It’s said that “money talks”; but how many people speak its language? According to the World Economic Forum, half of U.S. adults are financially illiterate—lacking the knowledge and skills to make sound financial decisions. And fewer than 30 percent of U.S. adults have a sound basic understanding of inflation, interest, and investment.
About Fintech
April is officially Financial Literacy Month in the U.S., but it’s never the wrong time of year to grow your financial knowledge. Besides budgeting and investment, it’s important to know about fintech, short for “financial technology.” Essential fintech topics include:
- Money apps
- E-banking
- Digital funds transfer
- Online investments
- How fintech AI (artificial intelligence) is used in both scams and scam detection
Read about fintech training provided by BridgingApps and Easter Seals Greater Houston.
Write About Fintech for Houston Money Week
Also on the subject of fintech: Houston Money Week has announced its annual essay-contest topic, “How can financial technologies … help you with money management? [And] why it’s important to understand money basics in today’s world.” The contest runs through April 30 and awards prizes for the best essays from middle school students, high school students, college students, and adults.
“The Essay Contest is one of my favorite parts,” says Allison Holden, Program Manager of Financial Stability at United Way Greater Houston and a Money Week partner since 2019. “I love being part of the scoring process and reading the essays! Other prompts [topics] we have used in the past few years include: good money habits; budgeting through emergencies; and how the COVID-19 pandemic affected finances.”
About Houston Money Week
Houston Money Week was originally a week in April, to coincide with the national Money Smart Week. Over time, the literal “week” grew to comprise the whole of Financial Literacy Month, and most recently to a year-round resource (keeping the original name for its recognition within the community). The mission—financial literacy for all—remains the same, while the goals continue to expand. Watch for future updates as new leadership works toward becoming a nationwide resource for financial literacy!
The most recent Money Week event was the Financial Literacy Leaders Conference (or All Partner Conference) on February 13, which included a panel discussion on fintech. Money Week partners include SpenDebt, makers of the pay-down-debt app of the same name—which was among the first apps reviewed for BridgingApps.
The Future of Fintech
“Often when big changes happen, there is fear around the change,” says Holden. “It can take a bit of time to gain trust and credibility. Right now, I feel that society is moving past the fear of fintech, toward wider adoption of these products and services designed to move individuals towards financial stability.” Among the options drawing increased participation: all-digital banking; “nonbank” financial institutions (PayPal is probably the best known); and the “gamification” of financial literacy (i.e., providing educational programs in gaming format) by banks and nonbanks alike.
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