FinCap Friday: Bye Bye Banks?
In this FinCap Friday we chronicle the epic battle being waged between the well-established banks and the upstart FinTech competitors. Once a blip on the radar for the big banks, several of these emerging companies have earned unicorn status and are valued privately at more than $1billion. Why? Blame mobile phones, the comfort level that younger generations have with conducting business (including banking) online and the FinTech focus on creating a great UX (user experience) on their apps. Find...
Reading List for Jan 5-6
By Beth Tallman
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Jan 04, 2019
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Personal Finance, Checking Accounts, Investing, Stocks, Mortgages, Paying for College, Economics
Happy New Year! Our first reading list of the year includes a couple of pieces that take a look back at 2018, including the wild ride on the stock market, as well as some "newer" news. Enjoy!
Personal Finance
Our friend Barbara O’Neill provides a great overview of what happened in the world of Personal Finance in 2018. (Journal of Financial Planning)
Beth Kobliner examines a Brooking Institute report on Artificial Intelligence and relates it to Financial Literacy....
Question of the Day: What is the most popular finance app in the IOS (iPhone) Store?
By Tim Ranzetta
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Dec 19, 2018
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Question of the Day, Checking Accounts, Research, Teaching Strategies, Payment Types
Answer: Cash App (Square)
From App Annie (December 12th 2018)
Questions:
How comfortable are you using financial apps on your smartphone?
How many of these apps do you currently use? plan to use in the future?
How would you group these apps into different categories?
Are there any financial apps not listed here that you use?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Motley Fool)...
Interactive Monday: How Much Will You Pay Over Your Lifetime In Banking Fees?
It's easy to lose track when you are getting nickeled and dimed every month with a non-network ATM fee here or a monthly maintenance fee there or even that dreaded overdraft fee. Have you ever pondered that depressing thought of what that might amount to over a lifetime? This interactive from NerdWallet does that very analysis, by calculating the bank expenses one would pay over a lifetime based on a certain set of assumptions about the cost of various fees and the number of occurrences. ...
Before your students step foot on a college campus and visit those banking booths...
...they might want to ask the banker "Are you sharing my fees with the college so every time I overdraw my account...my college benefits?"
Here's the data showing the average costs by bank:
From MarketWatch:
During the 2016-2017 academic year, students using college-endorsed debit or prepaid accounts paid $27,600,000 in account fees, according to the report. And students tended to pay more fees when financial institutions paid their colleges to promote the accounts. That could...
Question of the Day: How many payment transactions does a consumer make in a typical month?
By Tim Ranzetta
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Nov 26, 2018
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Payment Types, Question of the Day, Credit Cards, Debit Cards, Checking Accounts
Answer: 70
Questions:
How many payment transactions do you make in a typical month?
What are the various ways that you pay for things? List them from most to least popular.
How do you keep track of your payment transactions?
How do you think the way you pay for things might change as you get older?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from CBInsights):...
What do I need to know before using the online bank simulation?
THE PROBLEM: You've got an online bank simulation that I can use for free!?!?! Tell me more...
THE ANSWER: Watch this short video to hear a PRO Tip on how to use our online bank simulation and the accompanying short and extended version activities.
Want to receive a weekly PRO Tip to your inbox? Sign up for the blog digest on the upper right of our blog page. ...
10 Money Milestones For Parents Who Want to Teach Their Kids About Money
By Tim Ranzetta
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Nov 14, 2018
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Parent Conversations, Credit Cards, Paying for College, Career, Checking Accounts, Stocks
I often hear this question from friends and family, "How can I teach my kids about money?" While we developed our website and resources with a classroom teacher in mind, they work well at home too. I think milestones present great opportunities for this learning to take place between parent/guardian and child.
Here are ten money milestones in the life of a teenager with a link to a favorite NGPF resource (or two) that can help kids "learn by doing."
Opening a bank account
Fine...
What's Trending on NGPF Blog in October?
By Tim Ranzetta
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Oct 29, 2018
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FinCap Fridays, Checking Accounts, Paying for College, Career, Employment
Each day, the NGPF Blog delivers two new pieces of content including an engaging Question of the Day. Here's new posts that teachers are reading this month which shows the variety of content you will find there.
FinCap Friday: Human Vs. Machine In this FinCap Friday, students will complete a 5 question Kahoot and then hear a five minute explainer from Yanely.
Interactive Monday: Wage and Employment Growth Across Occupations. Let your students interact with the data on...
We don't like to be embarrassed and it's costing us....billions in bank fees!
I had the opportunity last week to share our new short-form Bank Simulation with AVID students at Mountain View High School. I like to open any class about bank accounts with a question to find out who has a checking account. My next question is intended for these accountholders and is simply "How many of you have ever heard of overdraft fees?" High school students don't always have the best poker faces and it's easy to tell who has felt the sting of these fees. Grimaces, pained expressions and...
Question of the Day: How high would monthly fees need to be to make 18-21 year olds switch banks?
Answer: $30.80
Questions:
Do you know the monthly fees that you currently pay on your bank account?
Why do you think young people seem to have a higher tolerance for fees (fees have to be higher from them to consider a switch) than older generations?
Would it surprise you that 1/3 of bank customers wouldn't switch accounts no matter what the monthly account maintenance fees are? What do you think accounts for this inertia when it comes to switching bank accounts?
Click here...
View from the Trenches: The Checking Account Decision-Making Process (Without A Parent)
By Guest Post
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Oct 08, 2018
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Checking Accounts, Teaching Strategies, Tips for Teachers, Activities
Thanks to NGPF Fellow Charles Kafoglis for sharing this recent checking activity he did with this students which yielded some surprising results.
Here's the view from the trenches:
Each year, in my unit "Bank On It", I use the NGPF Activity to have students describe and compare checking accounts. They must compare checking accounts from three different types of banks: national/regional/local, credit unions, and online banks. One of the three banks must be their current...
What's Trending on The Blog?
By Tim Ranzetta
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Sep 28, 2018
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Budgeting, FinCap Fridays, Checking Accounts, Career, Paying for College
Here's the new posts that have been trending on the NGPF Blog over the past month:
FinCap Friday: Famous and Frugal
Question of the Day: What percent of 18-24 year old anticipate using a bank branch over the next 10 years?
Interactive Monday: What's the Level of Education In Your County?
Interactive Monday: Who's Been Working in America?
Chart of the Week: What is the Most Popular College Major?
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Question of the Day: What percent of 18-24 year olds anticipate using a bank branch in the next two years?
By Tim Ranzetta
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Sep 19, 2018
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Question of the Day, Checking Accounts, Chart of the Week, Research
Answer: 87%
Questions:
How would you have answered this question? Explain your answer.
What was the percent of students in your class who expect to go to a bank branch? How does it compare with the results for 18-24 year olds?
If you have been to a bank branch recently, what did you do there?
What do you think the bank branch of the future (5-10 years from now) might look like?
Click here for the ready-to-go slides for this Question of the Day that...
Question of the Day: What is the average fee when you overdraw your checking account using your debit card?
Answer: $32.75
Questions:
What do you think are the reasons that people spend more money than what they have in their checking accounts?
What has been the trend with overdraft fees since 2013?
What are ways that you can prevent your account from being overdrawn (spending more than you have in your account)?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (MoneyRates.com):
The...
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