Financial Education – Should Banks Set Up Mini Courses?

Banks and financial institutions have a responsibility to people and that is to do what the customer wishes with their money. The idea of having a mini course in financial education is to give customers a realistic look at what happens when money is poorly managed, invested, or spent and what happens when you are stuck trying to figure out what to do with your money. Banks actually offer you a chance to talk to their tellers, but usually a personal banker only gives you so much time to work with. Many customers are coming to this country not knowing the language or anything except the idea of making money so there’s that language issue as well so some institutions depending on who it is will in fact offer small crash courses in financial responsibility and what you should do in terms of how your money is managed.

If they can give crash courses in tax preparation and setting up specific accounts they can give someone who is new to country or even a kid fresh out of high school some lessons in sound financial education where they’ll learn proper management of their money and how much they should take out of their paychecks every week to put into their savings account and even utilizing financial details such as stuff on the internet like Pay Pal when you do business to be able to get your money faster and cut down the expense of having checks mailed out only in certain circumstances that it should be done, but something like running an EBAY business and being able to accept online payments and even credit card payments over a secured network. Someone who can advise you on things financially can explain all that and tell you what to expect and what will come out of the deal.

Some banks will offer the information on their website and usually it will be in a PDF file which will require someone to access a program like Adobe to decipher the size of it to be read, saved and printed out for personal or commercial use. Some financial advisors who work for banks or financial companies will in fact set up mini courses teaching basic or advanced types of financial education whether it’s to educate a regular person or doing it to fulfill certifications to work at banks and financial institutions like Merrill Lynch and Morgan Stanley to perform the task of giving potential and current clients advice on handling their finances and helping them to utilize the most out of the advice that is being given to the person(s). Many people who are giving advice out on finances and can’t answer specific questions then you’ll know they’re not real because a legit advisor wouldn’t give you faulty information that is potentially illegal or not in accordance to federal and state laws. There are governing bodies that handle the certification and licensing of financial advisors to hold them accountable when they give financial education advice to people so that the information they have is what it should be accurate and correct and not just being told to convince someone, but what is considered logic from the mind of a person trained to assist people in handling their money.