Which is better for students? Personalized finanical plans or financial literacy?
Financial Literacy Resources
-Offers foundational knowledge that individuals can apply to their own financial situations.
-Focuses on educating individuals about financial concepts, principles, and best practices.
-Builds a foundational understanding of financial concepts that can benefit individuals over the long term.
Personalized Financial Plans
-Shares tailored strategies designed to meet the specific financial goals and needs of an individual or household.
-Involves the practical application of financial knowledge to create a roadmap for achieving specific financial goals.
-Plans design strategies that prioritize immediate needs while also planning for future objectives.
So what do students need?
In short, both are necessary:
While financial literacy provides essential knowledge and understanding of financial concepts, personalized financial plans take that knowledge a step further by tailoring strategies to an individual's specific circumstances, goals, and objectives.
Does your institution have personalized financial plans?
Arbol's student application (which you can learn more about here) provides students with personalized financial plans. These plans:
- Turns literacy into action
- Build healthy behaviors
- Reducing student anxiety
- Make financial aid easier to understand
To learn more, please feel free to explore our website here.