Report finds rise in consumer finance complaints during pandemic

… the “money transfer, virtual currency, or money service” and “credit reporting, credit repair services, or other personal consumer reports” categories.
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byAndrew StahlJuly 29, 2020

The number of financial complaints filed by consumers in the Consumer Financial Protection Bureau has risen dramatically during the COVID-19 pandemic, according to an analysis of the CFPB database by LendEDU, an online marketplace for financial products.

LendEDU found a 44% increase in the number of consumer finance complaints filed from March 13 to July 17 of this year, compared to the same period last year. Their analysis also found a 38% increase in complaints from March 13 to July 17 compared to the previous 127-day period.

The report found the largest percent-increases in complaints were filed under the “money transfer, virtual currency, or money service” and “credit reporting, credit repair services, or other personal consumer reports” categories.

LendEDU suggested that the increase in complaints was partially due to erroneous credit reporting while pandemic-related flexibility programs were in place, and money transfer phishing scams, specifically fake Venmo accounts and text messages requesting money. Problems with pandemic-related deferment programs for credit card payments, which numerous credit card companies offered to consumers who proactively notified them, also led to a rise in credit report issues.

“The biggest consumer finance problems since the beginning of the coronavirus pandemic have pertained to credit report issues,” the report said. “Specifically, a lack of chemistry between consumers, financial institutions and the credit bureaus to properly manage the added deferments and adjusted payment plans.”

Meanwhile, complaints regarding both student loans and mortgage payments dropped, by 41% and 4% respectively. The report suggested that the steep drop in student loan complaints may be due to all federal student loans being placed in forbearance until September 30.

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Report Title: Global Credit Scores, Credit Reports & Credit Check Services Market Updated(July …

Credit Karma Equifax Credit Sesame IdentityForce PrivacyGuard. Experian Trans Union. Analysis of Credit Scores, Credit Reports & Credit Check …

Report Title: Global Credit Scores, Credit Reports & Credit Check Services Market Updated(July 2020) Research Report

This latest report studies Credit Scores, Credit Reports & Credit Check Services Market globally, particularly in North America, Europe(Germany, UK, France, Italy, Spain, Russia, Poland), China, Japan, Southeast Asia (Malaysia, Singapore, Philippines, Indonesia, Thailand, Vietnam) the Middle East and Africa(Saudi Arabia, United Arab Emirates, Turkey, Egypt, South Africa, Nigeria), India, South America(Brazil, Mexico, Colombia), with revenue, import, and export, production, consumption in these regions, from 2015 to 2019, and forecast 2020 to 2027. Global Credit Scores, Credit Reports & Credit Check Services market 2020 research report is replete with precise analysis from radical studies, specifically on queries that approach market size, trends, share, forecast, outlook, production, and futuristic developments trends and present and future market status.

Then, the report focuses on world major leading industry players with information like company profiles, product picture and specifications, Sales Revenue, Price, gross margin, market share, and contact info. In addition, the Credit Scores, Credit Reports & Credit Check Services industry development trends and marketing channels are analyzed.

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Analysis of Credit Scores, Credit Reports & Credit Check Services market Key manufacturers (Sales Revenue, Price, gross margin, main products, etc.):

Identity Guard

MyFICO

Credit Karma

Equifax

Credit Sesame

IdentityForce

PrivacyGuard

Experian

Trans Union

Analysis of Credit Scores, Credit Reports & Credit Check Services Market By Product Types(Market Size & Forecast):

Credit Scores

Credit Reports

Credit Check

Analysis of Credit Scores, Credit Reports & Credit Check Services Market By Applications(Market Size & Forecast):

Private

Enterprise

In additional, the manufacturers dominant within the global Credit Scores, Credit Reports & Credit Check Services Market are highlighted inside the competitive landscape section of the report. The competitive state of affairs and trends current within the market have additionally been encapsulated underneath this section of the study. moreover, the mergers and acquisitions that passed off within the market in the past few years and their impact on the market’s development has in addition been bestowed underneath this a part of the report.

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Furthermore, it describes the in-depth analysis of key Credit Scores, Credit Reports & Credit Check Services market segments and sub-segments, particularly includes evolving Credit Scores, Credit Reports & Credit Check Services industry trends and dynamics, challenges, and competitive insights, technological breakthroughs for Credit Scores, Credit Reports & Credit Check Services market development mapping with different opportunities. The report also analyzes the Credit Scores, Credit Reports & Credit Check Services industry potential for every geographical region consequently.

