Most Active Articles 2013-05-26T05:16:07.857-04:00 Business Exchange Business_Exchange@businessweek.com urn:com:businessweek:bx:topic:most-active:financial-literacy Karyn McCormack kmccormack660 urn:com:businessweek:bx:article:6905327080329117706-9ad3f790598f456826ba83ba89009763 2013-04-24T20:44:34.355-04:00

Two San Rafael High Schools Win First and Second Place in 2013 Northern California Financial Literacy: MoneyWise Teen Contest : SAN FRANCISCO, Calif., April 24, 2013 (SEND2PRESS NEWSWIRE) -- The California Council on Economic Education (CCEE) announced today that the four-student team from San Rafael High School, in San Rafael California, led by instructor Abigail Shapiro, won first place in the 2013 MoneyWise Teen Contest. The winning team included students Rebecca Brown, Frances Casey, Natasha Sharp and Roslyn Yeager. : Education and Schools, California Council on Economic Education, 2013 MoneyWise Teen Contest, students Rebecca Brown, Frances Casey, Natasha Sharp and Roslyn Yeager, Media Academy of San Rafael High School students, California Council on Economic Education, Send2Press Newswire - Online Press Release Services and Targeted News Distribution since 1983

Two San Rafael High Schools Win First and Second Place in 2013 Northern California Financial Literacy: MoneyWise Teen Contest : SAN FRANCISCO, Calif., April 24, 2013 (SEND2PRESS NEWSWIRE) -- The California Council on Economic Education (CCEE) announced today that the four-student team from San Rafael High School, in San Rafael California, led by instructor Abigail Shapiro, won first place in the 2013 MoneyWise Teen Contest. The winning team included students Rebecca Brown, Frances Casey, Natasha Sharp and Roslyn Yeager. : Education and Schools, California Council on Economic Education, 2013 MoneyWise Teen Contest, students Rebecca Brown, Frances Casey, Natasha Sharp and Roslyn Yeager, Media Academy of San Rafael High School students, California Council on Economic Education, Send2Press Newswire - Online Press Release Services and Targeted News Distribution since 1983 http://www.send2press.com/newswire/Two-San-Rafael-High-Schools-Win-First-and-Second-Place-in-2013-Northern-California-Financial-Literacy-MoneyWise-Teen-Contest_2013-04-0424-005.shtml Christopher Simmons csimmons281 2 1 1 0 urn:com:businessweek:bx:article:12060551627004242061-c96f679667a6caf6072fe13d958e728e 2013-04-11T12:08:54.316-04:00

Batman, Gossip Girl, Green Lantern, Supergirl, Thundercats, and the whole Looney Tunes gang – including Bugs Bunny, Daffy Duck, Marvin the Martian, the Tasmanian Devil, Tweety, and more.

Batman, Gossip Girl, Green Lantern, Supergirl, Thundercats, and the whole Looney Tunes gang – including Bugs Bunny, Daffy Duck, Marvin the Martian, the Tasmanian Devil, Tweety, and more. http://www.ramanmedianetwork.com/warner-bros-characters-play-on-myplash/ Rakesh Raman rraman103 1 1 0 0 urn:com:businessweek:bx:article:4656130887959620108-ab8639de2bcc21d400148410fefdc7cb 2013-02-14T08:41:24.288-05:00

Bankers take too much comfort in the perceived protection provided by operating in a highly regulated business. Relying on regulations to protect the industry will only hasten its reduction to utility status. Regulations are also a poor excuse for not innovating.

Bankers take too much comfort in the perceived protection provided by operating in a highly regulated business. Relying on regulations to protect the industry will only hasten its reduction to utility status. Regulations are also a poor excuse for not innovating. http://www.innovationexcellence.com/blog/2013/02/13/banks-facing-the-innovators-dilemma/ Braden Kelley bkelley034 1 0 0 1 urn:com:businessweek:bx:article:5782123326092061231-cf44256f9c7cd81cb1588e864f0bdf0a 2013-01-10T06:56:56.929-05:00

http://www.makinhot.com/2012/12/cipto-junaedy-strategi-beli-property.html?m=1 zyyro zick zzick958 0 0 0 0 urn:com:businessweek:bx:article:6211160873728440958-aff68a0104ea878768fff4275dc35254 2013-04-23T09:18:30.301-04:00

In Financial Services, driving costs out is not a one-off project - it’s an evolving process that needs to be managed to avoid cost leakage

In Financial Services, driving costs out is not a one-off project - it’s an evolving process that needs to be managed to avoid cost leakage http://info.proximagroup.com/buyingBlog/bid/97466/How-to-avoid-value-erosion-and-cost-leakage-in-Financial-Services Proxima Group pgroup661 0 0 0 0 urn:com:businessweek:bx:article:12492718529897868983-0a1c0a180efd25cf6ba97044288cbf6e 2012-11-30T05:35:52.952-05:00

It is important that finance professionals receive on-going training in order to increase financial and operational success.

