Morgan Stanley Wealth Management has announced that it has a licensing agreement with education technology company EverFi for a new web-based financial education program called "Morgan Stanley Financially Fit."
Financial literacy remains a major stumbling block for Americans in retirement planning and daily life, with numerous studies—both academic and commercial—showing the more financial education one has, the better he or she can provide for individual and family needs.
The Morgan Stanley project is the latest in a series of efforts to provide information and tools to people so they make better financial decisions. In March the topic was tackled in a panel discussion at the annual NAPA 401(k) summit, during which attendees participating in a live poll highlighted their division on the issue and advisors' ability to do anything about it. In addition, they questioned whether advisors have the tools necessary to educate people on the financial realities of life.
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April saw the launch of National Retirement Planning Week, which was accompanied by webinars, public service announcements, op-eds and other attention-getting devices to make people more aware of the need to consider their financial futures and to help them find both education and guidance to do so.
The Morgan Stanley program provides financial advisors with a digital financial curriculum to share with their clients and their families.
The program, which is administered by EverFi, is made up of four courses, one each for grade school, high school, college and adulthood. Relying on games, polls and simulations that provide age-appropriate lessons, the courses aim to make financial concepts come alive. Topics include money management, savings strategies, home ownership, college loans, identity theft and investment portfolios.
It remains to be seen whether industry efforts will be up to the task of getting people to save earlier and more. A research paper from the Center for Retirement Research at Boston College earlier this year found that, whether people were or weren't financially literate, they didn't do well at working on long-term financial goals. The paper concluded that people need not only financial education but outside help to be able to save for long-term goals.
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