Bank of America, in cooperation with Khan Academy has joined forces in an effort to promote financial literacy. This is in response to the widespread lack of financial knowledge among young adults.
The bank cites a study which finds that close 70% of Americans say money is a major cause of stress. In addition, most college grads are carrying roughly $30,000 in student loan debt. Furthermore, many young people say lack of financial knowledge has resulted in poor financial decisions.
Bank of America and Khan Academy have collaborated to launch an updated online learning resource called BetterMoneyHabits.com, which was inspired by Sal Khan. The program is free of charge and Bank of America says this resource is the first financial education website to offer a customized experience. Featured tools include educational videos, infographics, and tracking tools.
Topics include credit management, saving and budgeting, and homeownership. In addition, the website allows visitors to navigate according to specific financial goals. Learn more by visiting the Better Money Habits website.