It is important that finance professionals receive on-going training in order to increase financial and operational success. http://www.noobpreneur.com/2012/11/30/marcus-evans-financial-training/ Ivan Widjaya iwidjaya482 1 1 0 0 urn:com:businessweek:bx:article:16470291688267528826-8863eb0ebc782aaf781d94da76424cd5 2013-01-03T17:18:44.083-05:00

This is a PDF file of ‘Behavioral Finance Curriculum – What Topics and Teaching Approaches to Utilize in a Course?’ slides from a presentation at the Fourth Ann

This is a PDF file of ‘Behavioral Finance Curriculum – What Topics and Teaching Approaches to Utilize in a Course?’ slides from a presentation at the Fourth Ann http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2194579 Victor Ricciardi vricciardi668 5 4 0 1 urn:com:businessweek:bx:article:2424870248078232557-926d8a718be4734ce5c7e810d915f511 2012-05-31T13:37:49.745-04:00

Employers today are having trouble finding good workers and resent having to train them after the educational system is done with them. The skills gap - the difference between the skills needed on the job and those possessed by the applicants - is plaguing human resource managers and business owners looking to hire productive employees.

Employers today are having trouble finding good workers and resent having to train them after the educational system is done with them. The skills gap - the difference between the skills needed on the job and those possessed by the applicants - is plaguing human resource managers and business owners looking to hire productive employees. http://www.theatlantic.com/sponsored/ideas-roundtable/archive/2012/05/narrowing-the-widening-american-skills-gap/257180/ Braden Kelley bkelley034 2 1 0 1 urn:com:businessweek:bx:article:15317005690035564715-f684d68d66dde091822eb7af4fc5243b 2012-04-17T14:44:00.591-04:00

Most mortgage lenders will make having home insurance a condition of your mortgage, so if your insurance company notifies you of an intent to cancel your policy you would be rightfully concerned. You have the right to review the reason for the cancellation and appeal the finding. It may be that your notification was a mistake and the error can be easily corrected. If not, you will need to find other coverage as quickly as possible to prevent a lapse that could cost you your home.

Most mortgage lenders will make having home insurance a condition of your mortgage, so if your insurance company notifies you of an intent to cancel your policy you would be rightfully concerned. You have the right to review the reason for the cancellation and appeal the finding. It may be that your notification was a mistake and the error can be easily corrected. If not, you will need to find other coverage as quickly as possible to prevent a lapse that could cost you your home. http://usinsurancenet.com/homeowners-insurance/getting-homeowners-insurance-after-your-policy-gets-cancelled/ US Insurance Net unet549 88 88 0 0 urn:com:businessweek:bx:article:6026366757007256925-c017b410c85f84be666ee2db24a34979 2011-12-04T20:03:12.207-05:00

Students educated in financial, economic, and entrepreneurial principles can be more self-sufficient as adults and create more jobs of their own by being successful in business. This would stabilize and strengthen the economy long term, as well as reduce

Students educated in financial, economic, and entrepreneurial principles can be more self-sufficient as adults and create more jobs of their own by being successful in business. This would stabilize and strengthen the economy long term, as well as reduce http://wh.gov/DcG Lili Gauthier lgauthier575 18 17 0 1 urn:com:businessweek:bx:article:3346876293327662278-f1cc7ba55181f9d59b7b31545715ecca 2011-12-18T23:02:02.219-05:00

http://www.investmentkit.com/articles/2011/12/start-saving-now-heres-how/ gopal doda gdoda755 12 12 0 0 urn:com:businessweek:bx:article:4028733330166537179-665ac5ef17cfa0122cfa6731c188e471 2012-10-04T21:26:28.066-04:00

