The advent of the Internet and the current always-connected digital age has given people across the United States a new portal to become more financially literate. It is now easier than ever before to access knowledge with thousands of web pages and scores of free online courses designed to tell us exactly how money works. These tools are important according to Christine Legarde of the International Monetary Fund, as they can help to fight against poverty and inequality and have a positive impact on the nation’s economic health. Paul Golden of National Endowment of Financial Education also claims “research proves that financial literacy helps people make better choices”.
Sources for Education
There are various sources for financial education available on the Internet including free courses that do not require registration or tuition. These courses are unlikely to offer college credits but are a great means for the public to delve deeper into topics such as the present and future value of money, interest rates and the consumer price index. Many of these resources cater for all age groups but there are some, such as the Planning for a Secure Retirement guide available via Purdue University’s website, which provide more tailored and specific advice. The International Monetary Fund (IMF) has also recently made its online economic data free for everyone, so you can now access a wealth of macroeconomic stats and data such as Balance of Payments Statistics and International Financial Statistics for many of the countries across the globe. IMF says the free of charge service aims to “expand usage and facilitate greater transparency and better policy choices.”
Private businesses such as PricewaterhouseCoopers are also eager for a more literate future. The auditing firm invested a further $30 million into its $160 million Earn Your Future financial literacy program in order to digitize its core classes so Internet users across the country can access them free. Lessons offered by PwC include “Creditworthiness” and “Saving matters”.
Wider Access
The Internet has allowed us to keep up with the constantly evolving and fast paced nature of the financial world through real time updates. While in the past, finance news was largely consigned to specialist newspapers and consumed a day after the events took place, it is now front and center on online financial news sites just minutes later. The proliferation of these sites and the prominence of finance news and advice across the web has played a huge role in opening people’s eyes to how exactly the finance world works. If you want to be smart with your money and improve your overall financial situation or begin a new financial adventure by investing then keeping up with the latest financial news is of the utmost importance. The Internet has allowed more people to keep track of this information that has fueled greater interest in money making opportunities and saving plans.
Post Recession
The economic crash had the biggest impact on the desire to be more financially literate as many families were forced to re-evaluate their spending habits. A survey by the Post Office in the United Kingdom found that almost 50% of 16 to 30-year-olds were much more interested in financial issues following the economic downturn, with over a quarter in that age group revealing that they had saved more money due to the problems. Post Office director Gary Hockey-Morley added: ”The younger generation in particular is driving such dialogue as they continue to learn from the mistakes of their parents, while adopting a more cautious approach to money matters, in turn reflecting the values of their grandparents.”
Keeping up to Date
You can keep up to date with money news online by visiting BAEdaily, a leading website which brings the best finance stories from across the Internet. BAEdaily is a great source for the latest developments, breaking stories and meaningful insights from the financial world. You can also visit resources such as Google Finance, CNNMoney and Bloomberg Business for information such as stock exchange prices and other formal statistics that can help you to become better informed financially.
The Internet has had a profound impact on how the finance world operates and how people consume the services across the globe. It has made them more financially literate by increasing exposure to important news stories and providing a platform for free financial education and cutting edge analysis. You can continue to improve your financial literacy by keeping up with money news and key financial issues on a regular basis.