April is National Financial Capability Month, an annual effort to raise awareness about the importance of making smart financial decisions and managing your money effectively. Financial literacy connects fundamentally to financial well-being and at a time when many are facing financial challenges, financial literacy is more important than ever.
Quality financial information helps you take advantage of the best financial services, whether that’s tools to make the most of your savings, personalized advice to invest with success, platforms to manage your money, zero-interest credit-building tools, or resources to help you protect yourself against fraud and scams.
People increasingly value digital tools to manage their money with confidence. According to The Harris Poll’s Fintech Effect Survey, 77 percent of Americans say that “being able to access my finances at any time has helped me navigate challenging economic times.”
Digital tools can make financial services more transparent and help people take advantage of transparent, personalized, and flexible options for activities like earning, spending, saving, borrowing, and investing. At a time when traditional financial services can be hard to understand with confusing terms, complex conditions, and high minimum fees, these transparent digital alternatives are more important than ever.
According to The Fintech Effect, consumers turn to digital payment apps (73 percent adoption) and payroll advance tools (19 percent) for short-term needs, followed by budgeting (17 percent) and investing (31 percent) tools as the next steps to financial wellness. Fintech makes long-term planning more accessible, too, with more than half of people starting to invest for the first time with a digital app (53 percent).
Responsible fintech companies consistently educate customers about the best digital tools to understand their finances. This Financial Capability Month, check out resources from Financial Technology Association member companies to keep your money and personal information safe and access the financial tools for success.
- Betterment offers investment literacy resources, from opening an investment account to using a 401(k), planning for retirement, and setting financial goals.
- Bluevine provides money management basics for entrepreneurs, with tips like creating a business plan, understanding your market opportunity, and calculating startup costs.
- Brex helps chief financial officers promote a culture of financial discipline and transparency to help companies grow smartly.
- Cash App educates consumers on some common scams you might see on Cash App and shows you how to avoid, block, and report fraudsters.
- Earnin helps customers avoid common bank fees like overdraft fees, ATM fees, late fees, and monthly service fees.
- Intuit QuickBooks online resources allow students to simulate running a small business and begin building their resumes early to prepare for the future.
- Intuit Credit Karma helps members make progress with every aspect of their financial life with many free tools, including identity monitoring and access to full credit reports, finding the right financial products and loans (car, home, and personal), checking and high-yield savings accounts, and more.
- MoneyLion launched a new initiative, MoneyLion University, aimed at closing the gap in money and financial education.
- Buy Now Pay Later leader Zip gives consumers smart spending tips to budget, spend, and avoid debt as part of its Consumer Bill of Rights.
Want to learn more? Read the Consumer Financial Protection Bureau’s tips for improving your financial future during Financial Capability Month.