With the list of tables and figures, the report provides key statistics on the condition of the business and could be a valuable supply of steerage and direction for firms and people curious about the market.

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https://www.reportspedia.com/report/business-services/2015-2027-global-credit-scores,-credit-reports-&-credit-check-services-industry-market-research-report,-segment-by-player,-type,-application,-marketing-channel,-and-region/63526#inquiry_before_buying

TOC of Credit Scores, Credit Reports & Credit Check Services Market Contains Following Points:

  • Global Credit Scores, Credit Reports & Credit Check Services Market report describes the business overview, market segment, upstream, downstream analysis .
  • Describes business Environment(Policy, Economics, Sociology, Technology).
  • Major companies List – market report analyze the key manufacturers (Sales Revenue, Price, gross margin, main products, etc.)
  • Global Credit Scores, Credit Reports & Credit Check Services Market by Type and Application.
  • Describes Market Competition(Company Competition, Regional Market by Company), the business report estimate the key regions.
  • Market Demand(Demand scenario, Regional Demand Comparison, Demand Forecast).
  • Global Credit Scores, Credit Reports & Credit Check Services Market report additionally describes regional Analysis(Regional Output, Regional Market, by Region, Regional Forecast).
  • This report additionally portrays sales channels, wholesalers, brokers, merchants and market Research Findings and Conclusion, addendum, and information source.

Table of Content & Table Of Figures

https://www.reportspedia.com/report/business-services/2015-2027-global-credit-scores,-credit-reports-&-credit-check-services-industry-market-research-report,-segment-by-player,-type,-application,-marketing-channel,-and-region/63526#table_of_contents

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Credit Scores, Credit Reports & Credit Check Services Industry 2020 Market Growth, Size, Share …

… PrivacyGuard, IdentityForce and Credit Karma. Global Credit Scores, Credit Reports & Credit Check Services Industry 2020 Market Research Report …

Credit Scores, Credit Reports & Credit Check Services Market 2020 Industry research report gives a systematic and competent approach to gather important statistics of Credit Scores, Credit Reports & Credit Check Services industry. In which includes industry chain structure, Credit Scores, Credit Reports & Credit Check Services market classification, dominant market players, product definition, and product scope. Credit Scores, Credit Reports & Credit Check Services research report performs SWOT analysis to gain better insights on Strengths, Opportunities, and Threats muddled in Credit Scores, Credit Reports & Credit Check Services industry.

Get Sample Copy of this Report – https://www.orianresearch.com/request-sample/1463232

The report mainly studies the size, recent trends and development status of the Credit Scores, Credit Reports & Credit Check Services market, as well as investment opportunities, government policy, market dynamics (drivers, restraints, opportunities), supply chain and competitive landscape. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Porter’s Five Forces Analysis (potential entrants, suppliers, substitutes, buyers, industry competitors) provides crucial information for knowing the Credit Scores, Credit Reports & Credit Check Services market.

Analysis of Credit Scores, Credit Reports & Credit Check Services Market Key Manufacturers: Experian, MyFICO, Identity Guard, Equifax, Credit Sesame, Trans Union, PrivacyGuard, IdentityForce and Credit Karma

Global Credit Scores, Credit Reports & Credit Check Services Industry 2020 Market Research Report is spread across 101 pages and provides exclusive vital statistics, data, information, trends and competitive landscape details in this niche sector.

With tables and figures helping analyze worldwide Global Credit Scores, Credit Reports & Credit Check Services Market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

At the same time, we classify different Credit Scores, Credit Reports & Credit Check Services based on their definitions. Upstream raw materials, equipment and downstream consumers analysis is also carried out. What is more, the Credit Scores, Credit Reports & Credit Check Services industry development trends and marketing channels are analyzed.

By Type, Credit Scores, Credit Reports & Credit Check Services market has been segmented into

Credit Scores

Credit Reports

Credit Check

By Application, Credit Scores, Credit Reports & Credit Check Services has been segmented into:

Private

Enterprise

The report strongly emphasizes prominent participants of the Credit Scores, Credit Reports & Credit Check Services Industry to provide a valuable source of guidance and direction to companies, executive officials, and potential investors interested in this market. The study focuses on significant factors relevant to industry participants such as manufacturing technology, latest advancements, product description, manufacturing capacities, sources of raw material, and profound business strategies.

