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Tag: financial literacy

  • From flight to fight: How to strengthen your financial resilience – MoneySense

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    Financial stress is common. The nation’s Financial Consumer Agency reports that nearly half of Canadians have lost sleep because of it. In addition, it can be detrimental to physical and emotional well-being. 

    Luckily, there are simple steps you can take to strengthen your financial position. 

    Canadians are concerned

      According to the MNP data, the majority of Canadians (59%) expect a worsening of the economy in the coming year. Specific concerns include increasing unemployment (52%), spiking housing (59%) and healthcare (48%) costs, and higher taxes (53%). On a macro level, respondents expressed the belief that 2026 would bring rising poverty and inequality (62%) and a worsening government deficit (66%).

      Economic pressure is nothing new for Canadians, but bright spots have been few and far between since the COVID-19 pandemic. In the past six years, households have struggled with inflation, tariffs, and a shrinking job market. By now, it’s understandable if Canadians feel like they’re living in a never-ending financial crisis.

      The bad news is that it’s not all in our heads. MNP reports that only 47% of Canadians have an emergency fund to cover six months, and 41% say they’re $200 or less away from financial insolvency on a monthly basis.

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      Financial fight or flight

        Money pressures are common, but how you respond can be the difference between relative peace of mind and paralyzing fear. According to MNP, nearly three in five (59%) are adopting a “fight” mentality and taking proactive steps to protect themselves. Strategies include consolidating debt, adjusting their budgets, and seeking out help from a financial professional. 

        However, nearly a third (32%) are avoiding the problem—an anxiety response colloquially known as “flight”. If you avoid thinking about or discussing finances, or if you feel unable to act at all, you might be in a flight response. 

        “Sustained financial pressure is prompting both decisive action and withdrawal among Canadians,” says Grant Bazian, president of MNP LTD, adding that financial flexibility—or lack of it—may be the difference between someone who fights or flees. 

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        Take small steps toward financial flexibility

          There’s no quick fix to improving your financial flexibility, and it can be mentally and emotionally fraught to even think about. That said, small steps in the right direction will help you escape the cycle of fear around money. Here are some places to start:

          • Budget. If you already have a budget, now is a good time to revisit it. If you don’t have a budget, build one. Once you have accounted for all of your income and expenses, you can find ways to cut or redirect your spending.
          • Prioritize emergency savings. Experts suggest having between three and six months worth of savings in the bank to support you in case of job loss or other emergencies. Even a small but regular contribution will add up over time.
          • Pay down debt. Debt, especially on a credit card, can destroy your financial health. Regular interest rates can be as high as 25%, and increase what you owe quickly, because of compound interest. You can improve your position by not spending on credit, moving debt to a lower-interest credit card, and considering consolidating your debt.
          • Increase your income. Reducing your spending is only half the equation. If you can increase the amount of money you bring in, you’ll have more to work with. Consider a second job or a side gig. Sell off unused or unwanted items and put the proceeds towards your emergency fund or debt. 
          • Ask for help. Many people have shame or secrecy around money issues which stops them from getting the assistance they need. There are professionals and resources available to help you reach your financial goals. 

          Financial anxiety is widespread in Canada, but ignoring it only deepens the strain. And while broader economic pressures may feel out of reach, personal financial resilience is not. Take deliberate steps today to ease stress, build a more stable foundation, and gain a sense of control over your finances. 

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          About Keph Senett


          About Keph Senett

          Keph Senett writes about personal finance through a community-building lens. She seeks to make clear and actionable knowledge available to everyone.

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  • Moving back home can save money—but only if you plan – MoneySense

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    While moving back home could help achieve your goals faster—paying down debt, boosting your emergency fund or saving for a house—experts say it’s important the decision is grounded in intention and that you have a proper plan.

    Plan timelines and expectations in advance

    Jeri Bittorf, financial wellness co-ordinator at Resolve Counselling Services, said moving isn’t going to solve all your problems without having measurable goals in place. Set a timeline for your savings goal, such as six or 18 months, to keep you on track and so your parents know you will eventually move out.

    Bittorf suggested people think about the hidden costs of living at home. “Moving back in with family doesn’t mean you’re going to have no expenses,” Bittorf said. “(Your parents) might also be feeling some financial burdens based on the economy right now.”

    She said it’s important to determine whether you’d be expected to pay any rent or contribute to utilities and groceries. Meanwhile, other expenses could go up, such as gasoline costs, parking fees, or public transit costs because of a longer commute.

    “I do have clients that sometimes think, ‘Oh, I’m going to move an hour and a half outside of the city to move in with family’ and then not realize the commute,” Bittorf said. “That’s not only a financial sacrifice, there’s also this emotional and personal sacrifice (of) being on the road three hours a day.”

    It’s also easier to fall back into old habits of the parent-child role when living under the same roof—an age-old challenge. A constant barrage of questions about where you’re going and when you’d be back, or whether guests are allowed at home, can become overwhelming, Bittorf said. “That can be a really hard thing, especially if you’ve lived on your own for an extended period of time,” she said, adding that it may not always be worth the mental peace.

    Revisit the arrangement with regular check-ins

    Bruce Sellery, CEO of Credit Canada, said start by listing the pros and cons to help gauge if this move is right for you. Some benefits could be higher savings, helping with chores, not having to pay for laundry and even some logistical benefits, such as living in a nicer neighbourhood again. But it also comes with risks of relationship stress, co-dependency, and holding back on your romantic life.

    Then, think about the ways to mitigate those cons, he said. That means honest conversations, for example. When someone in their 20s decides to move back home, Sellery said the conversation should be framed like a request—not an announcement. He said that could open up a broader conversation about financial goals and whether parents are comfortable with it. 

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    Bittorf said it’s important for the family to be on the same page about expectations as well as deciding what financial information you would like to keep private. “Your family might know that you’re moving in because of debt, but that doesn’t mean they get to ask you all the time, ‘How’s your debt repayment going? How much money did you make this month?’” she said. “You want to be very clear on what type of questions you’re willing to answer.”

    But that doesn’t rule out check-ins. Sellery said it’s also important to discuss the living situation on a regular basis. “The monthly check-in is two questions: What’s working well and what’s not working so well?” he said. That opens up room to talk about solutions to make things work, Sellery said. But if communication breaks down, there’s always an option to live separately again.

    “It really becomes more of a business relationship in some ways, because as a parent, you’re under no obligation to house a 25-year-old,” Sellery said. 

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  • How to turn your child’s first phone into a money lesson – MoneySense

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    Still, many parents can only hold off for so long on giving their child their first smartphone. And when you do, experts say the onus is on parents to set up the right guardrails on the device, especially as most phones are designed to make spending easier, and sometimes, invisible.

