I wish I could turn back time and say “No” to the folks that were giving out free t-shirts in exchange for credit card applications, and to getting student loan refund-checks during my early years in college. Since I don’t have a Flux Capacitor laying around, (or own a Delorean, since a flux capacitor will ONLY work in a Delorean), I will just have to pay it forward and write about the EverFi financial educational application that promotes financial literacy in young adults.
EverFi is directed at universities and colleges, public high schools, foundations, secondary schools and community organizations that are looking for new, innovative, and inexpensive ways to “help young adults successfully navigate today’s financial world”. Everfi’s Financial Literacy Platform and Buttonwood platform are not your traditional instructor-led, note taking, examination type courses.
The Financial Literacy Platform is comprised of web-based tutorials where students can log in and access a number of financial topics:
- Savings & Budgeting
- Understanding a Credit Score and its Implications
- Understanding Credit Cards & Managing Debt
- How a Bank Works & Federal Reserve overview
- Taxes and Insurance
- Renting vs. Owning
- Managing Loans to Finance Higher Education
- In Depth Review of Trading and How the Stock Exchange Works
- Consumer Fraud and Protection
While the Buttonwood platform is more interactive, virtual world directed mostly at postsecondary education where students are introduced to and utilize key financial concepts to navigate through the simulation.
- Applying for loans and other forms of aid
- Budgeting and saving
- Establishing good credit
- Planning for repayment early
- Repayment options
- Consequences of delinquency/default
Here a statement from Everfi about the Buttonwood platform in regards to how it prepares students:
“Schools benefit by producing graduates who are equipped for life after graduation. Reporting capabilities are built into this platform, which tracks progress and flags potential problem areas in a student’s performance, thus creating more effective follow up and support. The content aligns with the requirements of entrance and exit counseling sessions and can be an integral part of a school’s plan to effectively manage improved student retention and cohort default rates.”
Both platforms are free for public high schools (funded by outside sponsors, corporations, foundations) and are delivered online for quick and easy implementation. This is a definite plus for inner-city schools who are strapped for cash, but looking for alternative ways to prepare their students with much needed financial literacy.
Here is video of highshool students graduating from a Washington D.C. summer financial program powered by EverFi
Currently, over 2,000 public schools across the county will be using EverFi and recently has been grated $11 million dollars in funding for new product development. For more information on how to get your school or educational program started, visit EverFi.Category: web 2.0 | Tags: education, EverFi, Financial literacy, public schools