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News & Press: Financial Literacy News

Financial Friday: Bank of America - on a mission to help make financial lives better

Friday, June 24, 2016   (0 Comments)
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At Bank of America, we have a clear purpose to help make financial lives better. This includes ensuring people have the access to the knowledge and resources they need to make the right financial decisions and achieve their personal goals.


Better Money Habits® is our financial education resource developed in partnership with Khan Academy, a nonprofit with the mission to provide a free world-class education for anyone, anywhere. The site – free, objective and open for all – pairs Khan Academy’s expertise in online learning with our financial know-how to deliver simple, easy to understand information on a wide range of personal finance topics including saving, budgeting, building credit, paying down debt, paying for college and buying a house. No matter what level of financial knowledge or income, there is content available on for everyone.

ON DEMAND FINANCIAL EDUCATION is available 24x7, 365 days a year on your mobile device, tablet and laptop computer. Visitors will find that the website:
  • Makes complicated personal finance topics digestible with easy-to-understand videos and hands-on tools – giving points and achievement badges to those who complete topics.
  • Is tailored to the individual, offering a goals-based journey that delivers content based on what people want to learn about and what’s relevant to them.
  • Encourages ongoing user engagement with a personalized user dashboard, as well as key takeaways, infographics and interactive quizzes to ensure people have understood the content.
  • Covers topics that people asked for the most, including credit, saving and budgeting, home buying and renting, student loans, managing debt, talking to your children about money and more.
  • Offers a Better Money Habits partner site at specifically designed for financial coaches with videos, worksheets and tools that can be incorporated into financial education programs.


We want to build awareness of Better Money Habits and to encourage partners and nonprofit organizations to use and the Better Money Habits partner site as they develop financial education programs for the clients.


In the past year, Better Money Habits rolled out content for three specific groups of users:
  • Families and Money: Financial education begins at home, and we provide tools specifically to help parents teach their children about money. The content is divided into topics appropriate for parents of elementary, middleand high school-aged children, including topics such as establishing allowances, setting up money rulesand introducing children to banking. For kids who are starting their first job, there is also content available to help them understand their paycheck and ways to earn some extra cash.
  • Paycheck-to-Paycheck: We worked with several nonprofit partners to better understand the needs of individuals and families who are struggling each month to make ends meet. We developed action-oriented content to help those living paycheck-to-paycheck achieve financial stability. We also developed the Better Money Habits partner site to help financial coaches and counselors easily find the content that is relevant to their lessons and deliver the information to the people who need it the most.
  • Military/Veteran Transition: Using the expertise of our employee Military Support and Assistance Group, as well as the knowledge gained from our partners, we now have content focused on the financial challenges involved in making the transition from military to civilian life. The resources cover everything from understanding the difference between a military and civilian paycheck to understanding civilian retirement plans.

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