    Turn a first cellphone into a money lesson

    “Giving your child their first cellphone can be a really great teachable moment—an opportunity to build a money lesson naturally into your day-to-day lives,” said Robin Taub, author of the book The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life.

    The first step, she said, is to sit them down and go over various costs associated with phone ownership, and lay out who’s responsible for them. There are some obvious costs—the phone itself, a phone plan, a case, and sometimes a phone protection plan.

    Taub said if a child is on the younger side—around 13 or 14 years old—you can start by teaching them about data overages, connecting to wireless networks, and turning off data roaming when travelling to avoid a hefty bill. With older teenagers, she said parents can gradually shift the responsibility of paying the phone bill onto them.

    How to pay for school and have a life—a guide for students and parents

    When phone costs go beyond the bill

    But there are many more less visible costs, such as in-app purchases or sign-ups for trials that can sneakily be added to a credit card.

    Rebecca Snow recalled her kids playing a popular online world-building game, Roblox, which often requires in-app purchases for new avatars or outfits for the characters. “They used to ask me, ‘Can we get Robux?’” said Snow, co-founder of the Toronto chapter of Unplugged Canada, a group that advocates for smartphone-free childhoods. “They didn’t realize that that’s me actually spending money on Robux, buying these little digital tokens to get little outfits for their avatars.” 

    Certified financial planner Kalee Boisvert is also familiar with requests for game token purchases. When Boisvert’s 11-year-old daughter—who has a smartphone without a cellphone plan—asks for in-app purchases, it starts up a conversation. “It’s just that priorities conversation and reviewing with them what matters,” she said. For example, Boisvert reminded her daughter of an upcoming trip to Disneyland and how it could be better to save for something she may want to buy there.

    Build financial literacy before digital independence

    Snow said there’s a strong need for financial literacy before kids get their first smartphones. She said her 12-year-old son, who doesn’t yet have a smartphone, uses a pocket money app called Mydoh on the computer or Snow’s phone to understand the concept of savings and earnings through chores around the house. 

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    “I can say, ‘Okay, if you take your lunch box out of your bag every day, click this button on Mydoh and you’ll get $2 a week for doing that,’” Snow said. She said these healthy online financial habits will come in handy when he eventually gets his first smartphone. 

    Margot Denomme likens giving smartphones to tweens and teens to driving. “It’s like our kids taking the car out right after they get their driver’s licence,” said Denomme, founder of an advocacy group Raising Awareness About Digital Dangers. “We don’t just give them the keys and not ask where they’re going.”

    Before handing over their phone, Denomme said parents should disable in-app purchases and turn on parental approval for every purchase. Even after setting up their phones for use, she suggested checking in with kids weekly, or even daily at first and asking about what kinds of activities they’re engaging in online.

    “I encourage parents to get involved with their children online so they’re understanding and they’re helping them point out red flags,” she said. Denomme said parents often take their kids’ privacy too seriously. “No—it’s your phone. You’ve purchased the phone and it’s OK to put these provisions in place,” she said.

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  • How to protect yourself from identity fraud in Canada – MoneySense

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    What we do know, however, is the type of fraud reported most often in Canada: identity fraud. To pull this off, criminals use phishing scams and other ruses to trick Canadians into revealing personal and financial information. Depending on what they find out, scammers could impersonate you, charge purchases to your credit card, apply for a loan and/or mortgage in your name, drain your bank accounts, and more.

    It’s also becoming harder to identify scams. Some fraudsters now use artificial intelligence (AI) technology to create highly convincing audio and video “deepfakes” using Canadians’ voices and faces. AI tools are also helping criminals target exponentially more people at once, making scams harder to avoid.

    How to protect your identity

    To help you protect yourself against ID theft and fraud, we created a series of how-to articles with practical tips on prevention and what to do if you think your identity may have been stolen.

    We’ve also launched a column dedicated to helping you protect specific things and people in your life. Check back monthly for new installments.

    Videos about fraud and scams

    How fraud and scams affect Canadians

    Learn more about the various types of scams targeting Canadians today, and what you can do to protect yourself and recover from ID fraud.

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    About MoneySense Editors


    About MoneySense Editors

    MoneySense editors and journalists work closely with leading personal finance experts in Canada. Since 1999, our award-winning magazine has helped Canadians navigate money matters.

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  • How to break free from a scarcity mindset and build financial confidence – MoneySense

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    An emotional, fear-based response, a financial scarcity mindset often sends people down a rabbit hole of overthinking, instilling beliefs that they will never have enough money to live comfortably and that they will always be stuck in some form of financial turmoil. This mindset can harm one’s long-term financial wellbeing and quality of life, experts say. 

    Why your money mindset might be holding you back

    “The mindset plays a very big role in keeping people stuck in the financial situation they’re in,”  said Jeri Bittorf, a financial wellness co-ordinator with Resolve Counselling Services Canada. Bittorf said she frequently encounters clients who have a scarcity mindset in her line of work. Sometimes, people hold onto fears that they will never be able to earn more or reduce their expenses, and their situation will never get better. 

    That emotional response usually comes from some sort of trauma around money, said Kalee Boisvert, a financial adviser at Raymond James Ltd. It could stem from childhood experiences, such as growing up poor, but it can also be established later in life from a perceived lack of resources, or by hearing stories of people around you unable to pay their rent or afford groceries, Boisvert said.

    “Sometimes, this money scarcity has come from stories that people have heard and almost taken on as their own or the fear of that,” she said.

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    Boisvert picks up on red flags of a scarcity mindset among her clients when she hears comments such as: “I’m terrible with money; I’m scared that I’ll never be able to retire; I should be doing a better job or should be doing more.” That’s “money scarcity mindset working in the background,” she said.

    Boisvert said the mindset can lead to confidence and self-worth issues, which eventually spill into everyday life decisions about jobs, partners you choose or the residence you choose to live in.

    Understanding your money past is key to changing your financial future

    Bittorf said it’s important to get to the root cause of this mindset, and that journaling plays an important role in unpacking patterns and beliefs around money. “I have them start at, like, the earliest ages of memory, around five years old,” she said. 

    Bittorf uses prompt questions about financial security growing up such as if their parents talked about money, whether they experienced financial arguments at home and if they fit in financially at school. “I want them to be thinking about all of those things because those are going to influence the decisions you make now, even if you don’t realize it,” she said.

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    Sometimes, Bittorf encourages her clients to create vision boards about what they’re passionate about and what their future selves look like with an abundance mindset. That creates an excitement to pursue those plans. “If they were to get out of this life situation, what are the goals?” she would ask clients.

