Bank of America and Khan Academy announced on Tuesday it would collaborate to provide consumers with self-paced and easy-to-understand financial education on BetterMoneyHabits.com, which will incorporate finance education materials from both the bank and Khan Academy.
“At Khan Academy, our mission is to provide a free, world-class education for anyone, anywhere, and we believe that financial understanding is now an economic imperative for all,” Sal Khan, the founder of Khan Academy, said. “Partnering with Bank of America will help us reach a significantly larger group of people searching for unbiased information on personal finance and other topics we teach.”
BetterMoneyHabits.com features videos that use a plain-language approach to simplify complex financial topics, which will allow consumers to better understand basic principles and act on them. Video topics include saving, steps to getting out of debt, establishing and adhering to a budget and understanding home loans.
“We have heard clearly from our customers that they want to build better money habits but often lack straightforward and accessible guidance,” Andrew Plepler, the executive of corporate social responsibility and consumer policy at Bank of America, said. “We approached Khan Academy because of their proven ability to translate complex topics into simple, self-paced, on-demand learning materials.”
The 2013 Financial Literacy Survey sponsored by the National Foundation for Credit Counseling found that 40 percent of respondents rated their knowledge of personal finance at a level of C, D or F, though 78 percent indicated that they could benefit from professional advice on everyday financial matters.
Bank of America has begun to pilot a number of financial workshops in Boston and Detroit and plans to expand into Philadelphia, Seattle, Los Angeles and Long Island. The bank will host free 60- to 90-minute sessions in banks and other community locations in conjunction with members of the NFCC.