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Finally, the feasibility of new investment projects is assessed, and overall research conclusions are offered. In a word, the report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

Global Credit Scores, Credit Reports & Credit Check Services 2020 to 2026 includes:

  • Trends in Credit Scores, Credit Reports & Credit Check Services deal making in the industry
  • Analysis of Credit Scores, Credit Reports & Credit Check Services deal structure
  • Access to headline, upfront, milestone and royalty data
  • Access to hundreds of Credit Scores, Credit Reports & Credit Check Services contract documents
  • Comprehensive access to Credit Scores, Credit Reports & Credit Check Services records

Among other players domestic and global, Credit Scores, Credit Reports & Credit Check Services market share data is available for global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. Global Info Research analysts understand competitive strengths and provide competitive analysis for each competitor separately.

The content of the study subjects, includes a total of 15 chapters:

Chapter 1, to describe Credit Scores, Credit Reports & Credit Check Services product scope, market overview, market opportunities, market driving force and market risks.

Chapter 2, to profile the top manufacturers of Credit Scores, Credit Reports & Credit Check Services, with price, sales, revenue and global market share of Credit Scores, Credit Reports & Credit Check Services in 2019 and 2020.

Chapter 3, the Credit Scores, Credit Reports & Credit Check Services competitive situation, sales, revenue and global market share of top manufacturers are analyzed emphatically by landscape contrast.

Chapter 4, the Credit Scores, Credit Reports & Credit Check Services breakdown data are shown at the regional level, to show the sales, revenue and growth by regions, from 2015 to 2020.

Chapter 5, 6, 7, 8 and 9, to break the sales data at the country level, with sales, revenue and market share for key countries in the world, from 2015 to 2020.

Chapter 10 and 11, to segment the sales by type and application, with sales market share and growth rate by type, application, from 2015 to 2020.

Chapter 12, Credit Scores, Credit Reports & Credit Check Services market forecast, by regions, type and application, with sales and revenue, from 2020 to 2026.

Chapter 13, 14 and 15, to describe Credit Scores, Credit Reports & Credit Check Services sales channel, distributors, customers, research findings and conclusion, appendix and data source.

Customization Service of the Report:

Orian Research provides customization of reports as per your need. This report can be personalized to meet your requirements. Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.

About Us:

Orian Research is one of the most comprehensive collections of market intelligence reports on the World Wide Web. Our reports repository boasts of over 500000+ industry and country research reports from over 100 top publishers. We continuously update our repository so as to provide our clients easy access to the world’s most complete and current database of expert insights on global industries, companies, and products. We also specialize in custom research in situations where our syndicate research offerings do not meet the specific requirements of our esteemed clients.

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Vice President – Global Sales & Partner Relations

Orian Research Consultants

US: +1 (832) 380-8827 | UK: +44 0161-818-8027

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Credit Scores, Credit Reports & Credit Check Services Market Seeking Excellent Growth …

… the coverage of this study are Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO & Credit Karma.

A new market study is released on Global Credit Scores, Credit Reports & Credit Check Services Market with data Tables for historical and forecast years represented with Chats & Graphs spread through 120 Pages with easy to understand detailed analysis. The study highlights detailed assessment of the Market and display market sizing trend by revenue & volume (if applicable), current growth factors, expert opinions, facts, and industry validated market development data. The research study provides estimates for Global Credit Scores, Credit Reports & Credit Check Services Forecast till 2025*. Some are the players that are considered in the coverage of this study are Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO & Credit Karma.

Industries and markets are ever-evolving; navigate these changes with ongoing research conducted by HTF MI; Address the latest insights released on Global Credit Scores, Credit Reports & Credit Check Services Market. Browse now for Full Report Index or a Sample Copy @: https://www.htfmarketreport.com/sample-report/1326318-global-credit-scores-credit-reports-credit-check-services-market

Relevant features of the study that are being offered with major highlights from the report :

1) How Study Have Considered the Impact of COVID-19 / Economic Slowdown of 2020 ?