    Building abundance through mindful money habits

    While unpacking financial patterns is foundational, Bittorf said it comes down to real steps, such as setting up a budget, tracking money and breaking up broader financial goals into smaller, actionable steps. That also means making some tough decisions, such as cutting out expenses where needed or changing jobs. “You know you’re strong enough to do that. And there’s a lot of support out there,” Bittorf said.

    For Boisvert, breaking out of the scarcity mindset has been a conscious effort in her own personal journey. If she had not broken free from this mindset growing up, she thinks her response to money would’ve been to save and put everything away instead of aligning her spending to what she really cares about.

    “Knowing that I grew up with the scarcity mindset that I had to really work hard to overcome, when I talk to (my daughter) about money, I just say money is a tool and it’s a tool that helps us achieve things,” Boisvert said.

    For those stuck in the cycle, she suggested separating facts from fiction and practising gratitude. “If you’re feeling this fear and dread, and you’re looking at the numbers and you have the money to pay the bills and the rent, then it’s just about giving yourself a reminder, ‘Well, right now I am safe. Is this an old story coming up for me?’” Boisvert said.

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    About The Canadian Press


    About The Canadian Press

    The Canadian Press is Canada’s trusted news source and leader in providing real-time stories. We give Canadians an authentic, unbiased source, driven by truth, accuracy and timeliness.

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  • How to read your investment statements  – MoneySense

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    This guide breaks down exactly what to look for so you can quickly assess your investments and make informed decisions.

    Why review your investment statement? 

    Regularly reviewing your investment statement allows you to: 

    • Confirm that transactions are accurate
    • See whether your portfolio value is performing as expected
    • Understand what you own and how much it’s worth
    • Make sure your investments align with your goals and risk tolerance

    Developing the habit of looking at your statement helps reduce uncertainty, strengthens your financial awareness, and ensures there are no surprises down the road. 

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    Why investment statements are often overlooked 

    Investment statements often go unread because they can seem long and complicated. The numbers and financial terms are not always easy to make sense of, which can make the whole document feel intimidating. Some common challenges include: 

    • Too much information: With multiple pages of data in fine print, it is hard to know where to start and what to look at.
    • Not sure what matters: Certain sections are more important than others, but that isn’t always clear. 
    • Mixing up values: The difference between book value and market value is often assumed to be the return, which is not always correct. 

    Once you know what to focus on, the statement becomes much easier to read. Instead of feeling stressed, it can be a helpful tool to check your progress and confirm your investments are on track. 

    Reviewing an investment statement doesn’t need to take much time. By focusing on a few key areas—like total value, transactions, and performance—you can quickly gain a clear understanding of how your portfolio is doing.  

    Treating this as a regular financial check-in, much like reviewing a budget or tracking monthly expenses, helps build familiarity and confidence. Over time, the process becomes easier, and what once felt complicated turns into a simple habit that keeps you feeling in control. 

    Think of it as a monthly check-in with your future self. The more familiar you become with your statements, the easier and more natural the process will feel. 

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    Key areas to focus on 

    When you start reviewing your statement, here’s where to direct your attention.

    1. Total portfolio value 

    Start with the big picture. Look at the total value of your portfolio and compare it with the previous month’s figure. This indicates whether the overall value has increased or decreased. While market changes are normal, this quick comparison helps you track your progress over time. 

    2. Transactions 

    Next, review the activity in your account. Did you make a deposit or a withdrawal? Did you purchase a new investment? What fees were charged? 

    Every transaction should line up with your expectations. If you notice something that doesn’t make sense or if a transaction appears to be missing, it’s important to follow up with your financial advisor. 

    3. Portfolio holdings 

    The holdings section shows what you own and the value associated with each investment. Here, you’ll typically see: 

    • Book value: Also referred to as “adjusted cost base” or “ACB” is the price you paid for the investment, adjusted for tax purposes to reflect any dividends reinvested or other cost adjustments to ensure you don’t double pay taxes when you sell. 
    • Market value: What that investment is worth today if you were to sell it. 

    It’s important to know that the difference between book value and market value doesn’t always show your real return. For example, if dividends are automatically reinvested back into an investment, your book value goes up even though you didn’t put in extra money yourself. 

    4. Asset allocation 

    Your statement will also display your allocation to categories such as stocks, bonds, and cash. This breakdown should reflect your risk tolerance and long-term goals. If your allocation has shifted significantly due to market performance, it may be time to rebalance to get back on track. 

    5. Performance and fees 

    Finally, look at your overall performance and the fees charged. Some statements include your rate of return, though not all do. If yours does not, you can request a performance summary from your advisor. 

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  • Big News for Teachers Getting Students Ready for the W!SE Test

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    If your students take the W!SE (Working In Support of Education) Financial Literacy Certification exam you now have a clear, reliable path forward.

    W!SE has officially named Khan Academy’s Financial Literacy course as a top prep resource for the W!SE exam. That means you have one trusted, free, all-in-one tool to support your students in building money skills and earning certification.

    One course covers it all 

    You no longer need to dig through many resources to assemble what students need for W!SE exam. Khan Academy’s course includes:

    • Budgeting and saving
    • Credit and debt
    • Taxes and insurance
    • Banking, investing, core economics
    • Practice challenges that mirror the W!SE exam’s format

    Plus, since the course launched, Khan Academy has expanded it to include new units on employment, banking, car buying, and housing to help students understand real-life money decisions. 

    Assign the course today!

    A Note for Virginia Teachers

    If you are a Virginia teacher, Khan Academy also offers the Economics and Personal Finance course, which was built specifically to align with Virginia’s state standards. This course includes both economics and personal finance content, ensuring that you can meet all of the state’s instructional requirements.

    Much of the personal finance material in this course overlaps with the Financial Literacy course, so students still get exposure to the same core lessons that prepare them for the W!SE financial literacy exam. However, the Financial Literacy course remains the best targeted exam preparation resource, while the Economics and Personal Finance course ensures full compliance with Virginia’s curriculum standards.

    This Virginia-specific course was made possible through the support of Capital One.

    You’re already doing the work. We’re just making it easier.

    You know how important financial literacy is. With Khan Academy’s fully aligned course—and W!SE’s recommendation—you now have a powerful way to teach the skills that matter most.

    Thank you for everything you do in helping students build financial confidence. You have a tool in Khan Academy that works for real classrooms.

