Ignorance is a major barrier that holds people back from making good financial decisions. The U.S. is a tremendously prosperous and well educated country, but most Americans don’t know about basic financial concepts like compound interest and inflation. This is a shame as scientific work on financial literacy suggests people who are money savvy have higher retirements savings and are more likely to practice sound money management (1).
So, if you’re interested in getting financially literate and want a curriculum that has been vetted you might consider checking out the FDIC’s Money Smart Program. The Money Smart Program is designed specifically for the average Joe or Jane and focuses on introducing you to the basics of money management. Its got a number of good primers on borrowing, paying yourself first and consumer rights awareness. There are also modules for small businesses, children and adults. The best part is: its free!
If you want to learn more, order the CD or check out their online info.