The Federal Reserve
In 1913, Congress created the Federal Reserve System to serve as America’s central bank. This financial education website managed by the Federal Reserve includes a history of the organization as well as classroom lesson plans and public financial education resources. Check out the Timely Topics videos featuring economists from the Federal Reserve Bank of St. Louis discussing financial topics in the news.
The Federal Reserve Bank of St. Louis
The Federal Reserve Bank of St. Louis was established in 1914, after the creation of the Federal Reserve System in 1913. Headquartered in St. Louis, it has branches in Arkansas, Kentucky, and Tennessee, it is one of 12 Reserve banks. The St. Louis Bank has developed a website featuring free financial educational resources for both classroom and consumer use. The Bank’s goal is to advance economic and personal finance knowledge.
Financial Industry Regulatory Authority (FINRA) Investor Education Foundation
This website, a project of the FINRA Investor Education Foundation, is a free resource dedicated to the financial health of consumers. Through easy-to-use tools and resources, SaveAndInvest.org helps the public make informed financial decisions and protect against fraud, especially in reference to investing. The site is organized into financial basics, controlling debt, saving for the future, protecting one’s money, and financial tools including an online scam meter and risk meter.
The National Foundation for Credit Counseling (NFCC)
Founded in 1951, the NFCC is the nation’s largest and longest-serving nonprofit financial counseling organization. Visit the Financial Education and Tools tabs for consumer tips, financial fast facts, budget worksheet, and even an online financial self-assessment tool. The site’s blog focuses on updates and insights regarding consumer finances.
The Consumer Financial Protection Bureau (CFPB)
Congress established the CFPB to protect consumers by offering information, promoting financial education, monitoring financial markets from a consumer risk perspective, conducting research, enforcing consumer financial protection laws, and taking consumer complaints. There also is an “Ask the CFPB” tool available for consumers to submit questions – and get answers.
NYS Higher Education Services Corporation (HESC)
HESC offers the Financial Awareness and Consumer Training for Students (FACTS) program promoting financial literacy curriculum for students. It is intended to be an instructor-led, online educational program. The site also provides additional information for students preparing for college.
NYS Department of Financial Services
The department is a merger of the functions of the former NYS Banking and Insurance Departments. Its mission is “to reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises, and to protect consumers and markets from fraud.” Under the Consumers tab there is a variety of financial and insurance basic information as well as the ability to file consumer complaints.
The Museum of American Finances
The Museum of American Finance is the nation’s only independent museum dedicated to preserving, exhibiting, and teaching about American finance and financial history. Located on Wall Street in New York City, the Museum features exhibits on money, financial markets, banking, entrepreneurship and Alexander Hamilton, credited with designing America’s banking system. An interesting feature on the Museum’s website is a video archive of guest lectures, special presentations, and even tours.
Links to “nudges” cited in Thinking Money– products aimed at providing voluntary prompts for meeting personal goals including financial ones.
This product enables users to form commitment contracts to help them achieve personal financial goals. The company was started by two Yale professors and its name comes from the “stick” in sticking to something and the “K” as shorthand for contract.
This is an app designed to help people save money.
This is a web and mobile application that provides financial advice business employees might welcome.
The Cost of a Bad Credit Score
Syracuse University has recently published a resource titled “The Cost of a Bad Credit Score.” The resource provides information on what a credit score is, five factors that are calculated with the score, and the impact it has on a consumer. Also detailed in the resource is the importance of credit monitoring.