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  • Meet the 9-year-old Miami student who won $1,000 for her financial literacy

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    Zoë Madison Orndorff is one of three Miami-area winners of the OneUnited Bank’s Financial Literacy Essay and Art Contest. She is pictured here selling her books, pet rocks and snacks.

    Zoë Madison Orndorff is one of three Miami-area winners of the OneUnited Bank’s Financial Literacy Essay and Art Contest. She is pictured here selling her books, pet rocks and snacks.

    Courtesy of OneUnited Bank.

    At age 9, Zoë Madison Orndorff already has an entrepreneurial spirit. She’s co-written two books with her mother and sells jewelry and pet rocks at the Palmetto Bay Artisan and Farmer’s Market.

    And now she is one of three Miami-area students to win OneUnited Bank’s Financial Literacy Essay and Art Contest. Now in its 15th year, the contest awards students with $1,000 toward a savings account after reading a book about financial literacy and writing an essay. Along with Orndorff, who attends Airbase K-8 Learning Center in Homestead, the other winners this year are Andrew Elus, 12, and, Jalonie Lue Shue, 11, who also wrote essays on financial literacy.

    Zoë Madison Orndorff is one of three Miami-area winners of the One United Bank’s Financial Literacy Essay and Art Contest.
    Zoë Madison Orndorff is one of three Miami-area winners of the One United Bank’s Financial Literacy Essay and Art Contest. Courtesy of OneUnited Bank.

    Orndorff is already thinking long-term about her plans for her $1,000: “I want to get more money from the interest for college and a car,” she said.

    Teri Williams, OneUnited Bank president and CEO, said the Black-owned bank created the contest after she visited elementary schools to talk about financial literacy and noticed that children were not knowledgeable about money management. She also realized many books didn’t cater to students who lived in urban areas.

    “Most of the books about money for children were about lemonade stands in front of white picket fences in the suburbs,” she said. “So we were trying to figure out a way to state the educational process for our community in the schools.”

    It led Williams to write the book “I Got Bank: What My Granddad Taught Me About Money,” as away of teaching youth about money management. To participate in the contest, children had to read a book about financial literacy, be it Williams’ or another book, and write an essay about how the information could help them and their families throughout their financial journeys.

    The essays provided a snapshot of what the children and their families are experiencing with their finances, said Williams. “We saw more discussion about how kids could use money to help their family with necessities, rent, groceries and the day-to-day cost of living that you know their family is either struggling with or going through,” Williams said. “There does seem to be an undercurrent of financial stress that our kids are feeling.”

    In her essay, Orndorff wrote that she learned about bank accounts and credits scores and how they affect your ability to get an account and interest rates on loans. Orndorff’s mother Nia Madison learned about the contest through her Jack and Jill chapter, and urged her daughter to apply for the contest to learn more about saving money, adding that this is her child’s first time having a bank account of any kind. Madison said she’d been open with her daughter about her own finances in order to better educate her on money management.

    “The cost of living is increasing year by year, and I want her to at least be able to live the quality of life that we currently live, if not even better,” Madison said. “That requires me to inform her about inflation, interest, investments and savings.”

    Williams said what stood out to her about Orndorff’s essay was that she’d learn something and applied it to her life. Teaching financial literacy has become increasingly important since the contest initiated 15 years ago, said Williams. Now many states, including Florida, introduce financial literacy classes into their curriculums.

    Williams also said families’ relationship with money and the conversations they’re having with their children about it has changed in more recent years. “It has become accepted that we need to teach our kids about money. There’s no argument there anymore.”

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  • Bank of America launches financial solution for kids

    Bank of America launches financial solution for kids

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    Bank of America has created a digital solution for parents looking to teach financial responsibility to their children.   Ninety percent of parents responding to a recent Bank of America survey said “they feel responsible for their children’s financial health and setting them up on the right foot,” Mary Hines Droesch, head of product for […]

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  • Allan Norman financial advisor – MoneySense

    Allan Norman financial advisor – MoneySense

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    His career began in 1995 spending two years as a life insurance agent and two years at a bank before forming Atlantis Financial Inc. Over those years he has developed his three-step interactive approach to financial planning: life planning, financial planning, followed by financial advice around tax, investments, and insurance. 

    In his experience an interactive collaborative approach is much more effective than collecting your information, going away and preparing your plan, and then presenting you with the plan. Chances are it is not your plan because you weren’t there when it was created, and you won’t absorb much. 

    When Norman is not working, he plays ping pong, sails, skis, zips off to Miami or travels with his kids. A mild brain injury prevents his wife from travel. 

    If you want to experience financial planning, feel free to reach out to schedule a complimentary zoom meeting where Norman will find out more about you and what you want to achieve. After about an hour you will both know if Norman’s approach is right for you. 

    Services • Financial Planning
    • Investment Planning & Implementation
    • Insurance Planning & Implementation
    Specializations • Estate Planning
    • Comprehensive Financial Planning 
    • Investment Management 
    Payment Model • Fees paid by clients based on assets managed by advisor
    • Fees paid by clients for advice (not based on assets)
    • Commissions
    Languages written and spoken • English

    Why did you become a planner?

    Financial planning is about helping people get what they want, and I get a lot of satisfaction from assisting people when I can. 

    I didn’t come into financial planning right away. My first career was land-use planning. Back in the late ’80s, real estate wasn’t booming, so I made the shift to financial planning. A book I read on penny stock investing back in high school got me started.

    What is your approach to financial planning?

    Behind the scenes, I am data driven and I want to see the evidence supporting my advice. 

    My approach to planning is based on the simple truth no one can deny: You only have so long to enjoy your money. So how can you make the best use of it?

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  • Gifted Savings Gifting $1,000 in Investment Assets to Every Student in the Class of 2025 at Westbrook Academy

    Gifted Savings Gifting $1,000 in Investment Assets to Every Student in the Class of 2025 at Westbrook Academy

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    LOS ANGELES, September 19, 2024 (Newswire.com)
    –
    Gifted Savings, an innovative nonprofit in the direct giving space, is thrilled to announce the launch of its inaugural high school investment gifting program at Westbrook Academy, a Los Angeles County Office of Education (LACOE) authorized school, in collaboration with the ASU Learning Transformation Studios. Starting today and underwritten by the generosity of an anonymous donor, every senior at the high school will receive an investment portfolio valued at $1,000 in an online account, offering them a unique and practical introduction to saving and investing. Students will be invited to track the value of their gifted investment portfolio throughout the school year. After the school year and once they turn 18, students will be given complete control over their entire portfolio to do with as they please, no strings attached.