Analyst at HTF MI have conducted special survey and have connected with opinion leaders and Industry experts from various region to minutely understand impact on growth as well as local reforms to fight the situation. A special chapter in the study presents Impact Analysis of COVID-19 on Global Credit Scores, Credit Reports & Credit Check Services Market along with tables and graphs related to various country and segments showcasing impact on growth trends.

2) Which companies are profiled in current version of the report? Can list of players be customize based on regional geographies we are targeting

Considering heat map analysis and based on market buzz or voice the profiled list of companies in the the report are “Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO & Credit Karma”. Yes, further list of players can also be customized as per your requirement keeping in mind your areas of interest and adding local emerging players and leaders from targeted geography.

** List of companies covered may vary in the final report subject to Name Change / Merger & Acquisition Activity etc. based on the difficulty of survey since data availability needs to be confirmed by research team specially in case of privately held company. Up to 2 players can be added at no additional cost.

3) Can Market be broken down by different set of application and types?

Additional segmentation / Market breakdown is possible subject to data availability, feasibility and depending upon timeline and toughness of survey. However a detailed requirement needs to be prepared before making any final confirmation.

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To comprehend Global Credit Scores, Credit Reports & Credit Check Services market dynamics in the global market, the worldwide Credit Scores, Credit Reports & Credit Check Services market is analyzed across major geographical regions. HTF Market Intelligence also provides customized specific regional and country-level reports, see below break-ups.

• North America: United States, Canada, and Mexico.

• South & Central America: Argentina, ,Chile, LATAM, and Brazil.

• Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt and South Africa.

• Europe: UK, France, Italy, Germany, Spain, BeNeLux, and Russia.

• Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, and Australia.

2-Page company profiles for 10+ leading players is included with 3 years financial history to illustrate the recent performance of the market. Latest and updated discussion for 2019 major macro and micro elements influencing market and impacting the sector are also provided with a thought-provoking qualitative remarks on future opportunities and likely threats. The study is a mix of both statistically relevant quantitative data from the industry, coupled with insightful qualitative comment and analysis from Industry experts and consultants.

Global Credit Scores, Credit Reports & Credit Check Services Product Types In-Depth: , Credit Scores, Credit Reports & Credit Check

Global Credit Scores, Credit Reports & Credit Check Services Major Applications/End users: Private & Enterprise

Market Sizing by Geographical Break-down: United States, Europe, China, Japan, Southeast Asia, India & Central & South America

To ascertain a deeper view of Market Size, competitive landscape is provided i.e. Comparative Market Share Revenue Analysis (Million USD) by Players (2018-2019) & Segment Market Share (%) by Players (2018-2019) and further a qualitative analysis of all players is made to understand market concentration rate.

Competitive Landscape & Analysis:

Major players of Credit Scores, Credit Reports & Credit Check Services Market are focusing highly on innovation in new technologies to improve production efficiency and re-arrange product lifecycle. Long-term growth opportunities for this sector are captured by ensuring ongoing process improvements of related players following NAICS standard by understanding their financial flexibility to invest in the optimal strategies. Company profile section of players such as Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO & Credit Karma includes vital information like legal name, website, headquarter, its market position, distribution and marketing channels, historical background and top 4 closest competitors by Market capitalization / turnover along with sales contact information. Each company / manufacturers revenue figures, growth rate, net profit and gross profit margin is provided in easy to understand tabular format for past 3 years and a separate section on market entropy covering recent development activities like mergers &acquisition, new product/service launch, funding activity etc.

Get Latest Edition with COVID Impact Analysis of Global Credit Scores, Credit Reports & Credit Check Services Market Study at Revised offered Price

In this study, the years considered to estimate the market size of Global Credit Scores, Credit Reports & Credit Check Services are as follows:

History Year: 2014-2019, Base Year: 2019, Forecast Year 2020 to 2025

Key Stakeholders / Target Audience Covered:

In order to better analyze value chain/ supply chain of the Industry, a lot of attention given to backward & forward Integration

– Credit Scores, Credit Reports & Credit Check Services Manufacturers

– Credit Scores, Credit Reports & Credit Check Services Distributors/Traders/Wholesalers

– Credit Scores, Credit Reports & Credit Check Services Sub-component Manufacturers

– Industry Association

– Downstream Vendors

Actual Numbers & In-Depth Analysis of Credit Scores, Credit Reports & Credit Check Services Market Size Estimation, Business opportunities, Available in Full Report.

