I think treating our fellow humans like humans is more valuable than assuming they aren't capable of basic finance.
Put another way, people will behave as you treat them. Treat them like they are fools who can't do finances and they will behave that way. Expect them to do basic financial behavior and they will.
We literally make financial literacy courses free, online, without any need to even sign up. They will teach you what a bank is all the way up to 401k basics.
Treating people like human beings (adults) also means letting them feel the consequences of poor choices.
If someone is making $200,000 a year and is financial trouble when they get laid off (with severance), well, I reserve my tears for people who never see that kind of income their entire life.
As someone who is financially illiterate, but doesn't have the time or knowhow to separate the good ones from all the spam out there... can you recommend any good courses?
MoneySmart - the official government course that covers the basics: https://www.fdic.gov/resources/consumers/money-smart/teach-m... It's intended to be instructor led but all the resources are available on that page. It is not an overwhelmingly thrilling course but it will get you through the material.
If you want a software aid, YNAB is pretty good and is based on a solid set of principles. https://www.youneedabudget.com/the-four-rules/ Obviously lots of other options exist to manage your money and YNAB is not the only option, but it's a good one.
If a resource suggests any kind of particular stock picks, crypto or other "investments", it's bad. It exists to sell you a product.
Thank you! These are great resources. I've started skimming through them and will learn more in the weeks to come. Just created my budget for the year, which is a great start, but I have a lot more to learn.
Save money from each paycheck. If you're just starting, put this into an emergency fund (savings account) until you have 6 month's take-home pay saved.
Then start savings in equities. You should diversify this, i.e. in low-fee index funds. Do this in an IRA or other tax-advantaged plan your employer might offer. Don't watch this too closely or try to time the market. Just invest with every paycheck.
Understand the time value of money. Don't go into long term debt for short term needs or consumables. Live below your means so you can save more and maximize compounding gains in savings/investments.
Do these things and you are well ahead of most people. If you want to get more sophisticated at that point, look for courses or professional advice, but remember pros rarely beat the market.
Put another way, people will behave as you treat them. Treat them like they are fools who can't do finances and they will behave that way. Expect them to do basic financial behavior and they will.
We literally make financial literacy courses free, online, without any need to even sign up. They will teach you what a bank is all the way up to 401k basics.