AI’s Role In Improving Financial Literacy. Experts Reveal Solutions for Americans to Improve Financial Literacy: Financial literacy remains a significant challenge for many Americans, with experts estimating that adults correctly answer only about half of basic financial literacy questions. During Financial Literacy Month, industry leaders have highlighted several practical approaches individuals can take to strengthen their financial knowledge and decision-making abilities. Joining FinStream’s Bob Powell in this video are Surya Kolluri, Head of the TIAA Institute, and Rhonda Ashburn of the AFSA Education Foundation.

Start Early and Leverage Educational Resources

Financial education experts emphasize the importance of age-appropriate learning that begins in childhood. “We can’t start early enough,” notes Rhonda Ashburn, who recommends parents and schools introduce fundamental concepts like needs versus wants, budgeting, and saving as soon as children understand money transactions.

For students and adults seeking structured education, numerous free resources exist:

Online curricula like MoneySkill (moneyskill.org)

Vetted materials through the Jumpstart Coalition for Personal Financial Literacy

Financial education workshops through local credit unions and banks

Free courses through public libraries and community colleges

Utilize Employer-Based Financial Education

Workplace financial education programs represent one of the most effective channels for improving literacy, according to Surya Kolluri. Many employers now offer:

Financial wellness programs

Retirement planning workshops

Access to financial advisors

Budgeting and debt management resources

Personalized financial planning tools

Experts recommend that employees fully engage with these offerings, as employer-sponsored programs are typically vetted for quality and tailored to complement available benefits.

Focus on Just-in-Time Learning

Rather than trying to master all financial concepts at once, experts suggest concentrating on information relevant to your current life stage or upcoming financial decisions:

Young adults: Focus on budgeting, student loans, and retirement account basics

New parents: Learn about college savings plans and life insurance

Mid-career: Deep dive into investment strategies and retirement planning

Pre-retirees: Understand Social Security claiming strategies and healthcare costs

Improve Risk and Longevity Literacy

Financial experts particularly emphasize two areas where Americans show knowledge gaps:

Risk literacy: Understanding probability, investment volatility, and the trade-offs between risk and reward helps consumers make more informed decisions about investments and insurance.

Longevity literacy: Only about one-third of Americans correctly understand life expectancy patterns. Learning about longevity helps prevent the common mistake of underestimating retirement needs.

Be Cautious with Financial Information Sources

With financial content proliferating across social media, experts advise:

Verify the credentials of financial influencers

Cross-check information with established sources

Be skeptical of “too good to be true” claims or get-rich-quick schemes

Consider consulting with certified financial professionals for personalized advice

By combining targeted education with appropriate professional guidance and reliable information sources, Americans can significantly improve their financial literacy and make more confident, informed financial decisions throughout their lives. Watch this video to learn more about AI’s Role In Improving Financial Literacy and find more free videos about financial planning at this link: https://www.finstream.tv/videos/financial-planning/