How To Access and Use Your Bank’s Financial Education Resources

Some research says only 57% of U.S. adults are financially literate. Those who aren’t financially literate struggle to make informed spending, saving and budgeting decisions. But whatever your level of financial knowledge, everyone has encountered problems they need help to solve.

If that’s where you’re at, your bank can probably help. Many institutions now have free learning resources available to customers. These can teach you new concepts, help you make complex calculations or just make it a little more fun to manage your money.

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Here’s a closer look at how to access these resources and the main types of content to look for.

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Accessing Your Bank’s Free Resources

Generally, your bank’s website is the best place to look for these resources. Check the site’s menu bar for something like “learning resources,” “calculators” or “virtual coaching.” Click on whatever you find, and your bank will guide you from there.

Just note that you may need to get on your bank’s smartphone app to access everything. For instance, financial gamification is the concept of using gameplay to make managing money more engaging. If your bank offers it, you may get access only through an app.

If you don’t like having to look things up online, give your bank a call. An employee should be happy to direct you to what you need.

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Types of Financial Resources Available

With that out of the way, it’s time to look at some common types of resources banks offer. Here are five you may get value from. Keep in mind that your bank may offer more than these.

Online Articles

Many banks have blogs where they share financial articles. Those can be good resources for learning new things. For example, maybe you’re ready to start saving for retirement but don’t know how to start. A bank’s blog might have articles that answer your questions.

You could learn whether a Roth or traditional IRA is better for your goals — and the tax implications of each. Or you could read about investment strategies that will put your money to work.

It’s true that a lot of this is easy to find on Google. But if you’re making financial decisions, you want the information you’re basing them on to come from trusted sources, and your bank should be trustworthy.

Financial Coaching

Some banks also offer financial coaching. This means meeting with a bank employee to discuss your personal financial situation and goals. You may be able to do that virtually as well as in person. But it depends on your bank.

Coaching is great for tough problems you can’t find answers to yourself. Here are some of the things you could discuss:

• Making a retirement savings plan
• Deciding how to invest a portion of your savings in the stock market
• Learning about alternative savings strategies, like certificates of deposit and bonds
• Coming up with a plan for covering unexpected expenses
• Getting information about a mortgage or loan.

Banks generally want their customers to be happy. So if you need financial support and want to talk to an expert, they’ll likely meet with you. This can be a good opportunity to recenter yourself financially.

Calculators

You can also check to see if your bank has any calculators on its website. For example, you might find a calculator to help you learn how much retirement savings you’ll have when you’re older, what your student loan payments will be, how long it will take you to pay off debt and when you’ll be able to buy your first home.

With this resource, you just need to know some basic details about your financial situation. For instance, say you want to buy a home. A calculator could tell you how long it will take to save up a large enough down payment. But you’d need to know how much you can save every month to get that information. This would require having some understanding of how to make a budget.

Some resources require more preexisting knowledge than others. The key is just finding what works for you.

Financial Gamification

Financial gamification has become increasingly popular in recent years. It uses game design principles to enhance motivation and engagement in people learning about money. That’s another way of saying gamification makes learning more fun. Your bank might have a gamified app or online platform. This could be a great resource for developing your financial muscle.

Here are some of the ways your bank could be utilizing gamification.

• It could have interactive simulations where users go through challenging real-world financial scenarios.
• Your bank could offer challenges related to personal finance goals, such as saving a certain amount every month.
• You might find digitized budgeting portals through your bank’s app or website.
• It could offer progress-tracking for savings and investing goals.

You don’t have to use any of these things if they don’t seem helpful. They’re mostly a nice tool for people who struggle to keep themselves on target financially.

Business and Entrepreneur Case Studies

Finally, self-employment is growing quickly in America. In fact, 28% of workers now report having at least some self-employment income. If you work for yourself, your bank may also have free business financial resources available.

For example, banks that serve businesses often publish case studies. These highlight specific problems, solutions and strategies that could be applicable to your work. For instance, they might teach you how to use a new type of loan while saving on taxes.

If you don’t work for yourself, these resources may not be for you. But for those who do, they can be invaluable.

Putting This Learning to Work

Taking a more active role in your finances could transform your life. Learning about topics like this with the help of your bank is a great place to start. But you’ll still need to take those lessons and apply them to your daily life.

That’s not always easy, so don’t worry if you stumble. The key is to prioritize money management consistently. If you do that and continue using your bank’s free resources, you could be in a very different place financially next year.

This article originally appeared on GOBankingRates.com : How To Access and Use Your Bank’s Financial Education Resources