continue our work in creating these stories and learning activities. Patreon is a website and platform where people just like you can choose to support creative and artistic projects – whilst getting lots of cool benefits for yourself.

Visit the Financial Fairy Tales Patreon page and help us to help more kids learn about money.

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Using Financial Fairy Tales to Teach Children About Money

May 3rd, 2018 Posted in financial education, financial literacy for kids
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Eighty percent of parents in the UK agree that early financial education translates to better money management in adulthood but feel that they are ill-equipped to teach their children themselves. Children are increasingly exposed to household finance complexities in an era where four out of 10 adults in England and Northern Ireland struggle with basic arithmetic and only 36% of those ages 18 to 34 understand common financial terms. Aside from the fact that many parents are struggling with finances themselves, finance counselor and researcher Martha Henn McCormick notes that the relationship between early financial education and financial savvy in adulthood has not been thoroughly studied.

Using Financial Fairy Tales to Teach Children About Money - kids books image

Photo by Robyn Budlender on Unsplash

The gap in knowledge is a serious concern, according to the English Department of Education, and the All Party Parliamentary Group on Financial Education for Young People (APPG) agrees. An APPG report in 2016 states that the financial literacy crisis is reflected in the UK’s adult population and that there is a need for schools to teach financial skills to reverse this trend. The people over at gkandpartners.com can provide some help in this regard, but curricula do need to be changed to include more financial learning. Research done by finance firm M&G encourages financial education at home as well and suggests parents should be the first to teach their children about money.

Financial Literacy Crisis

With children aged 11 to 17 now exposed to financial issues that they cannot understand or solve, the Department of Education is worried that the financial literacy crisis in the country will get worse. Representatives of the department feel that parents need to be more proactive in their children’s education and that financial education must start as early as age two. While it is still not compulsory for students to take up coursework on finance, it is not enough. The APPG reports that the debt to income ratio of 17 to 24 year olds in the UK is now at 70%, indicating a lack of financial education among the youth.

The Power of Bedtime Stories

Children love stories and parents should take advantage of this by including financial fairy tales during story time. The right stories can teach children about the basics of commerce, the value of money, and the importance of savings and investments. This is a good start for ages 2 to 11 because it is a fun approach to teaching financial knowledge that will come in handy in adulthood. Bedtime stories can also teach children how to grow their wealth and keep their expenses lower than their pocket money. There are a number of financial fairy tales that tackle money wasters, budgeting, and fundamental investment concepts that can give them insight on how to handle the money they have.

The Magic Magpie, a financial fairy tale about a girl who wants to get rich quick offers lessons on financial decisions and their consequences. The Toll Bridge is another good bedtime story for parents struggling to teach their children about money. The book teaches children about taxes, supply and demand, and trade and public spending. The Last Gold Coin is also a good option because it tackles issues on scarcity and what people can do to save the day. You can find out more about the Financial Fairy Tales books here

Knowledge is Power

A child’s brain is like a sponge, according to the International Journal of Science. This means that he or she will be able to master the fundamentals of money management if it is taught early on. Teaching your child about finances through financial fairy tales would later translate to financial literacy in adulthood and can save your child from the burden of financial troubles. http://credit-n.ru/offers-zaim/sms-finance-express-zaimy-na-kartu.html

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We need to talk about financial literacy: things your kids should know

August 20th, 2017 Posted in financial literacy
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Source: unsplash.com

Personal financial literacy encompasses a range of money topics, from everyday skills such as balancing a checkbook – to long-term planning for retirement. Yet we live in a strange world where, unfortunately, not many people have learned to master the skill to properly manage their own finances.  Although there is a movement to include more finance-related coursework in elementary, middle and high school settings – parents and guardians are the primary educators when it comes to financial literacy for kids or teaching children to be financially competent.

Teaching children about financial stability and responsibilities can not only help them in their future when they lead their own personal lives, it is a great potential to change the country’s financial situation. When a generation comes along which has been properly educated about money, it means that the economy can get a very much needed boost.

Source: pexels.com

As a parent, the important thing to remember is: don’t shy away from talking to kids about money. Even if you lack in confidence in how you handle your own finances, you still possess invaluable experience and perspective that you can bestow on your children. Children as young as 3-years-old can begin to grasp the concept of saving and spending money by simply turning your day-to-day activities into learning experiences. Every trip to the bank, store or the ATM machine can be turned into a valuable lesson.