There has been a lot of debate about the definition of financial literacy and whether policy and research should focus on financial literacy or on financial capability. Many institutions have opted for the latter arguing it is more encompassing and we should focus on behavior. I am going to argue in favor of financial literacy, for three main reasons. First, nobody knows what financial capability really means. What are the set of behaviors that make a person financially capable? Is it that a person save? Well, there are times in the life cycle when we should borrow rather than save. Is it that a person is always paying credit cards in full? There are times when liquidity constraints are tight and borrowing on credit cards is appropriate. Is it that a person has a bank account? A bank account may be not practical if the bank is 50 miles away (think rural areas) and one cannot maintain a large enough balance to avoid paying a monthly fee. I could go on and on. The point I want to make here is that what is “good” behavior or, as we economists like to call it, “optimal” behavior, depends on a lot of factors, making it very hard to come up with a set of behavioral guidelines that are applicable to everyone. Moreover and most importantly, behavior depends on preferences in addition to economic circumstances, and this makes it very hard to judge what “good” behavior is and to recommend what people “should” do. For example, I should not invest in education if my passion is to tinker with tech devices in my garage, particularly if those devices one day become known as Macintosh computers. When policy tries to dictate behaviors, the risk of becoming paternalistic is very high. And mistakes have resulted from the trumpeting of “good behavior,” for example, the recommendation that everyone should own a house. (We saw what a good idea that was!) The financial literacy approach recognizes that it is the individual who is in charge of making decisions and is the one we are putting at the center of the attention. It also recognizes that people are different and that one size is very unlikely to fit all, contrary to many recommendations that advocate for what we all “should” do. Empowering people may be a modest step, but even ice cream comes in many flavors (Italian gelato even more and very good too!), so it is not clear why we should have a single-flavor recommendation. We can choose according to our tastes. Second, knowledge is power. Rather than focusing on behavior (whose optimality is in the eye of the beholder), financial literacy makes us focus on the inputs that shape behavior. One of those inputs is knowledge. We require and want knowledge in almost every field I can think of that requires some judgment, from driving a car to working in a factory to extracting a tooth (try that on my niece Giorgia and you will get a lesson!). The world has changed and we require new skills to be able to succeed in today’s society. I love the definition that the Programme for International Student Assessment (PISA) has used to measure students’ knowledge: “Are students well prepared for future challenges? Can they analyze, reason and communicate effectively? Do they have the capacity to continue learning throughout life? The OECD PISA answers these questions and more, through its surveys of 15-year-olds in the principal industrialized countries. Every three years, it assesses how well students near the end of compulsory education have acquired some of the knowledge and skills essential for full participation in society.” This is not a definition of financial literacy, but it could well be as it articulates what people need today to “participate in society.” Also, note that we are able to articulate what a financially literate person should know. As I have mentioned in a previous post, we have just finished writing a set of national standards, which will be soon be available from the Council for Economic Education. Third, simply stated, the reason I favor financial literacy is because it is easy to understand, we know what we are talking about, and it is the term that successful organizations have used in describing their programs. One of the most successful countries with regards to financial literacy, i.e., New Zealand, has the “Commission for Financial Literacy and Retirement Income.” The OECD as well, which has been a pioneer in this field, is all about financial literacy and financial education programs. Let me close by saying that we need to be humble when it comes to guiding individuals via policy and information. We need to respect people’s unique characteristics and their differences, but we must have the audacity to aim high, believe that we can empower people to make good decisions. In my view, this is what financial literacy is all about.

