Bank of America is doing its best to rise above the problems in the financial sector these days and one way it’s doing that is by partnering with Khan Academy to offer customers the opportunity to really delve into their personal finance options, decisions and beliefs. The goal of program, which can be found on bettermoneyhabits.com, is to learn the “why” and the “how” behind personal finance. They believe this collaboration with Khan Academy will help consumers really put that knowledge into practice in a far more effective way than ever before. It promises a lot – but can it deliver?
Tools and Resources
This financial education initiative really tackles BoA’s efforts of working through lines of business, philanthropic and volunteer partnerships to provide financial education tools and resources to individuals and families around the country.
We want this site to be unlike anything you’ve experienced before,
is the first sentence you see. And making the decision to team with the non for profit Khan Academy was Bank of America’s first great choice for this program. It promises not only a new way of approaching your finances, but a new way to learn as well. With the Khan Academy and it’s well respected approach to enabling people to learn – well, anything, really. This new program allows consumers to take what they want, learn it in a way that works best for them and at a pace that’s comfortable.
The Bank of America and Khan Academy announcement was made on Tuesday and it was quickly learned that it would be a definitive collaboration designed to provide a solid financial education unlike anything most of us have ever seen. Remember, there are few personal finance programs being offered in any schools around the country. It’s often that many kids don’t even have any kind of financial education courses until college and only if they’re majoring in finance. This is a great way for anyone of any age to really delve into the often overwhelming dynamics associated with our finances.
At Khan Academy, our mission is to provide a free, world-class education for anyone, anywhere, and we believe that financial understanding is now an economic imperative for all,
Sal Khan, the founder of Khan Academy, said.
Partnering with Bank of America will help us reach a significantly larger group of people searching for unbiased information on personal finance and other topics we teach.
Videos and More
BetterMoneyHabits.com will offer a number of videos that use an easy to understand, plain language approach designed to really simplify even the most complex financial topics. It will lend to a stronger foundation that will be easier to build upon. From there, an easy to understand principle based effort moves forward with tips on saving, steps to getting out of debt, establishing and adhering to a budget and understanding home loans. You can take the courses in any order you wish and you can go back to those that were particularly challenging.
Meanwhile, Andrew Plepler, the executive of corporate social responsibility and consumer policy at Bank of America, said
We have heard clearly from our customers that they want to build better money habits but often lack straightforward and accessible guidance. We approached Khan Academy because of their proven ability to translate complex topics into simple, self-paced, on-demand learning materials.
The National Foundation for Credit Counseling, in its 2013 Financial Literacy Survey, discovered that 40 percent of respondents rated their knowledge of personal finance at a level of C, D or F, though 78 percent indicated that they could benefit from professional advice on everyday financial matters. The message was heard loud and clear and as a result, this is just one of the efforts being made by Bank of America. It’s also designed a number of financial workshops in Boston and Detroit. Eventually, it hopes to expand into Philadelphia, Seattle, Los Angeles and Long Island. The bank will host free 60 to 90 minute sessions in banks and other community locations in conjunction with members of the NFCC.
In Long Island, both BoA and Khan Academy kicked off the free resources not only for bank customers, but the public as a whole. They’re being described as “free, self-paced, easy-to-understand resources to develop better money habits”. As Sal Khan, founder Khan Academy said,
At Khan Academy, our mission is to provide a free, world-class education for anyone, anywhere, and we believe that financial understanding is now an economic imperative for all. Partnering with Bank of America will help us reach a significantly larger group of people searching for unbiased information on personal finance and other topics we teach.
It’s all about taking control of your financial success. It’s about changing your ideas of success and changing the habits that might be preventing that success.
Also, and this is important, there are no commercials or distractions with any of the videos on the site, which is always a good thing. It ensures you can stay focused and in the moment.
So, this newly formed relationship between the two – is it something that will bode well for consumers as whole or has there been too much distrust put into place as a result of the many financing and banking scandals? That remains to be seen, but one thing is sure, this new effort on the part of Bank of America is impossible to ignore. It also is running a new advertising campaign that features images of a family as it grows. It’s sentimental, purposeful and hits the mark.
About the Bank of America – Khan Academy Partnership
Bank of America and leading online educator, Khan Academy, have joined forces to create BetterMoneyHabits.com, a free platform to improve financial literacy. The platform will explain financial concepts in a simple and conversational way and will be completely free of advertising. In addition, Khan Academy will provide videos on financial subjects with no outside editorial control, reflecting a shared goal of providing information in an unbiased environment.
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