Your children can learn to save money from a very young age if you have the right approach. They’re not always keen on spending all the money the same moment they get it, so that’s an incredible opportunity to teach them about what they could do with the money if they saved it. The important aspect of this lesson is that they get the sense of delayed gratification for something they bought after some time has passed (while they were saving). It’s also a good way of preventing your child of becoming an impulse buyer – try not to let them spend all their money at once, no matter how much they wanted that special thing.

Source: unsplash.com

Another good financial literacy lesson and example of teaching children to have a realistic approach to money, is to avoid telling them you can’t afford something. Children don’t usually grasp where money is coming from; therefore they won’t understand the reasons behind that statement. Instead, tell them exactly what the money is for: for example, it has been set aside for groceries, and groceries only, and if you buy a toy or candy – then you won’t be able to cook them their favorite lunch. With that comes the talk about priorities – what comes first, and what things come as a luxury or a treat that needs to be well-deserved.

Don’t let your children become misled by what they hear from outside their home or from peers – many children often spread misinformation that can be detrimental to your teachings. Some might even say that rich people are lucky for example – which can be harmful to their opinion. If your child believes that wealth is a result of luck, then they won’t have the right motivations to handle money responsibly. Teach them that only hard work and making smart decisions make people wealthy.

If you are interested in helping your children become more financially literate you may wish to take a look at the award winning Financial Fairy Tales books.

Source: unsplash.com

As your child matures into a teenager, you should have already established the basic principles of saving money and being financially responsible. At this point, you can open them a bank account, and it may be a good idea to give your teen a basic credit card. Teach your teenager about saving long term and how interest affects them both with their savings and their spending. It may also be a good idea to let them take some accounting lessons. It won’t be long before your child ventures into the adult world and leaves the nest, so they should be all set when it comes to being financially responsible.

We need to talk about financial literacy: things your kids should know - financially savvy teen image

Source: pexels.com

By teaching your children about money, you help them discover the relationships between earning, spending and saving. In doing this, children also begin to understand the value of money. Don’t wait too long to teach your child the basics of managing money, because it will thank you later in the future. http://credit-n.ru/electronica.html

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Compulsory financial education in schools

November 7th, 2011 Posted in financial education in schools
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Over 100,000 people have now signed the petition calling for compulsory financial education in schools, which means it must be considered for a Parliamentary debate.

The petition championed by Martin Lewis at Money Saving Expert hit the magic 100,000 number last night, showing the enormous nationwide support for the campaign to help rid the nation of financial illiteracy, which can lead to serious debt problems.

(click here to sign the e-petition on the Government’s website).

This is the trigger by which all issues raised in Government e-petitions are considered for debate in the House of Commons .

As Conservative MP Justin Tomlinson has agreed to sponsor the petition, it stands a good chance of a Commons airing.

The issue is already on the political radar as over 250 MPs are part of the All Party Parliamentary Group (APPG) on Financial Education for Young People, which also calls for compulsory money lessons.

The petition also has the support of numerous consumer groups such as Which? and the Consumer Credit Counselling Service plus of course The Financial Fairy Tales.

Martin Lewis, MoneySavingExpert.com creator, says: “Thanks to everyone who’s signed the petition and played their part in putting this on the political agenda.

“Politicians of every party should hang their heads in shame. It’s a national disgrace: in the 20 years since student loans came in, we’ve educated our youth into debt when they go to university, but never about debt.”

“We’re a financially illiterate nation, with millions caught by mis-selling, over-borrowing and being ripped off. The easiest, cheapest and most important fix is to get financial education in every school.

Many wonderfully already do this, yet most don’t. The problem is unless it is compulsory, head teachers can’t focus resources to make it happen. Hopefully, this petition will be a major step to change that.”

Debate moves closer

Tomlinson, who set up the APPG, says it is vital we educate the next generation about personal finance.

He says: “I am delighted financial education is supported by so many people, and passing the 100,000 barrier on the e-petitions system is a real, major boost to our campaign.

“We are shortly set to conclude our nine-month inquiry looking at how we can deliver compulsory financial education as part of the national curriculum.

“The 100,000 signatures to the e-petition will help us secure Parliamentary time on this subject, essential for raising the profile of our report with key ministerial decision makers.”

Financial education was due to become part of the curriculum underthe previous Labour Government when then School’s Minister Ed Balls, along with Martin Lewis, launched the proposals in January 2010.

However, as those plans were tied in with sex education, they were scrapped because of the row over teaching sex to kids ahead of last year’s General Election.

 

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