Web 2.0 and Financial Literacy... Something else to consider and use

Let's consider talking for a moment about a not exactly financial subject that we are using and working with on a regular basis: Web 2.0

In addition to the thorough financial information we read on the news and particularly on the Internet on a minute-by-minute basis from global financial markets, the concept Web 2.0 implies for the public a whole new tool intended to explode the ability to communicate and share our thoughts and preoccupations about how those global markets are doing, how they affect us and on the other hand, a thorough source of educational information about the key subject we talk on this blog: Financial Literacy…

Since a key Web 2.0 component are blogs, there are many good pieces of information about many finance related subjects: news, financial literacy, credit cards, mortgages, financial dictionaries, investments, financial markets (a good blog is Felix Salmon’s Market Movers), etc.

Let's watch this video about financial financial blogs and its growing role as informational / educational online tools...

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Financial Culture / Cultura Financiera
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2008 ©

What are people doing to promote Financial Literacy? First steps...

The magnitude of the financial meltdown, its harsh effects on the global financial system and the cascade of problems that have been affecting people on "Main Street", have also created what can be defined as a reasonably serious effort that many people are doing to plan and create not only the appropriate educational tools but the public awareness as to how to take a better care of our personal finance having a key priority: avoid misconceptions, credulity in "financial gurus" and ultimately... bankruptcy.

We consider that the most significant effort has been carried out by President Barack Obama in terms of accepting the urgency and therefore the challenge of promoting financial literacy in order to address a serious problem involving the opposite: financial illiteracy. In this regard, the President’s Advisory Council on Financial Literacy and the U.S. Financial Literacy and Education Commission are a formal effort whose goal is “to help keep America competitive and assist the American people in understanding and addressing financial matters”.

On the other hand, what are people doing on Main Street to promote financial literacy? There are several key players that have been working really hard on this important goal: the Jumpstart Coalition that is seeking to address the problem of financial illiteracy by administering concrete tests.

There are many things yet to be done but these initial steps can be helpful...

Image: Flickr

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Financial Culture / Cultura Financiera
Have a comment? Feel free to post!

2008 ©

Financial Scams... What we should do to prevent being mislead (and robbed)?

Talking once again about financial scams when for the third time, we've learned now that two Investment Management firms in the US created another massive fraud against investors, we can't believe what's going on in a badly embattled financial industry and obviously, many tough questions arise as to what the financial regulator is doing and how it's doing its job... Why the incompetence to oversee how financial firms and persons are working and managing millions of dollars?

While information continues flowing about the most recent scandal involving Allen Stanford, on the one hand, we learn that he also mislead important people in England in order to gain credibility before British investors but on the other hand, there's another unpleasant fact that must be considered: too much credibility on "financial gurus".

What seems to be a considerable "gap" about Financial Literacy, is realizing that people are still being too much credulous about financial gurus who in the end (as long as investors continue being mislead) carry out huge frauds: Bernie Madoff, Allen Stanford and now, James Nicholson, Paul Greenwood and Stephen Walsh.

How many financial scams we will continue witnessing? Could people ask if their money is reasonably safe? (Some people have been talking about other scams involving mortgages...)

How much is too much? Let's watch this video...

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Financial Culture / Cultura Financiera
Have a comment? Feel free to post!

2008 ©