IDEALLY, GOOD FINANCIAL HABITS ARE INSTILLED early on, but often they're not. In "Bridging the Knowledge Gap", a 2013 survey about financial literacy from Bank of America, 43% of adults said they felt they'd missed opportunities because they didn't know enough about money. Nearly four in five adults in America believe it's difficult to learn about personal finance, according to the study.
It doesn't have to be that way. BetterMoneyHabits.com, a web site created through a partnership between Bank of America and the innovative educational nonprofit Khan Academy, is a perfect place for improving your—or your children's—financial IQ. It provides a variety of learning tools, including short and engaging videos as well as visually appealing infographics, on a wide range of personal finance topics, including understanding credit, getting out of debt and buying a home.
"Following the financial crisis, people told us they wanted to know more about managing their money," says Andrew Plepler, Environmental, Social and Governance Executive at Bank of America. "Better Money Habits features easy-to-understand videos that walk you through the basics and it's available to anyone, client or not."
With their use of animation and blackboard teaching techniques, the videos are an especially useful primer for teens or young adults just starting to shape their financial lives. Even if you're an experienced investor, you might find the video on, say, refinancing your house helpful. "Financial literacy, or lack thereof, continues to have a dramatic impact on the economy," says Bank of America Chief Global Strategy and Marketing Officer Anne Finucane. "We saw a unique opportunity to combine the power of Sal Khan's innovative learning platform with our significant customer and employee base to make free, self-paced, easy-to-understand resources more accessible."
Adds Plepler, "To me Better Money Habits is the perfect example of a new kind of thinking at this company and others—we understand that we have a responsibility not just to be profitable, but to also be a good citizen in our communities and in the world."
Visit BetterMoneyHabits.com and explore its resources, organized by financial goal, then share the site with your children or grandchildren.