Improve Financial Literacy: 7 Great Free Money Education Resources
Money is a taboo subject that many of us aren’t comfortable openly discussing. Whether around the dinner table, inside the classroom or at work, the topic of money is one that too often involves emotion, shame or silence. That lack of conversation is one of the factors holding back our ability to improve financial literacy.
The help break that taboo we need to take the owness on ourselves to expand our own knowledge and support others. From the basics of budgeting and setting up a money management system to the more complex topics of retirement or buying a house, a general understanding needs to be the norm.
A lack of financial literacy is a big part of the reason I made a number of stupid money mistakes as a young adult. The same seems to be true for the majority of adults based on some of the stats around personal finance:
- Only five states have a personal finance requirement in high school
- In 2017, the average American consumer owed a little more than $5,000 on credit cards
- 33% of Americans report they have no retirement savings
- 43% of student loan borrowers are not making payments
- 44% of Americans don’t have enough cash to cover a $400 emergency
However, the lack of literacy around personal finances doesn’t have to be the case and there are a collection of great free resources to help support education around your money.
Access to information and the ability to share that information more efficiently has made improving financial literacy a feasible opportunity in present day. There are podcasts, blogs, forums, online communities, books and courses all shining the light on personal finance.
Here are 7 great free resources to help improve financial literacy and spread money education.
1.) Personal Finance Podcasts Talking Money
Podcast listenership continues to grow exponentially as over 44% of Americans listened to one at some point in 2018 and 26% listened monthly. With this wider podcast growth has also come an increase in personal finance related shows.
This range of shows covers the basics of money management, investing, financial independence, side hustling and all other areas of finance.
Dozens (more like hundreds) of personal finance podcasts release great content each week aimed to improve financial literacy. Some shows garner millions of downloads, others speak to a smaller, more nice audience. However, the goal remains the same across the spectrum: discuss and share to support the growth of money education for all.
I’m an avid listener to financial podcasts on a daily basis and suggest you jump right into these 4 shows:
Here is a feature of 40+ of the best personal finance podcasts. Plus also a dedicated collection of 25+ of the best individual personal finance podcast episodes.
This is a small sample size of the amazing financial podcasts being produced. Free content blasted to the masses in the name of financial literacy. Podcasts are helping shift the narrative around money and paving the way for a more financially literate future.
2.) Money & Finance Blogs To Follow On Financial Literacy
Would you believe there are over 2,000 personal finance blogs in the Rockstar Finance Directory? Well, it’s true and that number only continues to grow in time.
Over 2,000 different people publishing blog posts on various topics around personal finances to a global group of readers.
No matter what stage of the financial journey you’re at, there is a most definitely a collection of blogs geared to you. Whether approaching retirement or about to graduate college, financial literacy is a skill that you can continue to improve thanks to the blogging community.
How can you put financial bloggers into your daily routine?
- Sign up for the Rockstar Finance Newsletter that delivers 7 articles to your inbox daily
- Visit the Money Middletons feed for content aimed at middle class earners
- Subscribe to The Money Mix for daily features and article feeds
- Drop by the Collecting Wisdom blog feed for great new articles
- Search the Rockstar Finance Directory to sort blogs by different categories and topics
Once you find a collection of blogs that are delivering content aligned to your money mindset and where you stand in your financial journey, subscribe to their email list and stay connected.
If there is someone in your life you think could benefit from some of the best financial blogs, sign them up to Rockstar’s Newsletter, share blog posts with them and keep them reading new, quality content.
3.) Personal Finance Reddit Subs To Discuss Money
Reddit might hold a reputation to have you believe it might not be an effective resource for financial discussion and money management advice. However, the opposite is true (in a big, big way).
In terms of sheer numbers, it might be the most active and biggest in size.
Reddit personal finance subs are a great resource for improving financial literacy and having open discussions on money. From frugality, FIRE, investing or simplified living there are communities on Reddit covering it all.
Will there be some snarkiness and bad apples within the subscribers? Of course, that’s true for any online medium. Based on my personal experience, the supportive people willing to share their knowledge and engage with you outweigh those bad apples 100:1 in voice and volume.
So what are some of the best Reddit personal finance sub?
These are only five of the great financial communities on Reddit. There are hundreds of subs sorted by topic, location, income level and other variables. Some of the larger subs total millions of subscribers and have thousands of members online at any time. There are daily question threads, weekly discussion topics and ongoing Q&A sessions about anything you want to learn about or dig deeper on.
Whether you want to lurk and read the different threads or actively engage in discussion and ask questions, Reddit is a surefire financial literacy tool.
4.) Financial Literacy Books (Free Money Education Resources At Your Local Library)
Personal finance books are a proven resource to help expand your money education. From the basics of personal finance to the detailed concepts of financial independence and retirement, there are high quality books on all financial topics.
There are dozens (hundreds) of great books that you could read, gift or donate to help your own money education or the financial literacy of others.
Three of my personal favourites money books are:
- Financial Freedom by Grant Sabatier (read a full Financial Freedom book review)
- The Simple Path To Wealth by JL Collins
- I Will Teach You To Be Rich by Ramit Sethi
If you’re tight on money and looking to continue to push your (or someone else’s) financial literacy, why not take advantage of your local library? Not only do most libraries feature a collection of the best personal finance books, you can also submit requests for them to get a specific book into their inventory.