Thanks for reading this article, you can also get individual chapter wise section or region wise report version like North America, LATAM, West Europe, MENA Countries, Southeast Asia or Asia Pacific.

About Author:

HTF Market Report is a wholly owned brand of HTF market Intelligence Consulting Private Limited. HTF Market Report global research and market intelligence consulting organization is uniquely positioned to not only identify growth opportunities but to also empower and inspire you to create visionary growth strategies for futures, enabled by our extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist you for making goals into a reality. Our understanding of the interplay between industry convergence, Mega Trends, technologies and market trends provides our clients with new business models and expansion opportunities. We are focused on identifying the “Accurate Forecast” in every industry we cover so our clients can reap the benefits of being early market entrants and can accomplish their “Goals & Objectives”.



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Topics#Credit Reports & Credit Check Services Market Analysis#Credit Reports & Credit Check Services Market Future#Credit Reports & Credit Check Services Market Growth#Credit Reports & Credit Check Services Market Share#Credit Reports & Credit Check Services Market Size#Credit Reports & Credit Check Services Market Trends#Credit Scores

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What Is Financial Literacy and Why Is It Important?

By pairing Credit Karma with an app like Tally, you can steadily see your credit score improve alongside your personal finances, allowing financial …

As the world around us continues to deepen in complexity, to keep abreast of the latest changes affecting our lives, we need to take a proactive approach in learning new skills, educating ourselves, and gaining exposure to new ideas. Doing so will reward us in innumerable ways.

One important area for young adults to focus is learning financial literacy, or absorbing financial knowledge and skills to improve our personal lives through our everyday actions. Formally, financial literacy is the ability to understand issues related to money and how it’s used, especially when it comes to managing your personal finances.

Financial literacy, unfortunately, isn’t an innate skill and is something which requires effort to build. The TIAA Institute found in a 2018 survey that most Americans don’t have “the knowledge necessary to make routine financial decisions.” On a test with basic financial topics, the average adult could not answer half of the questions correctly.

Further, aBank of America survey discovered less than one out of three respondents between the ages of 18 and 26 considered their high school education to have satisfactorily taught them useful financial habits. For most people, if you want to learn how to improve your financial literacy, you need to seek out opportunities to do so.

What follows are several useful financial literacy resources you should consider for improving your money knowledge and skills. Begin first by understanding finance jargon and then proceed to learning more about financial literacy topics through books, courses, podcasts, apps, and other resources. Afterward, we walk through the benefits of financial literacy and learning it at an early age.

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Where to Learn Basic Finance Jargon

Before you’ll be able to understand more complex financial literacy topics, there are some basic financial terms you’ll need to learn. One resource that takes seemingly complex financial terms and makes them easy to understand is learn.robinhood.com. A few examples of topics they cover include:

The Robinhood investing app has done a lot to benefit retail investors. Of note, Robinhood has slashed trading commissions to $0, meaning you pay nothing to trade stocks, bonds, or index funds on Robinhood. This free trading extends to more exotic (and complicated) areas like options trading and cryptocurrencies, though these remain items subject for more sophisticated investors.

Additionally, the service offers a Cash Management feature, which acts similar to a high-yield savings account from a company like CIT Bank. Robinhood offers numerous products and services to its customers at low cost or free, making one wonder how does Robinhood even make money?

Well, many of the best Robinhood alternatives have taken note and attempted to replicate its business model. One thing for sure with these numerous brokerages competing on price is that retail investors have come out as the winners. After decades of costly investing, firms like Webull, Acorns, and M1 Finance have managed to slash commissions to $0 and provide their cost-effective services to Millennials who often have small amounts of money to invest at any one time.

For those interested in learning more about many financial literacy topics, consider visiting the learn.robinhood site to see how their explanations can make complex finance topics simple. From there, you may want to sign up for the Robinhood app to learn how to start investing money.

Popular Financial Literacy Books

Books, whether you read a physical copy, an ebook version, or listen to them as audiobooks, are still one of the most effective ways to broaden your financial literacy. There are seemingly endless books fighting to give you financial advice, but the quality is not all equal. These are some of the top finance books people find help them improve their financial literacy.

