Keepin’ It Lit
Let’s Talk Financial Literacy

Since you’re reading this newsletter, it stands to reason that you’re financially literate. But you may be surprised by the proportion of the global population that can say the same. A whopping two thirds of the global population is financially illiterate, according to a recent S&P Global FinLit survey. The situation is even worse among women, who are 80% more likely than men to be impoverished at age 65 or older. The evidence is clear: current modes of financial literacy education are broken.
With the steady increase in compelling impact investment opportunities, we’re seeing a number of startups and funds that are addressing this gap in financial literacy. We can now make returns while teaching others to do the same.
Shahnoor Meghani, Summer Associate, London



According to a recent Wall Street Journal article, not only are financial literacy rates among young Americans dismal, but they’re also not improving. That’s especially bad news when one considers the $1.4T they’re taking on in student debt.
…And as a bonus news item, maybe that $1.4T will be decreased by $5b due to lost paperwork?

An innovative tool developed by Napkin Finance puts content about making financial decisions onto napkin-sized story boards — perfect for attention-strapped millennials. The program has received support from the White House’s Reach Higher program.
My Money My Future, a startup based on the West Coast, delivers targeted financial literacy programs for the Latino community and for the greater population in order to fill the gaps left by traditional education.
Stride Ventures, a social impact company based in London, is exposing preteens to business education in hopes of aiding the development of a national curriculum.
Fintech companies are also increasing financial literacy and inclusion through digital IDs, mobile payments, and easy-to-read transaction statements. One example is Acorns, which produces an investment tool and also an educational magazine aimed at millennials.

Thinking about ways to teach what you’ve learned from a lifetime of financial planning? Want to avoid repeating any mistakes your parents may have made? Author Kimberly Palmer’s solution to both of these problems — a money letter — was featured last year in the New York Times. Parents who have always wanted to be authors, now’s your chance.