    Gifted Savings aims to prove that the direct gifting of investment assets is the most simple, efficient, and rewarding way to inspire hope and empower individuals to create their own opportunities, while promoting a widespread spirit of generosity and shared prosperity. In this pilot, the donor has chosen to gift students portfolios composed of $500 in the Vanguard Growth ETF, which includes 190 stocks, including Apple, Nvidia, Netflix, Amazon, and Tesla, along with $500 in Bitcoin.

    The Gifted Savings program is facilitated through a custom-built web app, which allows students to track their gifted investment portfolios while delivering bite-sized, interactive lessons on investing education. As students progress through the program, they will document their journey by sharing short video testimonials, offering insights into their personal growth and the impact of their new financial knowledge. The goal is to help students experience generosity and see the long-term power of saving and holding investments while sharing their learning with their peers and communities.

    “Gifted Savings is about more than just giving students money — it’s about empowering generosity while giving young people skin in the game of saving and holding investment assets,” said Farhad Mohit, founder of Gifted Savings. “We’re out to prove that when young people are given a chance of owning investment assets, they’ll naturally pursue financial literacy and be better prepared to make choices about opportunities they find.” 

    Josh Landay, Executive Director at Gifted Savings, adds, “And for donors, we want to show that the direct giving of investment assets can be the most simple, empowering and rewarding way to help people create a positive impact for themselves and our collective future.”

    Students already are dreaming of how they’ll make the most impact with their Gifted Savings. “I would use it towards saving for college in the future,” one student said, “and also possibly investing my own [money] in addition to the $1,000.”

    Principal Zeidy Revolorio of Westbrook Academy expressed her enthusiasm for the program. “Gifted Savings is giving our students a unique opportunity to gain practical experience owning real investments,” Revolorio said. “We’re excited to see how this will fuel their interest in financial literacy and help them to develop a solid foundation in managing their own finances so that they can realize their dreams.”

    The program, launching on Sept. 19, 2024, will run throughout the academic year. Gifted Savings is committed to scaling this transformative initiative by empowering donors to extend the reach of their generosity to schools nationwide, amplifying the impact of financial empowerment to countless more students. 

    About Gifted Savings: Gifted Savings’ mission is to make the direct gifting of investment assets simple and rewarding, empowering people to create their own opportunities. By providing students with gifted investment assets and free educational resources, Gifted Savings enables them to take charge of their financial futures. The program is designed for widespread impact, partnering with donors who believe in the power of infectious generosity through direct giving. By leveraging technology, Gifted Savings aims to reach students nationwide and prove that giving people freedom and responsibility is the best way to invest in our shared future.

    www.giftedsavings.org

    Source: Gifted Savings

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  • Top 25 timeless personal finance books – MoneySense

    Top 25 timeless personal finance books – MoneySense

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    6. Beating the Street by Peter Lynch (Simon and Schuster, 1993)

    “Beating the Street is one of the first investing books I ever read, and it’s stayed with me because it makes stock investing accessible to beginners. There are many highly analytical and slightly scary books on investing, but Peter Lynch managed to make stocks exciting and approachable using simple, real-world examples drawn from his own experience as a high-performing fund manager. It’s an oldie but a goodie.”
    —Aditya Nain, MoneySense contributor, author, speaker and educator about Canadian investments, personal finance and crypto

    Master the basics of personal finance—at any age

    Cover of the book Seventeen to Millionaire
    7. Seventeen to Millionaire by Douglas Price (self-published, 2022)

    “This book feels like your [parents] sat you down and taught you everything you need to know about money, before you ever encountered any of it. It gives you the opportunity to take on the world, with easily digestible knowledge in your back pocket.”
    —Reni Odetoyinbo, financial educator and content creator (Reni the Resource)

    8. I Will Teach You to Be Rich by Ramit Sethi (revised edition, Workman Publishing Company, 2019)

    “A great book for anyone who wants to understand how the financial system works. I love that this book is incredibly practical. It breaks personal finance down in such an easy-to-understand way and helps you create systems around your finances that make things less stressful.”
    —Reni Odetoyinbo

    Cover of the book How Not to Move Back In With Your Parents
    9. How Not To Move Back in With Your Parents by Rob Carrick (Doubleday Canada, 2012)

    “This book teaches the basics of money management to young adults. It helps teach good financial habits for young people and their parents!”
    —Shannon Lee Simmons, an award-winning Certified Financial Planner, speaker, bestselling author, Chartered Investment Manager, founder of the New School of Finance, the money columnist on CBC Radio’s Metro Morning and a financial expert on the concluded The Marilyn Denis Show

    Cover of the book The Wealthy Barber
    10. The Wealthy Barber: The Common Sense Guide to Successful Financial Planning by David Chilton (Stoddart, 1989)

    “This was the first personal finance book I ever read, after learning personal finance at my father’s knee. Thanks to his coaching, I have filed my own income tax returns every year since I was 16. And it still stands up. The literary conceit of the titular barber allows author David Chilton to walk through scary-sounding money concepts in a relatable way. There’s a reason it’s sold millions of copies.”
    —Sandra E. Martin, two-time MoneySense editor (OG editor-in-chief Ian McGugan hired her in 1999, and she returned in 2019 as editor-in-chief), and currently The Globe and Mail’s standards editor.

    Cover of the book The Only Investment Guide You'll Ever Need
    11.The Only Investment Guide You’ll Ever Need by Andrew Tobias (revised edition, Harper Business, 2022)

    “Let me give a shout-out to the book that changed my life: The Only Investment Guide You’ll Ever Need by Andrew Tobias. Until I plucked this book at random out of a box of discards while working a night shift in 1979, I was a university student who thought money was boring and inexplicable. Tobias changed all that. He was smart, funny and human. He made money fascinating. He also delivered a truckload of practical wisdom. I remain a fan of this personal-finance classic—now updated many times, not just for its sage advice but also for its big personality.”
    —Ian McGugan, founding editor of MoneySense, and columnist for The Globe and Mail.

