Off like a shot from a cannon, financial literacy is gaining momentum with the masses as a popular topic this January. It may be a new year and a new decade, but money never sleeps (according to Gordon Gekko) and this is a positive sign for our financial future. In fact, Morocco just legalized crowdfunding in January 2020 and the UK broke records with 2019 investment activity.
Across platforms and generations
Instagram helped to tremendously shape the culture of the 2010s, paving the way for influencers (there’s even an influencer conference now) and what we expect from the platform. For many users, Instagram encourages their worst money impulses, so it’s thrilling to see how people like Bola Sokunbi instead use it to encourage clever finance. Even TD Bank is advertising financial literacy courses on Instagram.
Online media isn’t the only one taking notice of financial literacy. Large outlets like CNBC are also promoting this excellent initiative with their support of the non-profit, Wall Street Bound, as part of a larger financial push towards knowledge.
Crowdfunding, reporting for duty
Financial literacy is an umbrella term, which commonly refers to the practical tools and knowledge to navigate one’s decision-making. While not explicitly connected, crowdfunding is actually a boon to the financial literacy movement. Crowdfunding is steadily gaining support as a viable means to fund and support startups, as well as to assist the larger community in general. In fact, crowdfunding is being touted as the ‘future of the investment economy’ for Gen Z.
This generation is adept at doing everything online, so why not invest in startups online, too? The crowdfunding ecosystem has a place for both people who want to invest and people who need investment dollars. Additionally, the crowdfunding community offers an array of startup services and support to help entrepreneurs succeed. Until now, the 99% has generally been shut out from early Wall Street opportunities, but crowdfunding has flipped this dynamic on its head. Through crowdfunding, the 99% now have the opportunity to invest today in tomorrow’s next big IPO, build personal wealth and secure one’s financial future.