Money Master The Game: 7 Simple Steps to Financial Freedomby Tony Robbins

Robbins’ book states, “Information without execution is poverty. Remember: we’re drowning in information, but we’re starving for wisdom.” If this line resonates with you and you feel overwhelmed with financial research, Money Master would be a good read for you.

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Tony Robbins conducted extensive research as well as interviewed prominent investors, such as Warren Buffett, John Bogle, Paul Tudor Jones, and more. He created a 7-step blueprint for how you can secure financial freedom. Robbins gives readers actionable finance advice, such as how to formulate a savings and investing plan, and busts common finance myths.

Total Money Makeover by Dave Ramsey

Millionaire Dave Ramsey is no stranger to writing and teaching about finance. Total Money Makeoveris his most notable book and provides seven “baby steps” to help you get out of debt, save money, invest, and more.

This isn’t a book on finance theory, but is instead clear and actionable. You’ll learn the top most dangerous money myths. The book also comes with 50 success stories of people who followed Ramsey’s principles.

The Millionaire Next Door by Thomas J. Stanley and William D. Danko

For this book, Stanley and Danko analyzed the habits and behavior of millionaires to see how they spend money, save it, and invest it. From this, they found seven basic rules everyone should follow if they want to accumulate wealth.

Hint: wealth doesn’t necessarily require a high-profile job. Many millionaires didn’t just inherit money, but worked hard and saved most of their earnings. Learn their frugal habits and how wealthy doesn’t always mean flashy.

Top LinkedIn Learning Courses for Financial Literacy

You don’t only have to improve your financial literacy through reading. You can learn through online finance classes as well. LinkedIn Learninghas a variety of finance and financial literacy courses geared at teaching you the basics of different finance topics.

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A handful of examples include:

Once you’ve taken some beginner courses, you can continue with intermediate and advanced classes until you feel confident in your financial knowledge.

Best Podcasts for Building Financial Literacy

Do you prefer just audio over video? You’re in luck because there are plenty of finance-related podcasts available for improving your financial literacy. You may want to check out some of the following:

Consider trying out a few podcasts to see which type of style you prefer. You can listen to these while you do other tasks to pick up a bit of financial advice while not putting in as much effort as a course, or even reading a book, would take.

Finance Apps that Improve Your Financial Literacy

Today, many apps help you to learn about your personal finances as well as finance in general. This includes topics like budgeting, spending control, saving, debt management, credit score understanding, investing and more.

Millennials have taken most of their lives online or in their hands, literally, with smartphones. As a result, several useful apps have come onto the market designed to improve financial literacy one action at a time. Take a look at some of the most popular apps available for guiding you down a better financial path.

→ Pocketsmith

Pocketsmith helps you to control your current spending habits as well as see what your financial future looks like with your current spending and earning patterns. The app helps you to learn more about your personal finances by having you organize them in an understandable manner. By shedding light on your financial picture, Pocketsmith can help you get to where you want to go.

Pocketsmith works by starting with your past and building an understanding of your spending patterns and behavior so you can identify areas to target for improvement. From there, it shows your present actions through bank transaction feeds to help see immediate steps you can take and how you progress.

Finally, after enough data has been gathered by the app, Pocketsmith allows you to look into your financial future, whether that is 6 months or even 10 years from now. By extrapolating decisions you make today into the future, the app can forecast your financial picture if you continue to make financially literate decisions.

→ Meet Tally

MeetTally acts as an automated debt manager working on your behalf to lower your credit card payments. It does so by monitoring your linked credit cards and assessing your payment history to understand if you’d be better served through consolidating your high cost credit card loan with a loan from Tally.

Essentially, Tally acts as a credit card consolidation app, which makes it easy for you to stay on top of your credit card balances. It does so by offering you a line of credit with a lower interest rate than you likely paid on your credit cards. This arrangement makes it easier to save money, manage your cards and pay down balances faster.

The app keeps track of bank and store credit cards, meaning it tracks your due dates, minimum payments and APRs. Based on this information, Tally calculates the best payment strategy for paying off your credit cards every month.

As an additional feature of the app,Tally offers late fee protection to prevent overdraft fees or other costly charges credit card companies might assess for a late payment. So long as you remain in good standing with Tally, you won’t need to confront a late fee on a linked credit card again.