    12. Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success by Preet Banerjee (Penguin Canada, 2014)

    “If you’re looking for no-nonsense, clearly explained money tips, pick up this easy-to-read volume by Canadian writer and podcaster Preet Banerjee. He boils personal finance down to five rules: disaster-proof your life, spend less than you earn, aggressively pay down high-interest debt, read the fine print, and delay consumption. Do these five things and you’ll be in better financial shape than you are today.”
    —Jaclyn Law, MoneySense’s managing editor

    Find the courage to chase your dreams

    Cover of Barbara Sher's book I Could Do Anything If I Only Knew What It Was
    13. I Could Do Anything If Only I Knew What It Was by Barbara Sher (Dell, 1995)

    “I did all the ‘right’ things in my career. I went to business school and got a great corporate job. If I had just stayed on that path, money would have taken care of itself. Except I didn’t love the job. I was stuck. I needed something to crack my paradigm about what ‘right’ meant for me. This book did that. One transformational exercise was answering this question: ‘If you could do anything and knew you would be successful, what would it be?’ This was a light-bulb moment for me. My answer was to work in TV news, and I realized that it was just fear that was holding me back. As terrified as I was, I quit my job and pursued what I really wanted. I made less money than I would have in the business world, but the big switch was worth every penny.” 
    —Bruce Sellery, CEO of Credit Canada, host of Moolala on SiriusXM, the Money Columnist for CBC Radio

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  • David Miller Certified Financial Planner – MoneySense

    David Miller Certified Financial Planner – MoneySense

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    Miller’s goal is to safeguard the financial dreams of his clients. He strives to protect the assets they have worked hard to accumulate throughout their lifetime. Miller provides objective advice based on his deep and thorough understanding of each client’s personal situation. He delivers comprehensive cross-border financial planning advice while making it easy to understand. He is bound by a fiduciary standard. He places his clients’ interests first, above all else.

    Who does he work with? For the last 20 years Miller has been committed to assisting families, business owners, and retirees on both sides of the border. He works alongside a highly experienced, independent, wealth management team at Cardinal Point Wealth Management.

    Services • Financial Planning
    • Investment Planning & Implementation
    Specializations • Cross-border Planning (Canada/U.S.)
    • Comprehensive Financial Planning
    • Discretionary Portfolio Management
    Payment Model • Fees paid by clients based on assets managed by advisor
    • Fees paid by clients for advice (not based on assets)
    Languages written and spoken • English

    Why did you become a planner?

    “After reading Rich Dad Poor Dad (Warner Books, 2000), I realized that there’s a significant need for financial literacy in this country.”

    What is your approach to financial planning?

    “It’s always goals-based planning, client-first advice and evidence-based investing.”

    What is your proudest achievement as a financial planner?

    “Being nominated to the board of the Institute of Advanced Financial Planners.”

    What would you do if money were no object?

    “I would help individuals and families become more confident with their finances through financial education.”

    What is the best money advice you ever received?

    “Focus on what you can control—stop worrying about the rest.”

    What is the worst money advice you ever received?

    “Put your trust in the banks.”

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  • James P. Gunn, financial advisor – MoneySense

    James P. Gunn, financial advisor – MoneySense

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    Every client can expect one-on-one service that includes transparent fees, a fully customized tax-efficient portfolio and financial planning services tailored to their specific needs. Gunn takes the time to learn about what’s important to his clients. “No two clients are alike, but they all have goals and dreams, and sometimes those are overshadowed by fears,” he says. Regardless of the situation, Gunn listens and helps develop a plan to deal with the issues and set his clients up for success on their terms.

    With a focus on long-term solutions, Gunn says he builds relationships with his clients to ensure they consistently succeed in their financial pursuits; because his success is tied directly to theirs. He says he is motivated to help his clients achieve their financial goals and grow their wealth.

    In recent years, Gunn has specialized in an area that seems under-serviced. It is one thing to help clients gather assets and watch them grow over time, but it is a completely different skill that allows his clients to live off the fruits of their labour throughout retirement. “Time is no longer your friend, and the strategies required to make this happen are very different,” he says. Many cannot afford to make mistakes during this phase of life, he adds, and this is when a financial expert is required. Becoming a retirement income specialist was the best decision Gunn says he ever made. Knowing his clients sleep at night without worrying about their money running out and the stress that causes provides him with incredible satisfaction.

    Over the years, Gunn continued his education and added certifications to serve his clients better and provide a wide range of expertise. Gunn is a Certified Financial Planner, Registered Retirement Consultant, Certified Executor Advisor, Certified Professional Consultant on Aging, Real Wealth Manager and Licensed Insurance Broker.

    Continuous education is essential, according to Gunn, and he does not believe you can ever “know too much.”

    Services • Financial Planning
    • Investment Planning & Implementation
    • Insurance Planning & Implementation
    • Retirement Income Planning
    Specializations • Comprehensive Financial Planning
    • Discretionary Portfolio Management
    • Retirement Income Planning
    Payment Model • Fees paid by clients based on assets managed by advisor
    Languages written and spoken • English

    Why did you become a planner?

    The financial industry always interested me, and I started helping people to understand how this industry works and how to address certain financial situations. I started investing in my teens and learned early to never lose sight of the taxes paid and reduce them whenever possible. As a result, wanting to become a Certified Financial Planner came very naturally to me. I realized I could utilize my financial acumen to help other people. The bottom line is, I really enjoy helping people succeed.

    What is your approach to financial planning?

    Use of common sense and time-trusted methods. Financial planning does not need to be complicated. The more clients know the more comfortable and motivated they become. I focus on educating my clients, so they have a solid understanding of the elements of financial planning before the plan is put to work.

    What is your proudest achievement as a financial planner?

    Servicing multi-generational clients and seeing the younger generation embracing financial advice. Building a solid foundation for their futures is very rewarding. I work with a family of three generations, and working with them together provides them with real comfort not just for their individual needs but for intergenerational wealth transfer later, too.

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  • Ellyce Fulmore is putting the personal back into personal finance – MoneySense

    Ellyce Fulmore is putting the personal back into personal finance – MoneySense

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    What was the biggest money lesson you learned as an adult? 

    The understanding of how big a role your identity plays in your finances. Finance is deeply personal and intersectional, and your money is directly impacted by aspects of your identity such as privilege, race, gender, sexual orientation, mental health, disability, systems of oppression and more. The identities you hold will impact how you view, understand, spend and approach your money. 

    I didn’t fully understand this until I came out as queer and was diagnosed with ADHD. These realizations helped me make sense of a lot of my money behaviours and challenges. For example, I struggled with impulse spending for years, and ended up with $15,000 of high-interest debt because of that. I felt so ashamed of this debt, but I didn’t know that having ADHD makes me four times more likely to impulse spend than someone without ADHD. By understanding who you are, the privilege you hold and/or barriers you face, your lived experience and your trauma, you can begin to change your relationship with money and create a financial plan that makes sense for your life.

    Learning this lesson is what inspired me to write a book and start my financial literacy company, Queerd Co., where our approach to financial literacy goes beyond the conventional, giving folks permission to be full human beings—not just numbers on a spreadsheet. At Queerd Co., our goal is financial equity, and every course we create, resource we recommend, space we hold and discussions we lead will aim to take a shame-free and identity-based approach to money.

    What’s the best money advice you’ve ever received?

