The Bank of America and Khan Academy Will Teach Better Money Habits
Alyson Wyers — June 26, 2015 — Social Good
References: bettermoneyhabbits & bettermoneyhabits
In an effort to teach people to manage their money better, the Bank of America is partnering up with Khan Academy to offer financial literacy education. The partnership between the financial institution and video-based online learning leader will make money seem less complicated and help people put better habits in place.
The Better Money Habits initiative hopes to make things less complicated by "laying out the facts so that people can decide what makes sense for their personal situation." This involves discussing topics people have an interest in and employing simple terminology. The financial literacy education is also a free service that works through objective, unbiased videos and other tools. The goal is to make sure everybody has access to all the information and resources required to have informed discussions and make good choices.
The Better Money Habits initiative hopes to make things less complicated by "laying out the facts so that people can decide what makes sense for their personal situation." This involves discussing topics people have an interest in and employing simple terminology. The financial literacy education is also a free service that works through objective, unbiased videos and other tools. The goal is to make sure everybody has access to all the information and resources required to have informed discussions and make good choices.
Trend Themes
1. Financial Literacy Education - More companies will partner with online learning platforms to offer financial literacy education.
2. Free Financial Education Services - Companies will increasingly offer free, objective, and unbiased financial education services to their clients.
3. Simple Financial Language - Financial institutions will adopt simple language and terminology to make their services more accessible to the public.
Industry Implications
1. Banking - Banks will continue to partner with online learning platforms to offer financial literacy education to their customers.
2. Education Technology - More online learning platforms will offer financial literacy education as part of their course offerings.
3. Financial Technology - Fintech companies will create innovative tools to make financial education more accessible and engaging for everyone.
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