→ Credit Karma

Credit Karmapairs well withTallyto monitor your credit score as you make timely payments and reduce your credit utilization rate. This information can be useful when it comes to finding a mistake on your credit report and wanting to take action to resolve the problem. By identifying this issue early, you may prevent yourself from suffering serious damage had this error remained on your credit history for years and gone uncontested.

Further, Credit Karma provides monitoring alerts if something unexpected happens or you have an event occur which might impact your credit. Credit Karma sends you alerts if anything major impacts your credit like an inquiry, a late payment, or some other event impacting your credit. Having access to this information on a timely basis can help you to build and manage your credit for your gain.

To make money, the service offers you free access to their credit scoring and monitoring services and offers you tailored credit card and loan products they believe might suit your needs. In exchange for providing you the free credit services, they have monetized their service through these affiliate offerings.

By pairing Credit Karma with an app like Tally, you can steadily see your credit score improve alongside your personal finances, allowing financial opportunities to open up to you.

→ Acorns

has become a very popular financial wellness app with Millennials. The service comes for free if you are enrolled as a student using a .edu email address or are under age 24. This benefit makes the app a great fit for young adults beginning their investing journey and learning how to make smart financial decisions with their money.

Typing your typical spending behavior to investing could should the interconnection of your financial actions and why you should always make sure to set aside money for the long-term through investing. Even if it only starts as a small amount contribution by contribution, with enough time and patience, the tiny acorn can grow into the mighty oak.

The main feature of the ability to connect a debit or credit card and have the app “round up” your purchases and invest that money automatically on your behalf. To grow this investment account quicker, you can also establish automatic deposits.

Finally, to leverage those “round up” purchases, Acorns offers a “found money” feature where additional money deposits into your account when you shop with Acorns’ partners.

is a good fit for young adults who want to invest small amounts incrementally and need help setting aside money to do so.

→ M1 Finance

offers to simplify investing with its robo-advisor functionality. The service does not charge fees for managing your assets, but rather, makes money from offering other services or earning interest on un-invested cash.

allows you to select the specific stocks and

M1 Finance also offers the ability to buy fractional shares, meaning if your desired stock carries a high share price (e.g., Google, Amazon, Berkshire Hathaway Class A, etc.), M1 Finance allows you to a smaller fraction of the stock on the platform.

As you have your account

To learn more about other useful apps for empowering you to make better financial decisions, I also have a full list of today’s top financial apps for smarter money management. Further, consider reviewing that list as well as the best investments for young adults to improve your financial literacy.

Other Financial Reading Resources

The United States government wants to help its citizens learn more about personal finance. Therefore, congress made April “Financial Literacy Month,” and there are financial resources available on government websites. Check out MyMoney.gov for a variety of financial resources.

This site contains sections geared towards youth planning for the future, educators looking for lesson plans and teaching tips, and researchers wanting datasets and research reports.

Once you have developed your base understanding of finance, you can increase your finance knowledge by reading the finance sections in newspapers.

Billionaire Warren Buffet usually reads six newspapers each day. These typically include The Wall Street Journal, The New York Times, USA Today, The Financial Times, The Omaha World-Herald, and American Banker. It can benefit you to read both about local and global finance.

Benefits of Financial Literacy

→ 1. Promotes Self-Sufficiency and Financial Stability

Stated simply, possessing even basic financial literacy helps people to become self-sufficient and able to achieve financial stability in their lives. Such actions include saving money, distinguishing between simple wants and needs, managing a budget and debt burden, paying their bills in a timely manner, buying a house to call home, financing a college education, and planning for a safe and secure retirement.

→ 2. Makes Sound Financial Decisions

Financial literacy provides people the chance to create a reasonable and realistic roadmap which can take them through their daily lives and routines and lead to sound financial decisions.

→ 3. Empowers People

Further, financial literacy empowers people with better tools and financial resources at their disposal. By developing an understanding around financial literacy topics like credit, interest rates, and investments, people find them less intimidating. This leaves informed people at an advantage as compared to those who lack this basic financial understanding.

