10 Online Resources for Student Financial Literacy

U.S. Secretary of Education Arne Duncan believes that financial literacy needs to be a staple of the American education system. Speaking at Pensions and Investments’ Innovation and the Global Future of Retirement conference, Duncan likened financial literacy education to learning a foreign language in that it's something that should be taught as early as possible.

Financial Literacy is an Essential Skill

“If our young people aren't financially literate, we are part of the problem, not part of the solution. And as a nation, we have a huge problem,” Duncan said. He also noted that financial literacy is a topic that students find interesting.

“This is a great way to teach math. Kids care about money,” he said. “Rich, poor, black, white; it doesn't matter. This isn't an add-on or extra (to the curriculum); this is a really interesting way to engage students.”

If our students aren’t financially literate, they head to college without the tools they need to budget and have the proper perspective regarding student loan debt. Recognizing this, many states are taking steps to improve financial literacy among students.

According to a 2023 survey conducted by Empower, a financial services company, the top three most valuable financial lessons Gen Z learns by age 19 are the importance of:

• Having an emergency fund
• Budgeting and tracking expenses
• Avoiding excessive debt

A December 2023 survey conducted by the SPARK Institute found U.S. students score low on financial literacy knowledge. The survey asked high school seniors and college students to take a self-assessment of their financial knowledge.

• 18% of high schoolers and 26% of college students rated their financial literacy as "somewhat high" or "very high"
• 46% of high schoolers and 55% of college students felt they know enough to reach their financial goals.

Not surprisingly, individuals who are less financially literate are more likely to face higher overall debt, unfavorable mortgages, and large credit-card balances.

Here are 10 online resources to help students improve their financial literacy:

1. FinAid

For years, FinAid.org has been providing students and families information on all aspects of financial aid with tools for calculating college costs, loan payments, savings and the Expected Family Contribution (EFC).

2. Edvisors

Edvisors offers interactive site for families and students that offers advice about a wide variety of financial aid topics that include planning ahead for college and cutting costs, filing the FAFSA, winning scholarships, paying as you go, borrowing for college, and the ins and outs of student loans.

3. CashCourse.org

The National Endowment provides this student financial literacy resource for Financial Education (NEFE). This non-profit foundation has been around for more than 30 years and is committed to educating Americans on a broad range of financial topics and empowering them to make positive and sound decisions to reach their financial goals. CashCourse.org serves as a great resource for students as it speaks to many of the common financial pitfalls they may be encountering during their college years.

4. Practical Money Skills

This site, created by Visa, provides users with helpful articles, budget planning resources, games, apps, videos and calculators. These are all designed to help users of all ages to learn about and understand financial literacy.

5. MoneySkill.org

MoneySKILLisa free online reality based personal finance course for young adults developed by the AFSA Education Foundation. This interactive curriculum is aimed at the millions of high school and college students who graduate each year without a basic understanding of money management fundamentals.

6. Claim Your Future

Claim Your Future® is an engaging educational game designed to equip students with essential financial skills and career knowledge. Created by the Finance Authority of Maine (FAME), this interactive tool has helped over a million students in 90 countries make informed decisions about their future.

Players explore career paths, weigh financial options, and understand the impact of post-secondary education. Whether played solo or in a group, Claim Your Future® is adaptable for various settings: classrooms, after-school programs, or even at home. Its user-friendly design ensures easy navigation for students of all ages.

Developed through extensive classroom testing and feedback, Claim Your Future® is a valuable resource for educators, parents, and students alike. It's more than a game; it's a tool for building a strong financial foundation.

7. Teens’ Guide to Money

This online resource guides teens to learn all about money and money management. It is broken down into four major categories: earning, saving, investing, and spending. Under each category you can choose a topic that interests you providing helpful tips and resources for each topic.

8.  Finra Invester Education Foundation

FINRA empowers teens and young adults to take charge of their financial future by providing resources and education about personal finance. The organization believes that strong money skills are essential for building a successful and secure future.

9. HandsonBanking.org

The Hands on Banking site allows visitors to take charge of their own finances and reach goals. You simply pick your age group and get started! Whether you want to build your credit, your investments, or your own small business; invest in the market, a home, or higher education; shop for a loan, buy a car, or open your first bank accounts, the Hands on Banking program offers all the basic money tools, skills, and information you need. It’s course divisions offer programs from kids to senior adults.

10. Teen Financial Literacy

This resource, from the Public Library Association, includes four more online resources for teaching teens financial literacy including the Consumer Finance Protection Bureau's "Money As You Grow." This webpage offers conversation starters to help parents help their children grow their financial knowledge.

Poor financial decisions, made by everyone from Wall Street elites to average homebuyers, have snowballed into the recession that began in 2008. Financial literacy education will help students prepare for a life free from debt and added frustration.