Young people today are struggling with financial literacy. Simple concepts of budgeting, saving and spending are not being taught at home or in school. In addition, the majority of young adults are laden with college debt, credit card debt, and are stuck in a never ending cycle of “robbing Peter to pay Paul” using a credit card to pay such basic needs like utilities, housing, or food or dipping into a 401k to pay bills. Checking accounts are over drawn and people are stuck in a depressing financial rut. To further the problem, and most likely due to the 2008 recession, many are not asking for help nor do they trust financial institutions to guide them with solutions.
To overcome these problems and thrive, one must gain an understanding of financial literacy. One way a customer can achieve this is through on demand education for financial independence. Advances in technology has given rise to on demand education for financial literacy to help students, parents and recent graduates understand not just the importance of money but how and why financial concerns matter.
Financial success depends upon understanding simple economic terms of a credit score and how that score relates to financial purchases of buying a home or a car because the better understanding a customer has of their credit score the less likely he or she will default on a loan.
Once a person has basic
understanding of financial literacy, there is still more to learn. Further Financial success can come from
learning about stocks, bonds, compound interest and more. The goal of all of this is to in turn have a
successful, prosperous life now and through retirement.
On demand education in financial literacy can help customers balance not only their check books but balance their life.