There has been a lot of debate about the definition of financial literacy and whether policy and research should focus on financial literacy or on financial capability. Many institutions have opted for the latter arguing it is more encompassing and we should focus on behavior. I am going to argue in favor of financial literacy, for three main reasons. First, nobody knows what financial capability really means. What are the set of behaviors that make a person financially capable? Is it that a person save? Well, there are times in the life cycle when we should borrow rather than save. Is it that a person is always paying credit cards in full? There are times when liquidity constraints are tight and borrowing on credit cards is appropriate. Is it that a person has a bank account? A bank account may be not practical if the bank is 50 miles away (think rural areas) and one cannot maintain a large enough balance to avoid paying a monthly fee. I could go on and on. The point I want to make here is that what is “good” behavior or, as we economists like to call it, “optimal” behavior, depends on a lot of factors, making it very hard to come up with a set of behavioral guidelines that are applicable to everyone. Moreover and most importantly, behavior depends on preferences in addition to economic circumstances, and this makes it very hard to judge what “good” behavior is and to recommend what people “should” do. For example, I should not invest in education if my passion is to tinker with tech devices in my garage, particularly if those devices one day become known as Macintosh computers. When policy tries to dictate behaviors, the risk of becoming paternalistic is very high. And mistakes have resulted from the trumpeting of “good behavior,” for example, the recommendation that everyone should own a house. (We saw what a good idea that was!) The financial literacy approach recognizes that it is the individual who is in charge of making decisions and is the one we are putting at the center of the attention. It also recognizes that people are different and that one size is very unlikely to fit all, contrary to many recommendations that advocate for what we all “should” do. Empowering people may be a modest step, but even ice cream comes in many flavors (Italian gelato even more and very good too!), so it is not clear why we should have a single-flavor recommendation. We can choose according to our tastes. Second, knowledge is power. Rather than focusing on behavior (whose optimality is in the eye of the beholder), financial literacy makes us focus on the inputs that shape behavior. One of those inputs is knowledge. We require and want knowledge in almost every field I can think of that requires some judgment, from driving a car to working in a factory to extracting a tooth (try that on my niece Giorgia and you will get a lesson!). The world has changed and we require new skills to be able to succeed in today’s society. I love the definition that the Programme for International Student Assessment (PISA) has used to measure students’ knowledge: “Are students well prepared for future challenges? Can they analyze, reason and communicate effectively? Do they have the capacity to continue learning throughout life? The OECD PISA answers these questions and more, through its surveys of 15-year-olds in the principal industrialized countries. Every three years, it assesses how well students near the end of compulsory education have acquired some of the knowledge and skills essential for full participation in society.” This is not a definition of financial literacy, but it could well be as it articulates what people need today to “participate in society.” Also, note that we are able to articulate what a financially literate person should know. As I have mentioned in a previous post, we have just finished writing a set of national standards, which will be soon be available from the Council for Economic Education. Third, simply stated, the reason I favor financial literacy is because it is easy to understand, we know what we are talking about, and it is the term that successful organizations have used in describing their programs. One of the most successful countries with regards to financial literacy, i.e., New Zealand, has the “Commission for Financial Literacy and Retirement Income.” The OECD as well, which has been a pioneer in this field, is all about financial literacy and financial education programs. Let me close by saying that we need to be humble when it comes to guiding individuals via policy and information. We need to respect people’s unique characteristics and their differences, but we must have the audacity to aim high, believe that we can empower people to make good decisions. In my view, this is what financial literacy is all about. http://annalusardi.blogspot.com/2012/10/financial-literacy-or-financial.html 21 21 0 0 urn:com:businessweek:bx:article:789248059758526570-84f2b8bc9de511782072189116b4b514 2012-02-29T10:34:35.856-05:00

Traditional economists and financial professors like to pretend that we live in a rational world, but a growing body of evidence challenges many of these basic assumptions. Evidence from psychology demonstrates that there are limits to human rationality, and that cognitive and emotional biases are a part of the package. Thankfully, a growing number of economists and financial experts are starting to incorporate some of this knowledge into their theories. Victor Ricciardi is a Finance Professor at Goucher College in Baltimore, Maryland. He is an expert in behavioral finance and recently, I had the pleasure of reading several book chapters he has written on the psychology of risk. Professor Ricciardi posts behavioral finance news and research on his Twitter account.

Traditional economists and financial professors like to pretend that we live in a rational world, but a growing body of evidence challenges many of these basic assumptions. Evidence from psychology demonstrates that there are limits to human rationality, and that cognitive and emotional biases are a part of the package. Thankfully, a growing number of economists and financial experts are starting to incorporate some of this knowledge into their theories. Victor Ricciardi is a Finance Professor at Goucher College in Baltimore, Maryland. He is an expert in behavioral finance and recently, I had the pleasure of reading several book chapters he has written on the psychology of risk. Professor Ricciardi posts behavioral finance news and research on his Twitter account. http://trendingsideways.com/index.php/when-economies-arent-rational-victor-ricciardi-weighs-in-on-behavioral-finance/ Victor Ricciardi vricciardi668 2 1 0 1 urn:com:businessweek:bx:article:9731982951484386821-cd3a615d72f554a15aec5d6742a3acd2 2011-12-14T00:00:12.795-05:00

http://www.investmentkit.com/articles/2011/12/right-ratio-of-expenses-and-income/ gopal doda gdoda755 9 9 0 0 urn:com:businessweek:bx:article:824129056322740526-68ba1faa5ad9c74f5131bee2d39e36cc 2011-12-03T23:58:34.485-05:00

6 steps to financial planning - Let us examine the financial planning process.