    That your financial situation is not your fault, and the shame you feel around money is not solely your shame to carry. I learned this inside of the Trauma of Money certification program, where we spent time examining and unpacking the idea of shame and responsibility when it comes to our money. The reality is that many of us inherit money trauma and learn our financial behaviours and habits from our caregivers. We also have to consider the government policies, financial institutions, and larger societal systems such as capitalism, and how those play a role in the decisions we make and the financial challenges we are subjected to. In the Trauma of Money, we were taught to ask ourselves, “Whose shame is this?” to help call attention to the fact that some of the shame we feel has been placed upon us, despite it not being our shame to carry. This advice really helped me reframe the way I felt about my past financial decisions.

    What’s the worst money advice you’ve ever received?

    I tell this story in chapter 1 of my book, which is all about finding safe spaces: The first time I went to talk to a financial advisor at the bank, the advisor made a misogynistic comment along the lines of, “When you have a husband, he will take care of this for you.” This was his response when I tried to ask questions about some financial terms he had briefly mentioned. This was horrible advice because: a) it was misogynistic; and b) it was encouraging me to not be in control of my own financial situation. I cannot stress enough how important it is to have financial autonomy, even within a marriage. If you ever find yourself in an abusive relationship, having access to your own money will give you the freedom to leave.

    Would you rather receive a large sum of money all at once or a smaller amount regularly for life? 

    It would depend on the amount. If the smaller amount was enough to cover my monthly expenses, then I would choose that option, because it would give me the immense privilege of never again stressing about paying my bills. It would also take a lot of pressure off my business and allow me to explore more creative pursuits. But if the amount wasn’t enough to cover my bills, then I’d prefer the lump sum. I could actually make more money from the lump sum in the long term by investing it, but the first example would be a better decision emotionally. 

    What do you think is the most underrated financial advice?

    Gamify your finances. This is great advice for almost everyone, but especially for anyone who is neurodivergent. If you can make managing your money fun and enjoyable, you’ll be more likely to actually keep up with it, and have greater success with reaching your goals.

    What is the biggest misconception people have about growing money?

    That being “good with money” and building wealth is just a math game, and that all you need to do is manipulate the numbers—it’s so much more than that. Creating the perfect spreadsheet, debt repayment plan or investment strategy will never address the root of your money issues. We’ve been taught that if we follow the formulaic system for success, we will be wealthy and happy. But there’s no magic formula for success, because everyone’s lived experience, values, goals and definitions of wealth are different.

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  • How to use your credit card responsibly – MoneySense

    How to use your credit card responsibly – MoneySense

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    What is a credit score?

    A credit score is a three-digit number, usually between 300 and 900, that banks and other lenders use to determine how likely you are to pay back your loans. The higher the number, the more credit-worthy you are to the banks.

    Your score is based on information in your Canadian credit history, such as whether you pay for your phone bill and utilities on time and in full each month. The problem is, for newcomers and others without a Canadian credit history, lenders don’t have any information. This makes it hard for people to get credit.

    Your first credit card in Canada

    If you’re young, or a newcomer, or you haven’t used credit in Canada before, you’ll need to start simply. Credit cards themselves are forms of credit, so the first step is to get an entry-level credit card and prove your credit-worthiness by paying your bills on time. Then you can work your way up.

    Entry-level credit cards usually have fewer perks than more premium cards, but they also typically have lower income requirements and a lower annual fee—in some cases, $0.

    National Bank’s mycredit Mastercard is a great example. There’s no annual minimum income requirement to apply for this card and no annual fee, making it very accessible. And, while the mycredit Mastercard doesn’t come with a full suite of included benefits, it does allow you to earn 1% cash back on recurring bill payments and restaurant spends, and 0.5% back on everything else.

    If you want more features and rewards, National Bank’s Platinum Mastercard is a good option that also has no minimum income requirement. National Bank’s World Elite Mastercard has an annual fee of $150 and comes with more perks—including an annual travel expense refund up to $150.

    4 tips for credit card use

    You already know you should use your credit card responsibly, but what, exactly, does that mean?

    • Stick to your budget
      Most entry-level credit cards come with modest credit limits. Still, it’s important you don’t spend more than you can pay off, no matter your limit. This is sometimes tricky for new credit cardholders, but budgeting is an essential part of your financial health.
    • Pay your card balance in full
      Best practice is to pay off your credit card, in full and on time, every month. Interest rates on credit cards are very high, so debt can balloon quickly if you carry a balance. Stick to your budget and don’t overspend.
    • Pay the minimum amount
      If, for any reason, you can’t pay a bill in full, make sure you pay at least the minimum amount, which appears on your bill. Credit card companies report your payment history to the credit bureaus, and even one missed payment will lower your score. You can avoid that by making the minimum payment (or more) by the due date.
    • Pay your bill on time
      Timeliness is as important as making minimum payments. It shows the credit bureaus that you can meet your financial obligations. If you need help remembering your due date, consider setting up an automatic payment through your online banking. 

    When it comes to credit cards, you should work towards paying in full, on time, every month. Every payment helps you build your credit score buy showing you are responsible with credit, and over time, you can become eligible for upgraded financial products, with more features and perks.

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  • High school juniors invited to credit fair

    High school juniors invited to credit fair

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    SALEM, Mass. — Two local mayors, Massachusetts Division of Banks staffers, FDIC examiners and others will volunteer at Institution for Savings’ 14th annual Credit for Life Fair on Thursday from 10 a.m. to noon at Salem State University’s O’Keefe Sports Complex.

    One-hundred forty bank and community volunteers will join more than 1,100 juniors from 14 area schools, including Amesbury, Newburyport, Triton Regional, Pentucket Regional, Ipswich, Georgetown, Masconomet Regional, Hamilton-Wenham Regional, Salem, Swampscott, Beverly, Rockport and Gloucester high schools as well as Landmark School in Beverly. The goal is to help students develop personal budgeting skills they will use throughout their lives.

    Utilizing the bank’s Credit for Life website, creditforlife.org, students will create profiles on their mobile devices and choose professions. Using the website and their devices, they will visit 12 booths and purchase everything they would need to live as 25-year-olds using their monthly paycheck, savings account and/or a credit card.

    The website was the result of a 2020 collaboration between seven of Massachusetts’ leading banks that in addition to Newburyport-based Institution for Savings, included Cape Cod Five, Rockland Trust, Harbor One, BayCoast Bank, Country Bank, Westfield Bank and The Savings Bank.

    The banks, along with nonprofit FitMoney, pooled financial and informational resources to develop the online site, which has been used by tens of thousands of students throughout Massachusetts and beyond. The site has been improved each year, and this year includes translation to Spanish and Portuguese.

