Author: Dillon Baker / Source: The Content Strategist Americans suck at personal finance. Only two in five adults have a budget and track
Americans suck at personal finance. Only two in five adults have a budget and track their finances closely, according to a national study by the Harris Poll. Personal finance is all but ignored in most public school systems, and “nearly all developed countries have a higher personal savings rate than the United States,” according to the St. Louis Federal Reserve.
For financial firms, our illiteracy is a double-sided coin: On the one hand, firms make a large portion of their revenue from rampant credit card debt, ATM fees, high-interest mortgages, and other practices that hit those who live outside their means (or, in too many cases, are just poor).
But less overall wealth means a weaker economy, less reliable customers, and the potential for predatory practices that lead to recessions like the 2008 financial crisis. So it’s not surprising to see financial firms increasingly taking the role of personal finance educator—and the fact that it makes for good marketing doesn’t hurt either.
Educating from the top
Though most financial firms face strict regulations when it comes to providing financial advice, educational content has blossomed as one of the most popular and effective types of content for marketers.
Bank of America’s Better Money Habits initiative, created in partnership with online teaching platform Khan Academy, is perhaps the most high-profile example of educational content in the finance industry. The learning platform is a wealth of courses about a variety of financial topics, all of which are personalized to each reader’s experience depending on how they answer a few key questions.
“Through Better Money Habits, we’ve helped millions of people learn more about their money,” said John von Brachel, SVP, content marketing executive at Bank of America….
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