In a recent blog post, we examined the existing financial education crisis in America and the daunting reality that many Americans are woefully uninformed about the basics of personal finance and unprepared for their financial futures. Kevin Ruth, Founder of Give-Get, shared how he believes the advisor community can tackle the issue and make financial education a key component of their business models.

To bring greater focus to this cause, gauge current perspectives, and help provide advisors with the tools they need to successfully take action, we conducted a five-question flash survey on the topic of financial education from May 17-20, 2021, garnering responses from more than 700 financial advisors in the U.S.

Overall, we found that those surveyed believe financial education is more important than ever for young people, and many of them are passionate about making a difference. In fact, 77 percent are willing to offer pro bono educational services to their communities. There’s an opportunity for advisors to take action and for the industry to give them the tools to do so.

If you’re looking for ways to donate your time and expertise, check out these survey responses from ten advisors for inspiration:

  1. I frequently meet with the children of clients (and their friends) for no charge to discuss financial fundamentals and provide advice.
  2. I take on a few pro bono cases for young adults at a time to help them start out, become, and stay financially healthy.
  3. I volunteer through the local Chamber of Commerce and partner with the local school district on financial education programs.
  4. I sit on a charity board focused on financial literacy for students.
  5. I teach a class on financial education at a local high school or college.
  6. I teach educators a financial literacy program so they can offer it to their students.
  7. I am a mentor to sponsors for educational opportunities.
  8. I teach classes to parents on the skills their children need for financial competence.
  9. I offer pro bono financial planning through the Financial Planning Association.
  10. I offer a free financial plan for existing clients’ children and grandchildren between the ages of 18 and 35.

I encourage you to review our survey analysis, “Supporting Financial Education for Students,” which features a range of resources available to help you provide young people with a strong foundation of financial education, including MyBlocks and Give-Get. This is a topic that we believe will only continue to grow in importance and something the industry will collectively need to address to empower intelligent, connected financial lives across all populations.

The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgment of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.

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