Maybe there is a young adult in your life that you want to inspire and help them build that foundation of financial knowledge. Pop by the library and take out one of the pillar books on personal finances. Hand that book over to them and get them motivated about the prospects of taking control of their money and life.
There is proven financial literacy value packed in the millions of pages published across the thousands of personal finance books.
5.) YouTube Channels Helping Improve Your Financial Literacy
In addition to the great written or audio resources mentioned above, the power of video is another opportunity to keep financial literacy moving in the right direction. The number of personal finance YouTube channels continues to grow and the quality of the content is growing right along with it.
Some of us learn better with that visual aid and personal connection that YouTube can deliver. Thankfully, content creators are turning around videos on all facets of money.
Here are six great personal finance YouTube channels producing content aimed to help:
Throw up the latest videos on your TV and watch with the family or friends. Encourage open discussion about the content of the videos to help eliminate the taboo subject that is money. Got a question? Leave a comment on the video and you can be guaranteed these great content creators will reply.
6.) Financial Conversations With People In Your Life
What’s another easy to way to improve financial literacy? Open discussion with those in your life. Whether they’re looking for advice from you or you’re actively searching out details from others, conversations can help push personal finance knowledge forward.
Those conversations might happen in-person, online, on the phone or via text, the medium isn’t as important as the purpose.
There are a number of benefits of talking about money.
If there are people in your life who are further ahead in their financial journey or making smart money moves, ask questions. On the opposite side, if someone is looking to you for that information, share and provide value.
Depending who you’re talking money with, it might be a simple question about mortgages, credit card management, investing for retirement or growing your professional income. A quick conversation can be an amazing opportunity to change your own or someone else’s money mindset.
This article from Forbes shares some tips on discussing finances with your spouse. If you want to start discussing money with your kids, CNBC shares some insights.
7.) Khan Academy (Free) Personal Finance Courses
As with any subject, hobby or skill you’re looking to develop and learn more about, there are online courses to help you do so. Best of all when it comes to personal finance and financial literacy, Khan Academy is a platform delivering courses for free.
Khan Academy is a nonprofit organization offering online courses and educational resources to a global user base. Their list of courses extends into the money education space and features videos on almost every subject.
We’re talking hundreds of videos on all the fundamental areas of personal finance. Get started with:
From buying a home to the basics of interest and debt or retirement investing, these free videos are a great resource.
Khan Academy is a tool to help build that initial foundation of knowledge and then go deep dive through other means on those different topics.
Personally, I wish I had access to this in highschool or early in university. The real-world value of these quick-hitting videos is worth unmeasurable value compared to some of the silly electives and fluff courses we’ve all had to take.
Conclusion: Improving Financial Literacy (7 Great Free Money Educations Resources)
These 7 examples of free resources to improve financial literacy and push money education are only a small sample size of the growing effort to break down the taboo of money.
Hopefully the road ahead for all of us can be eased through tools like those above.
Plus the goal should really be to improve the financial journey of the next generation to follow us. Let them learn from our mistakes and empowered by the lessons we’ve learned.
I’m optimistic that a higher level of importance will continue to be put on financial literacy.
What other free money education resources have helped you?
Which personal finance books, blogs or podcasts are pushing financial literacy forward?
Here are some other posts to help you take control of your money and life:
- 11 Great Canadian Personal Finance Blogs To Follow In 2019
- 7 Effective Money Habits And Mindsets To Help Your Personal Finance Journey
- Stop Wasting Money – 11 Bad Financial Habits To Stop To Help You Save More Money
- 17+ of the Best Free Apps to Make Money, Save Money, Invest & Get Cash Back
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Great info, Scott! There is so much great financial information out there. The hardest part sometimes can be convincing people how this information can change their lives. I appreciate you putting all of this information in one place to hopefully help people looking for a place to begin.
Thanks FP! The best part is just that – there are a number of ways to consume great financial information. If you’re an avid reader and best take in knowledge that way – jump into the books and blogs. If you’re more of a listener or visual learner – podcasts and video. If you best learn by discussing openly – have some conversations with people in your life and jump into Reddit.
Just getting started on building your foundation of personal finance journey is the biggest win you can get.
Super important topic (the stats up front were crazy and scary!), and great list of resources there!
I have yet to check out many of those Youtube channels.. will have to do that next!
Very interesting post related to finance education. I have already gone through some of the few resources, they were very interesting, but some of them are new, never read before, but now I will definitely read these topics which I have not. I really liked “YouTube Channels Helping Improve Your Financial Literacy” this way to improve finance. I really enjoyed reading it, please do keep sharing. Thank you
Thanks for shearing the 7 great free money education resources of the improve financial literacy. Now a days financial education knowledge is very important for people. Consumers have not been getting a sound financial education, so they can make wise choices regarding their personal finances. Each person has just let their gut guide them along the way, and they learn as they go. The problem with this is that there are aspects of financial planning that aren’t intuitive and cannot be learned by experience without suffering a total financial failure. There are also legal aspects to financial management in the form of contractual agreements with financial institutions and insurance companies that go way over the heads of most people.
The solution isn’t just improved education; however, it goes much deeper than that. Money is an indicator of values. You can look at the checking account statement of any person and quantify their values by how much money goes to what.Financial education will change the behavior either. So the key to the problem of financial illiteracy starts at home, were values are instilled.