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Financial literacy is the foundation of making informed decisions about one’s finances and achieving financial stability. The modern financial landscape is complex and fast-paced, and individuals are expected to manage their finances on their own. However, not everyone has the knowledge and expertise to navigate this landscape, which is why financial literacy platforms have become increasingly popular. These platforms offer educational resources, tools, and personalized financial advice to help individuals gain the financial literacy and knowledge they need to make informed decisions about their finances.
FINANCIAL LITERACY PLATFORMS
FOR INVESTMENT
1. MINT
Mint is one of the most comprehensive financial literacy platforms on the market. This budgeting and personal finance app tracks your spending and categorizes your transactions, providing you with a clear picture of your financial situation. Based on your financial data, Mint provides personalized financial advice to help you understand your spending patterns and make informed decisions about how to manage your money. Whether you’re trying to save for a specific goal or simply looking to reduce your expenses, Mint has something to offer.
2. Personal Capital
Personal capital is another excellent platform that provides comprehensive financial planning services. This platform uses cutting-edge technology to provide you with a comprehensive view of your finances, including your investments, spending, and debts. With its powerful financial planning tools, you can make informed decisions about your money and achieve your financial goals. Whether you’re planning for retirement, trying to grow your wealth, or simply looking to manage your finances more effectively, Personal Capital has something to offer.
3. INVESTOPEDIA
Investopedia is a well-known platform that offers a wealth of financial knowledge and educational resources. It provides articles, videos, and tools that cover a wide range of financial topics, from basic financial concepts to advanced investment strategies. Whether you’re just starting to learn about finance or you’re a seasoned investor, Investopedia has something to offer. With its user-friendly interface and comprehensive resources, Investopedia is a great choice for anyone looking to improve their financial literacy.
4. BETTERMENT AND QUICKEN
Betterment and Quicken are two other platforms that provide valuable tools and resources for individuals looking to invest and grow their wealth. Both platforms offer simple, user-friendly interfaces that make it easy for anyone to start investing and managing their finances. Whether you’re looking to invest in individual stocks or exchange-traded funds, these platforms provide the tools and resources you need to make informed investment decisions. With the help of Betterment and Quicken, you can gain the financial literacy and knowledge you need to achieve your financial goals.
5. YAHOO FINANCE
Yahoo finance which also offers daily financial news on its website – is an app to monitor your investments and stock market developments. To cut through the noise, find specific financial data such as historical financials, ESG ratings, and top holders. To receive personalised news and real-time trends, subscribe to particular markets, industries, or stocks.
FOR BUDDETING
One of the best thing you can do with your finances is to keep a proper track of inflow and outflow of our money. Budgeting can be little stressful even if you try to keep yourselves full of information by reading all sorts of books, you still have to draw a budgeting plan. In order to make your easier there are certain financial platforms which can keep a full track of your finances and reduces your level of efforts.
1. YNAB (YOU NEED A BUDGET)
If you want to reach to your financial goals quickly by paying of debts on time, increase your savings, etc. you can take help of YNAB, it helps to keep a track of your finances by creating a budget plan according to what you ask for. YNAB is a great financial literacy platform.
2. WALLET- YOU FINANCES AT ONE PLACE
Wallet is one of the best financial budgeting platforms which helps to master your finances. You may use Wallet to get all the typical features of a budgeting tool. Keep track of your earnings and expenses and maintain a constant perspective with precise figures. You can even make shopping lists with the app and digitise well-known loyalty cards like Payback.
3. GOODBUDGET
Goodbudget focuses more on financial planning than transaction tracking. This app is based on the envelope budgeting method, in which you allocate specific spending categories a portion of your monthly income (called envelopes).
Your bank accounts are not connected to this app. You manually enter cash amounts, debts, income, and account balances (which you can retrieve from your bank’s website). Then you allocate funds for the envelopes.
4. HONEYDUE
Honeydue is made so that you and your partner can see each other’s financial profiles in the same application. Bank accounts, credit cards, loans, and investments can all be synced between the partners. (How much you share with your significant other is up to you, though.)
You can create your own custom categories in addition to the automatic categorization of expenses in the free budget app. Each of these areas can have monthly limitations set by the two of you, and Honeydue will let you know when you or your partner are approaching them.
