Money can seem complicated; learning about money doesn't have to be.
If you were 400 years ago and you went to Western Europe, most people at that time thought that most people couldn’t read, that they were just not capable of it. Now we make those same assumptions about everything else, and at the Khan Academy and BetterMoneyHabits.com together is saying, ‘No. We actually think that everyone can learn this. Most people who are familiar with us associate us with this library of videos that I first started making for my cousins and then they kind of got popular.
We’re much more than just the videos. We’re really trying to think about how do we use technology at our disposal to allow people to learn faster. How do we make interactive widgets to understand where their gaps are in their knowledge?
When Bank of America first approached us, you know, there was a healthy sense of skepticism. They want to work around financial education, we wanted to do financial education but we said, ‘look. We don’t want to commercialize this.’ And they said, ‘no this is exactly why came to Khan Academy, and we’re genuine about our desire to educate folks.’
BetterMoneyHabits.com, it’s allowed us to do at Khan Academy is really focus on this really important area that one, just in life you should know about a mortgage or a credit score or whether you should rent or buy. I think if folks tried it out they will see that, ‘wow I’m learning things that I never knew before. That this is directly applicable to my life, to my job, to the lives of my customers.’ And a big part of what we’re trying to do, and hopefully are doing, is making learning fun and engaging and for lack of a better word, addictive.
My hopes for this relationship is that there’s no better resource than either BetterMoneyHabits.com or Khan Academy, but then we grow beyond videos, so already Khan Academy on it’s platform, especially in math, we have quizzes, we have articles, we have a community. I hope we can bring more of that into personal finance, and then we can better ourselves. We can learn things ourselves, teach things to each other and also be kind of part of a shared group to educate the world.
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Each person's financial picture is different - we each have different goals and responsibilities. How we think about and manage our money can make a big difference.
We've all heard the statistics - 69 percent of people cite money as a top stressor. College graduates today are averaging nearly $30,000 in student debt. 32 percent of U.S. adults recognize their lack of financial knowledge has led them to make poor financial decisions, and 43 percent feel they have missed out on good financial opportunities for this reason. (Source: Bank of America/Harris Interactive 2013 Poll)
Through a partnership between Bank of America and Khan Academy, a leader in online learning, Better Money Habits has tapped into a different way to help people learn about money. It's about laying out the facts so that people can decide what makes sense for their personal situation. It's about covering topics people want to learn about, using terms and examples they can understand. It's about connecting information to people's goals and situations - so information is easily accessible when and where people need it.
- Sal Khan, Khan Academy
BetterMoneyHabits.com™ is a free service that enables everyone to understand finances through objective and unbiased videos and tools. We want to ensure all consumers have access to all the information and resources you need to have informed conversations with your financial institution and make the best decisions for your situation. The content is based on what you tell us is important. Since our April 2013 launch, we've received thousands of ideas and suggestions that keep us connected to what people want to know more about which informs our work.
" The positive role we play in society is something we have demonstrated every day. Our purpose is to make financial lives better - the beauty of this partnership for us is that it brings that purpose to life by empowering consumers to take small steps that can make a big difference."
- Andrew Plepler
Corporate Social Responsibility Leader, Bank of America