    Despite a longstanding record of providing high academic achievement, Massachusetts has not been as successful with mandating financial education.

    A recently published opinion piece says Massachusetts is now one of 25 states that guarantee a standalone half-credit course in financial literacy for high school students before graduation or is implementing such a policy, according to Nex Gen Personal Finance, a nonprofit that provides free personal finance curriculum. In fact, only 17 districts in Massachusetts require a financial literacy course to graduate high school.

    “The goal of the fair is to help empower students to be proactive about their financial futures by beginning to develop sound personal finance habits,” said Michael J. Jones, Institution for Savings’ president and CEO.

    “Each year, we hear from parents and teachers after the event that they wish this had been around when they were in school,” Jones added. “We are glad to host this event every year – it is invaluable to these students and information they will use throughout the lives.”

    Local community volunteers include Amesbury Mayor Kassandra Gove and Newburyport Mayor Sean Reardon, North Shore Chamber CEO Karen Andreas, representatives from the FDIC and Massachusetts Division of Banks and many others, including 50 Institution for Savings employees.

    Two bonus booths are also included: Money Smarts and Safety and Security. Money Smarts will provide students with information about timely teen finance topics, including about paychecks and taxes, check writing, mobile payment apps and the latest scams and fraud threatening teens and young adults.

    Safety and Security, staffed by local public safety and law enforcement, will focus on important issues to keep young adults safe, such as texting and avoiding substance use while driving and having smoke detectors in living spaces.

    The event receives high marks annually from schools, parents and volunteers, many of the latter whom come back each year to participate, according to organizers.

    “The level to which the bank has taken this event is outstanding and unequaled by any other event I have attended,” said Rodi Adema, a FDIC field supervisor who has volunteered at the fair for multiple years.

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  • JuanHand and FEdCenter announce partnership to revolutionize financial literacy

    JuanHand and FEdCenter announce partnership to revolutionize financial literacy

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    FEdCenter, an umbrella association of finance teachers and students known for promoting financial knowledge, and JuanHand, the leading online cash lending platform in the country, are partnering to launch an app-based education platform meant to increase financial literacy by making it fun, rewarding, and convenient.  

    JuanHand, with over 24-million downloads and over PHP21-billion worth of loans disbursed, has become the preferred online cash lender of the underserved seeking reliable, fair, and quick financial solutions.  JuanHand has been instrumental in expanding financial inclusion in the Philippines and now wants to serve the country even more by democratizing financial literacy.  FEdCenter aims to assist JuanHand by providing engaging content in the soon-to-be-launched financial literacy platform and by promoting its use through their other partners, such as the Junior Confederation of Finance Associations–Philippines (JCFAP) and the Finance Educators Association (Fin.Ed). JCFAP and Fin.ED is a community composed of 16,000 individuals from over 160 universities and organizations in the country.

    The partnership officially commenced last January 2024, and it will revolutionize not only financial literacy in the country but also the FinTech landscape across the nation. The Partnership Signing Ceremony was held last April 21, 2024, during the National Finance Summit in Le Pavillon Pasay.

    This marks a significant milestone in the history of both companies as a testament to their dedication to financial literacy and inclusion.  Filipinos now have something to look forward to in the coming months:  a Financial Literacy platform expected to create a movement that will impact the present and future generations. More to come.  

    For more information, please visit www.juanhand.com, download the JuanHand app on the Google Playstore or iOS Appstore, or email [email protected].

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  • Intuit Launches Intuit for Education and Announces Goal to Help 50M Students Become Financially Literate, Capable, and Confident by 2030

    Intuit Launches Intuit for Education and Announces Goal to Help 50M Students Become Financially Literate, Capable, and Confident by 2030

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    MOUNTAIN VIEW, Calif.–( BUSINESS WIRE)–A new survey published today found that 85% of US high school students are interested in learning about financial topics in school. To close the gap in financial literacy, Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today launched Intuit for Education, a new financial literacy program that provides high school teachers and students with free personal and entrepreneurial finance courses. The company also launched the Intuit Hour of Finance Challenge to challenge schools to spend one hour on financial education during Financial Literacy Month in April.

    “Without personal finance knowledge, students struggle to make informed financial decisions, jeopardizing their long-term financial success after graduating,” said Dave Zasada, vice president of Education and Corporate Responsibility at Intuit. “We know that financial education works. Our survey shows that 95% of students who receive financial curriculum at school find it helpful. As an organization that has been powering prosperity globally for 40 years, Intuit recognizes our unique opportunity and set a goal to help 50 million students become more financially literate, capable, and confident by 2030.”

    Intuit for Education

    Available now, Intuit for Education is a free financial literacy program for US high school educators that offers a flexible, interactive curriculum leveraging real-world tools. Intuit for Education includes comprehensive personal and entrepreneurial finance courses, and features interactive lessons and simulations powered by Intuit products such as TurboTax, QuickBooks, Credit Karma, and Mailchimp. By providing educators with easy-to-use resources to teach essential skills like budgeting, saving, managing credit, and understanding basic finances, the company aims to prepare students to make smart financial choices. Intuit has set a goal to help 50 million students become financially literate, empowered, and confident through their use of Intuit for Education content by 2030. Intuit for Education includes more than 150 hours of curriculum that is customizable and supports educators by offering free live and on-demand professional development for educators, including webinars and podcasts.

    Hour of Finance Challenge

    As part of Intuit for Education, Intuit today announced its first-ever Intuit Hour of Finance Challenge to encourage all schools to spend one hour on financial education during Financial Literacy Month in April. The challenge includes plug-and-play lesson plans based on Intuit for Education curriculum, and an online game designed to teach critical financial concepts such as taxes, credit, and investments. Intuit Prosperity Quest is an interactive online game that makes financial education fun and relevant for students. This nationwide challenge gives schools a chance to compete against each other to win a celebration worth up to $25,000, $50,000, or $100,000, depending on the school size.

    For more information on these free nationwide programs, visit Intuit.com/education. To learn more and sign up your school for the Intuit Hour of Finance Challenge, visit intuit.com/houroffinance.

    Intuit Financial Education Survey

    To better understand the experiences of high school students and their relationship with personal finances, Intuit surveyed 2,000 U.S. high school students between March 15 and March 25, 2024. The survey revealed that 95% of students who receive financial education at school find it helpful, and 85% of all high school students surveyed want financial education at school. To learn more about the insights from Intuit’s Financial Education survey and Intuit for Education, visit the Intuit blog.

    About Intuit

    Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

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