However, this does not require a population of well-heeled financial specialists. Instead, simply understanding the basics can motivate people to ask questions and find the best options available. Some common areas of personal finance people would want to understand conceptually include:

  • how interest rates work,
  • how saving money can compound over time,
  • the differences between stock and bond investments,
  • the primary factors determining your credit rating

→ 4. Reduces Stress

By having a solid handle on these basic topics, this will also go a long way toward decreasing the stress level of individuals. When people are well versed and understand the current state of their personal finances, this provides them with the information they need for taking action, modifying their investment portfolio, or continuing with their current strategy.

→ 5. Guards Against Fraud

Another benefit of financial literacy comes from reducing the risk of becoming a victim of identity fraud. Through understanding your finances better, you can quickly identify red flags for garden-variety fraud. Some tactics might come across as easy to believe or too good to be true and will sound the alarm in your head when you see how out-of-sync these claims being sold or offers being pitched might be. They likely are and are usually just meant to get you to surrender your financial information.

Having enough knowledge of financial topics can help you to recognize these red flags and seek out help from a trusted advisor before moving forward with any offer or solicitation.

As you build this financial foundation and begin to see results, consider monitoring your progress through a free net worth tracking app like Personal Capital. The app provides a comprehensive net worth tracking dashboard including breakouts of investments, bank accounts, credit cards, liabilities and real estate assets. Simply connect your financial accounts and see how it builds a detailed breakdown of your net worth and monthly cash flows.

Learning Financial Literacy at an Early Age

When it comes to learning, you continually build on the knowledge and information you have gathered and learned in the past. The same concept applies to personal finance. Due to this dynamic, starting at an early age allows for a greater potential return on your financial knowledge as you continually learn more with the passage of time.

If you know how your money works before spending it, you will make better decisions now and in the future. With enough of these improved decisions, you can begin to see results through practiced application. Sadly, in the current state, financial literacy for students has not become a priority for many schools across the country.

These basic money management skills could go a long way toward helping kids understand the burden of student loans, credit card debt, or other poor financial choices. In truth, we often only understand the value of a dollar after we need it or after we have spent it. What usually results is an inefficient resource allocation, or worse, drowning in a sea of debt.

To change this pattern of behavior, focusing on early financial literacy education would allow individuals to develop a healthy relationship with money. Further, they would learn the importance of earning, saving, and managing their money. In turn, this would lead to a society of financially-responsible people making better money decisions. Several financial apps for young adults help to build this financial literacy.

Armed with the appropriate information to make wise decisions, people can smartly decide how to pay for college, a vehicle, or even a mortgage on a home. They would also know the financial and mental burden of accumulating too much debt, making costly purchases beyond our means, and falling prey to high-interest predatory lenders.

In truth, you should not need to experience a financial misstep to benefit from it down the road. If we can start teaching financial responsibility to our children, they will grow up knowing sound financial skills and become adults knowing no other way than being financially responsible.

How to Become Financially Literate: Learn by Doing

One of the best ways to improve your financial literacy is to give yourself a reason to learn it. Want to learn about stocks? Buy some small stocks or fractions of more expensive stocks (the Robinhood app allows you to try fractional investing while Webull allows you to paper trade or simulate what would happen with buying and selling stocks without risking real money).

You’ll find reading about stocks significantly more interesting if you’ve invested in something. Either choose to paper trade on a platform like Webull or just start small and don’t invest more than you can afford to lose.

As for budgeting and debt, have you recently read about an effective method for debt management? Try it out and see if it works for you. If you’ve read endless financial literacy articles about budgeting, try making one for yourself. It might not be perfect on the first attempt, but you’ll definitely learn something in the process and can make adjustments later.

Everyone is affected by their finances and that means we should all make an effort to be financially literate. Whether you want to become the next Warren Buffett or just become more financially stable, you’ll need to start by learning basic financial terms and concepts. The sooner you work to improve your financial literacy, the sooner it’ll lead to financial gains and real wealth.

About the Site Author and Blog

In 2018, I was winding down a stint in investor relations and found myself newly equipped with a CPA, added insight on how investors behave in markets, and a load of free time. My job routinely required extended work hours, complex assignments, and tight deadlines. Seeking to maintain my momentum, I wanted to chase something ambitious.

I chose to start this financial independence blog as my next step, recognizing both the challenge and opportunity. I launched the site with encouragement from my wife as a means to lay out our financial independence journey and connect with and help others who share the same goal.

Previously published on Youngandtheinvested.com.

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