- HelloWallet, a money guidance service, launched last week; will rely on subscription model (from NY Times) while also providing free service to 300,000 low-income families:
But HelloWallet will also recommend customized financial plans for everything from saving for college to saving for retirement. Based on tuition cost trends for the particular college you expect your child to go to and your saving history, it will give you recommendations, for instance, for how much to save monthly and where.
In addition, it will help estimate how much you should save to buy a
house using local home prices; will forecast your home’s likely worth
in the future; and will identity and provide recommendations about gaps
in your finances, like having no rainy day fund or emergency savings
plan. It will also identify ineffective savings vehicles you may be
using, among other functions...
For this reason, HelloWallet is providing the service free to at least 300,000 low-income families over the next five years, and the Rockefeller Foundation is providing funds to nonprofits to provide 10,000 subscriptions to HelloWallet for low-income Americans."
- NY Times Freakonomics blog highlights new financial literacy center being established by Dartmouth College professor Annamaria Lusardi:
- "Financial reality day" provides important lessons to high school students (from Beloit Daily News):
Each student received a monthly income based on their occupations. Before the fair, students in business courses researched possible careers...Bosch said the fair gets students thinking about their future and helps them develop valuable skills such as balancing a check book. It also helps them in decision making."
- Game show "Who Wants To Be Financially Responsible?" developed (from The Hartford Courant):
The new game uses characters like Julie "the boutique binger" and Cameron "the cosmopolitan complainer" to deliver fiscally sound but entertaining advice to high school and college students about everything from credit cards and budgeting to investments and identity theft.
The game, which mixes the flavor of '70s games shows like the "Dating Game" with the improvisational spirit of "Saturday Night Live," is the result of a collaboration among the Connecticut Department of Higher Education, Connecticut Public Broadcasting, the University of Connecticut and other colleges. It can be accessed at flip.ctdhe.org."
- Financial overhaul bill proposed by Senator Dodd would create office of financial literacy (from Legal Newsline):
The Bureau of Consumer Financial Protection would also be charged with establishing an Office of Financial Literacy."
- From ConsumerAffairs.com: "The bureau would also establish an Office of Financial Literacy charged with educating the public about financial matters and a complaint hot line so consumers will have a single point to report problems with financial institutions."