#financial-literacy

#financial-literacy

Brooklyn is where we're building what's next - a deeper partnership with a growth mindset. Our ongoing expansion here is about giving our people room to grow, attracting diverse talent, and delivering for our customers and communities. We're working shoulder-to-shoulder with local leaders and organizations to bring capital, skills, and resources where they're needed most - so the momentum in Brooklyn translates into shared prosperity.

Recently released data from the FINRA Investor Education Foundation (1) shows that about 25% of U.S. adults surveyed say they use recommendations from social media influencers when making investment decisions. Among people aged 35 and younger, the share jumps to 61%. Even more concerning: 57% of people with less than two years of investing experience reported relying on social media for financial guidance.

"Along with women, young people between the ages of 12 and 24 are the most financially illiterate demographic," Financial Basics Foundation chief executive Katrina Samios said.

Five years later, that decline has reached a clear low point. Only 20 percent of Millennials and Gen Z say they trust mortgage professionals to help them make informed decisions. The knowledge gap remains significant, but in an age when information is everywhere, knowledge is no longer the only barrier. The deeper challenge is a lack of trust, and trust cannot be automated or outsourced. It has to be built in community.

Billionaire Mark Cuban has long championed the idea that kids should start saving early to secure their futures. Drawing from his own childhood in Pittsburgh, where he sold garbage bags door-to-door to fund small dreams like new basketball shoes, Cuban stresses hands-on financial lessons. In interviews, he advises parents to open savings accounts for children and encourage them to build that first pot of money.

Nationwide also found that nearly half of plan participants have made reactive decisions to shift their funds to more conservative assets. And the percentage is slightly higher among people ages 22 to 34 who have more time to invest and save. Furthermore, respondents who expressed the highest levels of confidence were more likely to make risky financial decisions. They were 12 percentage points more likely to have reallocated savings to more conservative assets,

My parents were never upfront with me about financial matters and basically left me flat footed when it came to learning to be an adult. I never wanted that for my son and have been frank about covering the costs of college and his car when he graduates. He has been working since he was 14 and saving half his paycheck. He also is taking dual credit and AP classes. He will essentially start college off as a junior if he plays his cards right.

It's never too early to start having a conversation with your kids - whether they're in elementary school, high school or college - about smart ways to navigate finances. Starting the conversation earlier will help create healthy money habits as they grow, ultimately benefiting their financial future. To help you get started, here are tips that make it easier for kids of all ages to learn how to save, budget and begin managing their finances more independently:

Face-to-face connections lead to unexpected collaborations, mentors, and insights.

Easy credit distorts spending, creating a false sense of affordability that can lead to stress and anxiety. Many consumers underestimate the long-term costs associated with Buy Now, Pay Later schemes.

"You basically had to be Scot free, no massive credit debt, which we had, and to have money in the bank, which we didn't."

"You've gotta learn how to be a critical thinker and identify problems," Chatterji said in an episode of the OpenAI podcast published Tuesday.

The biggest misconception about accountants is that accounting is designed to detect fraud. An audit is not designed for that purpose, despite the capability to do so.

Mayor Adams emphasized that current school curricula inadequately prepare students for real-world financial responsibilities, leaving them unable to manage essential financial tasks like taxes.

On the surface, it looks good. The credit line only had one missing payment over 14 years. If that missed payment was several years ago, then it won't have an impact on the original poster's credit score.