March 16, 2015 |
Here's a quick financial-literacy quiz for you savers and investors out there, courtesy of Wharton professor Olivia S. Mitchell: 1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After 5 years, how much do you think you would have in the account if you left the money to grow? a. More than $102 b. Exactly $102 c. Less than $102 2. Imagine that the interest rate on your savings account was 1 percent per year and inflation was 2 percent per year.
September 16, 2013 |
Learning how to earn, spend, and save money wisely ought to start in childhood. But if you missed the early lessons, websites such as these offer many ways to catch up on financial literacy. Among articles on Visa's Practicalmoneyskills.com site is one on the company's annual "Tooth Fairy survey," which Visa says "shows that American children are receiving an average of $3.70 per lost tooth this year - a dramatic increase of 23 percent over the $3.00 per tooth left in 2012. " Visa doesn't say if that's a good thing, though.
June 12, 2013
WHENEVER I URGE people to stop being serial auto-loan consumers, I get bewildered looks. I mean it. Pay cash for your car and make the math work in your favor. I get that you might not be able to get off the car-loan circuit right away. But once you pay off one car loan, continue making the payments - but to yourself. The average length of vehicle ownership for a new car has increased to nearly six years, according to R.L. Polk & Co., which owns the used-car history provider Carfax.
April 15, 2013
IF YOU HAVE no money, the concept of financial literacy can seem like the punch line of a sick joke. But, in fact, low- and moderate-income people can often benefit the most from being more informed about taking control of their finances, and an increasing number of institutions and foundations are recognizing this. Two this month are worth noting - not just because April is National Financial Literacy month, but primarily because they target an audience that is, at best, overlooked and, at worst, often ill-served by questionable practices.
April 11, 2013 |
Hello there In late summer 2010, Howie, an actor and producer from Washington Township, Gloucester County, was in search of leadership skills with a Jesuit perspective. On the advice of a friend studying to be a priest, he signed up for the Contemplative Leaders in Action group at Old St. Joe's in Philadelphia. Jaclyn, a financial analyst, had signed up for the same course in 2009 to keep a friend company. When a change in the schedule led to a conflict with Jaclyn's Temple University MBA classes, she deferred to the 2010 session.
April 5, 2013
THE MAJOR financial activity people associate with April is tax day. But April is also the perfect month to push financial literacy. After all, you've had to pull together major information about your finances to do your taxes. So, what are you doing for Financial Literacy Month? I get questions all the time from people who want to better handle their finances. During a recent speaking event, a worker asked me how he could get his wife to show more interest in their finances.
March 6, 2013 |
City of Chester officials will announce today that the city has received a grant to support a financial literacy course for the city's summer youth program. The $4,000 DollarWise Grant Award, from the the Bank of America Charitable Foundation, will support a six-week paid internship for Chester youths. The program is designed to provide hands-on work experience and professional development. There is also a financial educational component. Chester officials and those from four other cities - Wichita, St. Louis, Kokomo, IN and Richmond, VA - learned they were awarded the grant at the U.S. Conference of Mayors this past January.
February 18, 2013
By Neil D. Theobald As the new president of Temple University, I have spent my first weeks talking with students, faculty, alumni, and others in Philadelphia and around the commonwealth. I have been struck by the enthusiastic and open welcome and the willingness of people to share their hopes and dreams about Temple. At the same time, an important question runs through these conversations: How do we help students earn their degrees without amassing excessive debt? A Temple degree is a valuable asset that pays dividends over the lifetime of our graduates.
January 25, 2013 |
A 2010 Brookings Institution survey found that half of American adults flunk such financial literacy questions as this: If the interest rate on your savings account were 1 percent per year, and inflation were 2 percent, would you be able to buy more than, exactly the same as, or less than today with the money in this account after a year? (The answer is less.) Other surveys show that women, African Americans, Hispanics, and the less educated are consistently less likely to be financially literate.
July 20, 2012 |
WASHINGTON - Higher-education experts on Thursday gave a Senate committee their suggestions for improving college affordability in the hopes those ideas could be adopted on a national level. During a Health, Education, Labor and Pensions Committee hearing, the panel members discussed the efforts they had made in their respective institutions that, they said, have bucked the national trend of ever-growing financial barriers to college, especially for low-income families. "College is increasingly out of reach for students from working families, and our nation is losing ground in having a well-educated workforce that can compete in the global economy," Sen. Tom Harkin (D., Iowa)