NGPF Podcast: Andy Rachleff of Wealthfront discusses self-driving money
Andy Rachleff is back on the NGPF podcast (previous appearance here) and provides us with an update on both Wealthfront's progress and the recent trends in financial services. Andy discusses new features offered by Wealthfront, consumer reaction to their new Cash Account, and how financial advice is ripe for creative destruction. Listen to this podcast and you will get insights on how AI (artificial intelligence) will change how we manage our money.
Details:
0:00~1:29...
QoD: Would you rather have $1,000,000 or start with a penny and double your money every day for 30 days?
Good question to show the power of compounding...of course be sure to tell them that no investment would double on a daily basis for 30 days;) Calculators not allowed!
Answer: Starting with a penny and doubling it every day compounds to $10.7 million after 30 days
Day 1: You would have $0.02
Day 2: You would have $0.04
Day 3: You would have $0.08
Day 4: You would have $0.16...
Day 30: You would have $10,737,418.24.
Questions:
How much would the penny have grown to on Day 29? How much...
QoD: Can you name ONE of the FIVE most impactful pieces of financial advice that millennials have received?
By Tim Ranzetta
|
Oct 07, 2019
|
Question of the Day, Personal Finance, Budgeting, Savings, Research
Questions:
Create a similar list with students in your classroom in answer to this question "What is the best financial advice that you have received from family members?"
What does the phrase "Don't live beyond your means" mean to you? Can you give some examples of people "living beyond their means?"
Why do you think that building an emergency fund has been such useful advice to millennials.
The advice listed above seems pretty "common sense." Why do you think that many people...
QoD: Rank order these financial accounts from most to least prevalent for 8-14 year olds: investment account, online gaming account, credit card
|
Sep 18, 2019
|
Question of the Day, Credit Cards, Savings, Investing
Answer (courtesy of T. Rowe Price survey of parents of 8-14 year olds)
Questions:
Which of these accounts did you have when you were 14 years old?
For #1, list the timing of when you got each account.
How do you think that kids so young are able to have a credit card? Do you think it's a good idea for someone so young to have a credit card? Explain.
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the...
Throwback Tuesday QoD: What percent of 13-17 year olds have a savings account?
By Tim Ranzetta
|
Sep 02, 2019
|
Savings, Question of the Day, Research, Current Events, Behavioral Finance
Answer: 54%
Questions:
Do you have a savings account?
If not, why not?
If so, what age did you open on and what motivated you to open it?
Do you have any savings goals?
Do you find it easy/difficult to save money? Explain.
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from Ipsos):
To help with saving their money, a majority (54%) of Gen Zs have a savings account. Among those who have a savings...
QoD: Savers in England received information about rival banks with higher interest rates. What percent were prepared to switch banks?
By Tim Ranzetta
|
Aug 25, 2019
|
Question of the Day, Savings, Checking Accounts, Behavioral Finance
Answer: 3%
Questions:
If you could make an extra $100 in extra interest by switching banks would you do it? How about $20 in extra interest?
Would the amount of time required to open a new bank account impact your willingness to switch banks? Explain.
Why do you think so few savers were ready to switch banks despite a potential benefit of $150 in the first year?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the...
Throwback Tuesday Question of the Day: What is the personal savings rate in the United States?
Every Tuesday, we will be updating the data for Question of the Day that had been used previously. This Tuesday it's all about savings...
Answer: 8.1% (as of June 2019)
Questions:
How does the personal savings rate today (about 8%) compare to the rate during other periods of time? (In other words, is the rate lower, higher, or around the same?)
What has been the general trend for personal savings rate in the U.S. from 1960-2019?
What has happened to the personal savings rate...
What's New With Savings--July 2019
What’s new with savings? Once again, apps and technology are the game changers here. As we move away from cash and piggy banks to digital transactions, it makes perfect sense that we are moving to digital forms of piggy banks. In the old days, you could make purchases with dollar bills and put all of your change in a jar or your piggy bank. When using cards or your phone, you need an app to do the same thing.
Research for this piece turned up several “listicles” of top...
Savings QoD: How much (in billions of dollars) are Americans losing by keeping their money in low-interest savings accounts?
Answer: $50 billion
Questions:
Why do you think Americans leave their money in low-interest savings accounts when they could earn more by switching banks?
Would your answer to the previous question change based on the amount of money you had in your savings account?
Online banks tend to have the highest interest rates on savings accounts. Would you trust your money with an online bank?
Click here for the ready-to-go slides for this Question of the Day that you...
NGPF Podcast: Tonya Van Court of Goalsetter focused on creating savings habits in young people
All research points to the importance of developing savings habits when you are young. We can all attest to the importance of goal-setting in helping us accomplish things. Tanya Van Court founded Goalsetter with those two research findings in mind. It's not enough in Tanya's mind that kids save, she wants them to LOVE saving. By gamifying that process she hopes to create that life-long savings habit. Enjoy
Details:
0:00~1:38 Introduction
1:38~6:50 Early money lessons from her...
QoD: What percent of households led by someone 55 or older have NO money saved for retirement?
Answer: 48%
Note: DB is a defined benefit retirement plan or pension.
Questions:
What income can seniors receive in retirement if they have no savings?
Why do you think almost 1/2 of Americans households headed by someone 55 and over have no retirement savings?
What is one huge disadvantage for those who start saving for retirement in their 50s?
Will this information influence how you think about saving?
Here's the ready-to-go slides for this Question of the Day that...
QoD: Which banks have higher interest rates on savings accounts: online banks OR banks with physical locations?
Answer: Online banks
Questions:
What is the difference in average savings account interest rates between online banks and "brick and mortar" or physical banks?
How much MORE would you earn in a year if you had $1,000 saved at an online bank compared to a “bricks and mortar” bank?
Despite offering much higher interest rates, online banks only have about 8% of bank deposits. Why do you think they don't get more deposits?
Would you ever bank with an online bank? Why or why not?...
QoD: Can you name ONE of the top 3 financial goals for millennials?
Answer:
Earning a grad/Master's Degree
Buying a car
Getting married
Questions:
Do you think that financial goals are important?
What are three of your immediate financial goals that you want to achieve in the next five years?
Pick ONE of those three goals and spend 5 minutes brainstorming the steps you need to take to accomplish it.
How do you think your financial goals might be different 10 years from now?
Click here for the ready-to-go slides for this Question...
FinCap Friday: Pay Day But No Paycheck
This FinCap Friday explores the effects of the recent federal government shutdown on the 800,000 federal employees who were required to work without pay from December 22, 2018 to January 25, 2019. Not knowing when your next paycheck will come can cause major financial stress so it's important to understand the strategies that can be used to prepare for times of emergency. Play this week's FinCap Friday to dive into this hot topic!
If you're short on time, try this FinCap Friday (No...
Question of the Day: What is most cited reason people give for not having a bank account?
Answer: Do not have enough money to keep in account
Cited = named as a reason for not having an account
Main = percent of respondents that listed the reason as the main reason for not having an account.
Questions:
What's the minimum amount you think you need to have a bank account?
Do you think it’s important to have a bank account? Explain.
The number 2 item cited for not having a bank is "don't trust banks." What do you think leads to this distrust?
Respondents also indicated...
Teacher Accounts
To get access to NGPF answer keys, assessments, and teacher-only resources: create a FREE Teacher Account
