More Than Half of Millennials Say They Are
Living Paycheck to Paycheck.
In total 76 percent of Americans are living paycheck to paycheck.
56% percent of Americans have no idea their credit score is the most important
factor for applying for a mortgage, car loan and new credit card.
Today's Financial Literacy Education
Doesn't Work
It doesn't work because virtually all major financial literacy resources are developed or shaped by businesses that benefit when consumers make money mistakes.
None of these resources stress the importance of healthy skepticism, caution and critical thinking skills when it comes to making wise financial decisions. They can't. Take a credit card company. Would it teach kids to pay off their credit card bill in full every month?
FoolProof's Answer
to Ineffective Financial Literacy Resources
We teach consumers of all ages financial self-defense skills. We show them the importance of questioning anything that touches their money or their welfare.
Our Mantra:
Use Caution. Question Sellers.
Rely on Research.
All of FoolProof's resources are shaped by a core belief: if advertisers have the right to put the best light on their products and services, consumers have the right to learn how to critically judge advertising and marketing messages. That judgment is a learned skill.
FoolProof's Resources
FoolProof has developed and tested resources that work for young people and adults. We have developed a unique teaching methodology that uses peer-to-peer instruction, honest messaging, and sophisticated interactivity to challenge the way they think about their responsibilities in the free enterprise system.
We use interactive online programs to customize messages for unique populations. We partner with community organizations and other not-for-profits to help us accomplish our mission and to provide the widest possible exposure to our resources.
Our resources are provided to all consumers for free, forever, directly by the FoolProof Foundation.
Helping Those Who Need It Most
FoolProof was founded because a 12-year-old boy working three jobs met FoolProof's future Founder, Will deHoo. That child is one of about 29 million children in the U.S. living in a low-income, poor, or deep-poverty family. Six million of those children live in deep poverty. All these children and their families are at greater risk for abuses in the financial marketplace.
From Day One FoolProof's aim has been to develop unique resources to help the underserved learn consumer skills which will travel with them thru life.
The Experts
Financial literacy programs are basically a bunch of disjointed initiatives funded in large part by highly conflicted banks and other financial institutions.
Data from Jump$tart's large-scale, biennial survey of high school seniors has consistently shown that financial education does not increase financial knowledge among high school students.
The literature does not succeed in establishing the extent of the benefit provided by financial education programs, nor does it provide conclusive support that any benefit at all exists.
Once upon a time, we invested in our young people so that they could enter the world without debt. Now, we turn them into deadbeat debtors before they're old enough to legally buy a drink...
Poor Spending Habits Impact All Consumers and the Well-being of the Economy in General
Higher Level of Debt
Millennials are the first generation with higher levels of debt, poverty and unemployment and lower levels of wealth and personal income than their two preceding generations at the same age.
Financial Strain
70% of American families report they face financial strain.
Over-spending
55% say they only break even or spend more than they make each month.
Generation X
Generation X-ers' overall debt is six times greater than the debt of their parents at the same age.
Unprepared
57% of individuals say they are not prepared for unexpected expenses.
Good Credit?
Only 42% of Americans fall above the 700+ credit score threshold for good credit management.
Research also consistently shows that poor financial decisions hurt productivity in the workplace and is bad for your health.
Source: Pew Research Center
How Can You Help the FoolProof Foundation?
The FoolProof Foundation is currently seeking volunteers, major donations, and foundation partnerships to help us in funding our work. Please consider becoming involved and supporting ethical and effective financial literacy education across America.
The financial industry invests tens of millions to influence financial literacy messaging. FoolProof will not accept funding from any groups or individuals who might seek to influence our messaging. Our funding comes only from partnerships, donations, and grants from those who believe in our mission. FoolProof relies on these partnerships and charitable donations in order to ensure that our resources remain ethical, free and unbiased.
The FoolProof Foundation is a 501(c)(3) private operating foundation, and as such, all gifts to the foundation are entitled to a charitable tax-deduction to the extent allowable by law. The FoolProof Foundation employs best practices to ensure our fiduciary responsibility and maintains use of donor funds in accordance with Generally Accepted Accounting Principles for Nonprofits.