Girish Mahajan (Editor)

FoolProof

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The FoolProof Initiative is a project by the FoolProof Foundation that teaches financial literacy to consumers in the United States and Canada through a variety of programs. It uses video and audio, games and music in a modular system to teach complex as well as basic financial concepts such as understanding credit (finance) and credit score, getting a checking account or savings account, and knowing how to use credit cards.

Contents

The Initiative, for instance, appears one of the most effective in reaching vulnerable young people overextended on credit card debt.

Its motto is "Use Caution. Question Sellers. Rely on Research."

Characteristics

FoolProof is a program designed by young people from across the world to help educate students about financial decisions in a friendly video format using real-life stories. The best part is that FoolProof can be used for free by anyone, no matter their financial aptitude, to help (young) people learn about money.

Young people generally make common mistakes when it comes to their money. The FoolProof Initiative addresses these problems.

Here is a list of the most common mistakes:

  • I don’t have to worry about credit (finance) yet.
  • Bad credit can’t keep me from getting a job.
  • All loan companies have the same rates.
  • All credit cards are alike.
  • Advertisements tell the truth.
  • It’s OK to bounce a few checks.
  • It’s OK to make minimum payments on a credit card.
  • Paying late occasionally can’t hurt my credit.
  • Fine print isn’t important.
  • Young people don’t have a credit score.

    • Curriculum

    Available are a variety of educational programs that are tied to state financial literacy standards and guidelines, listed in every state by the United States Department of Education. All programs are available to any consumer for free.

    Endorsements

    The FoolProof Initiative is endorsed by many consumer-oriented organizations throughout the United States:

  • Consumer Federation of America (CFA), a non-profit organization founded in 1968 to advance the consumer interest through research, education and advocacy.
  • National Association of Consumer Advocates (NACA) is a nationwide organization of more than 1500 members who represent and have represented hundreds of thousands of consumers victimized by fraudulent, abusive and predatory business practices.
  • Credit Abuse Resistance Education (CARE) Program is a national program founded by the U.S. Bankruptcy Court, WDNY and the Bankruptcy Committee of the Monroe County Bar Association. It was founded in 1997 by Bankruptcy Judge John C. Ninfo, II, and as of 2008 has a presence in all 50 states.
  • Education Credit Union Council (ECUC) is a trade association addressing the needs of credit unions who serve educational communities.

    • References

    FoolProof Wikipedia
    (Text) CC BY-SA