6 steps to financial planning - Let us examine the financial planning process. http://www.investmentkit.com/articles/2011/12/6-steps-to-financial-planning-2/ gopal doda gdoda755 24 24 0 0 urn:com:businessweek:bx:article:13777873618245685918-6981d3394c7ce227a2a94bf36b20f392 2011-12-13T23:59:51.288-05:00

http://www.investmentkit.com/articles/2011/12/what-to-do-if-you-get-a-sudden-fortune/ gopal doda gdoda755 9 9 0 0 urn:com:businessweek:bx:article:2152238934254639924-3a1a323f4f8ada2ad3fda907120890bc 2011-11-01T09:54:23.276-04:00

The data suggests consumers are suffering from overall financial planning inertia; however, the lack of education about long term care (LTC) planning can have significant consequences. Here's a detailed report along with video discussion.

The data suggests consumers are suffering from overall financial planning inertia; however, the lack of education about long term care (LTC) planning can have significant consequences. Here's a detailed report along with video discussion. http://www.ramanmedianetwork.com/how-to-plan-your-financial-future/ Rakesh Raman rraman103 5 4 1 0 urn:com:businessweek:bx:article:17985203890298910643-be66628590e5ae649d79a03b1f2f7148 2011-12-03T23:54:29.352-05:00

Sex better than money for happiness - Strange but true. Check more details here.

Sex better than money for happiness - Strange but true. Check more details here. http://www.investmentkit.com/articles/2011/12/sex-better-than-money-for-happiness/ gopal doda gdoda755 7 7 0 0 urn:com:businessweek:bx:article:1154116410595373166-1b69a9ce3d5c0bd132b7bd5ab802a510 2011-12-05T22:08:06.355-05:00

Is it worth buying an old house – Part 1 - Check the factors when you go to buy old house.

Is it worth buying an old house – Part 1 - Check the factors when you go to buy old house. http://www.investmentkit.com/articles/2011/12/is-it-worth-buying-an-old-house-part-1/ gopal doda gdoda755 5 5 0 0 urn:com:businessweek:bx:article:8297485407898474033-b44dd2a4b820ec515689f285ef5fc23a 2011-12-12T23:43:24.934-05:00

http://www.investmentkit.com/articles/2011/12/how-to-manage-your-financial-documents-in-proper-manner/ gopal doda gdoda755 4 4 0 0 urn:com:businessweek:bx:article:3378790242923509685-b0b29c7403959ede2bf77465f174fcc9 2011-12-05T22:09:02.246-05:00

RBI asks banks to accept PPF deposit up to Rs 1 lakh a year - Check out the notification by RBI on PPF.

RBI asks banks to accept PPF deposit up to Rs 1 lakh a year - Check out the notification by RBI on PPF. http://www.investmentkit.com/articles/2011/12/rbi-asks-banks-to-accept-ppf-deposit-up-to-rs-1-lakh-a-year/ gopal doda gdoda755 3 3 0 0 urn:com:businessweek:bx:article:17085831327851177332-a0522922b965298ce467394da23ba4c1 2011-12-03T23:53:37.718-05:00

Keep an eye on your expenses also - Check why it is important to track your expenses.

Keep an eye on your expenses also - Check why it is important to track your expenses. http://www.investmentkit.com/articles/2011/12/keep-an-eye-on-your-expenses-also/ gopal doda gdoda755 3 3 0 0 urn:com:businessweek:bx:article:6834863984276307681-d6ec8313795f34f8755536135c75061e 2011-12-12T23:43:38.102-05:00

http://www.investmentkit.com/articles/2011/12/how-to-plan-your-foreign-holiday-this-new-year-with-weak-rupee/ gopal doda gdoda755 1 1 0 0 urn:com:businessweek:bx:article:10358336347480169923-aa0d86721ec31412375361f919ff191f 2011-11-29T09:20:59.722-05:00

Why settle for 6% on your savings account when short-term FDs can give 8-8.5%? - Check how to earn more interest than savings account.

Why settle for 6% on your savings account when short-term FDs can give 8-8.5%? - Check how to earn more interest than savings account. http://www.investmentkit.com/articles/2011/11/why-settle-for-6-on-your-savings-account-when-short-term-fds-can-give-8-8-5/ gopal doda gdoda755 2 2 0 0 urn:com:businessweek:bx:article:6087678838518924628-af0b219e3ffe2866183969c35e12468a 2011-11-27T03:18:35.967-05:00

What to do with surplus money? | Hindi Video - Surplus money in mutual funds or insurance or loan prepayment. Check out the answer.

What to do with surplus money? | Hindi Video - Surplus money in mutual funds or insurance or loan prepayment. Check out the answer. http://www.investmentkit.com/articles/2011/11/what-to-do-with-surplus-money-hindi-video/ gopal doda gdoda755 2 2 0 0