Personal financial literacy is critical to succeed in today’s world, but study after study shows that many Americans need a deeper understanding of core financial concepts. For instance, among U.S. adults surveyed in the FINRA Foundation National Financial Capability Study published in 2022, 47% lacked a “rainy day” fund for emergencies, 59% of those with credit cards reported paying their balance in full each month, and 19% reported spending more than their income.
It’s clear that many adults still struggle when it comes to personal finance, but financial education can help. The 2022 Personal Finance Index released by the Global Financial Literacy Excellence Center and the TIAA Institute shows that, in contrast to individuals with very high financial literacy, those with lower financial literacy levels are more likely to have difficulty making ends meet, more likely to be debt constrained, and are less likely to be able to cope with a $2,000 unexpected financial expense.
The AFSA Education Foundation recognizes the immense need for high-quality and accessible financial education. In particular, we know how challenging it can be for educators, parents, and caregivers to find the right curriculum and resources to support their teaching—especially when so many of us do not feel like financial experts ourselves or are struggling to fit personal finance content into an already packed curriculum. That’s why we offer MoneySKILL, a completely free, comprehensive, online personal finance course which educates youth and adults about money management fundamentals.
Having a lifetime enrollment of over 1.4 million users and with an expansive presence in more than 50% of U.S. counties, MoneySKILL allows educators to create custom personal finance courses from 37 different content areas (modules), including budgeting, savings, credit, investing, and much more. Each module includes unique video introductions, real-life applications, and quiz questions to test students’ comprehension. MoneySKILL is available in English and Spanish, includes audio dictation for students, and instructors can have a class ready to go within a short amount of time. The learning platform is completely web-based and mobile-friendly (with no need for app or software downloads), which makes it a great option for both virtual and in-person learning environments.
In addition to MoneySKILL, the AFSA Education Foundation also offers a number of other free digital personal finance resources including a Learning Activity Guide for teachers, a curated personal finance video listing with discussion questions, classroom worksheets, and English and Spanish-language brochures on topics such as Understanding APR and Vehicle Financing.
As more educators and parents seek ready-to-go, web-based learning materials, the AFSA Education Foundation offers unique and accessible solutions for those looking to deliver personal finance education. “By educating individuals, especially youth, about basic financial principles,” says Rhonda Ashburn, executive director of the AFSA Education Foundation, “we are setting them up for long-term financial success outside of the classroom.”
We encourage you to visit our website at www.afsaef.org to explore MoneySKILL and our other resources. Prospective MoneySKILL instructors can sign up for free by filling out a brief registration form.
April is Financial Literacy Month! Let us know how your schools are recognizing Financial Literacy Month by incorporating MoneySKILL or other personal finance resources into your curriculum. Share your story by emailing us at [email protected] or mentioning us on Twitter or Facebook.
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