Additionally, Honeydue allows you to chat and send emojis while sending reminders for upcoming bills.
FOR KNOWLEDGE
Financial literacy doesn’t only means your ability to use the financial skills but also the level of knowledge you have towards finance, both the terms financial knowledge and financial skills directly proportional to each other. Financial management is the modern and smart method of money management. However, people are lacking knowledge in this area. There are a lot of financial literacy apps that can make you smart in your money management.
1. WORLD OF MONEY
World of Money has content for all ages, in contrast to many financial literacy apps that target a particular age group. Its lessons each have a video module with a quiz at the conclusion. Users get the chance to learn from their peers because World of Money alumni who are the same age as the target audience teach the modules.
2. ZOGO
Zogo stands out for its ability to make finance enjoyable and keep users interested in learning more. It has a similar aesthetic to the well-liked and well-rated language-learning programme Duolingo. You go through a skills tree that includes courses on various financial ideas, such setting up a budget and accumulating wealth. Each module provides brief courses that you may finish in a few minutes.
3. INVESTMATE
With straightforward lessons, Investmate takes the frequently complex subject of investing and makes it simple. Finance professionals created the courses, which include real-world examples to help you learn. Investmate offers courses, quizzes, videos, and a thorough glossary in addition to its courses.
4. ROOSTER MONEY
RoosterMoney has all the features parents require in an allowance app. It has a virtual piggy bank, a savings tracker, a chore schedule, and an allowance manager with the option of automatic payments. The Spend, Save, and Give pots that RoosterMoney provides are one of its most distinctive features. These inspire young people to consider all the possible uses for their money. Parents may also distribute allowances among these choices if they so choose.
5. ELLEVEST
Ellevest was created by women for women in an effort to increase the number of female users who are financially knowledgeable and autonomous. The app, which won the NerdWallet award for “Best Robo-Advisor for IRA Investing” in 2021, provides users with virtual coaching sessions in small groups, workshops, and educational resources on budgeting, saving, salary negotiating, and other topics.
ROLE OF GAMES IN FINANCIAL LITERACY
Handling finances is not an easy task it requires a lot of brainstorming. But what if handling of these finances become exciting and fun loving? Following are certain apps which involves finance games which involves activities and challenges that are applicable in the real world.
1. THE STOCK MARKET GAME
The SIFMA Foundation, which offers financial education programmes and tools to improve economic possibilities and people’s understanding of their finances, produced this gamified education app. The programme allows users to make investments on a fictitious stock market, connecting the lessons learned to their actual financial knowledge.
2. FORTUNE CITY
In the simulation game Fortune City, you can assume the position of a city’s mayor and manage your own real-life finances while still needing to make wise financial decisions to keep the economy growing. Watch your spending and expand your virtual city at the same time! Fortune City turns bookkeeping into a game, tracks your income and expenses, and lets you watch as your town grows into a stunning metropolis.
3. MISADVENTURES AND MONEY MANAGEMENT
With a graphic novel premise, the Consumer Financial Protection Bureau made an engaging online game for teenagers. Avoiding impulsive purchases, the impact of debt on a military career, and many other topics are explored.
4. PAYBACK
Teenagers who play this financial simulation game may end up making wiser choices in adulthood. Based on a simulation of the types of jobs they might encounter after graduation and the potential cost of their student loans, they will choose their majors and careers.
CONCLUSION
In conclusion, financial literacy platforms play a critical role in helping individuals achieve financial stability and make informed decisions about their finances. Whether you’re just starting out or you’re a seasoned investor, these platforms provide the resources, tools, and personalized financial advice you need to gain the financial literacy and knowledge you need to make informed decisions about your money. Whether you’re trying to save for a specific goal, grow your wealth, or simply manage your finances more effectively, there’s a financial literacy platform out there that can help you achieve your financial goals.
In the end, financial literacy is a lifelong journey, and it’s never too early or too late to start. With the help of financial literacy platforms, you can gain the financial literacy and knowledge you need to make informed decisions about your finances and achieve financial stability and peace of mind. So take control of your finances today and start your journey towards financial literacy and success!
