A few years before the introduction of technology, before almost all human processes went digital; financial knowledge was passed from parents to their children, from elders to younger members of the society, directly or indirectly. These younger people are now the parents of today. And in some cases, we could say the financial knowledge they had proved effective. In today’s digital age, these learning processes now happen online through social platforms like Instagram and YouTube. This article aims to examine how effective online financial schools have been in this digital age.

Virtual/online financial schools.

Online financial schools in this context are online institutions that are dedicated to teaching financial matters that include; money, investment, budgeting and personal finance. They provide online services, write-ups, infographics and video content all to help improve the financial literacy of their audience. 

Financial schools

The expected result of these digital financial solutions is an increased level of financial literacy among the population. After an 18-month online educational course for 217 students of Universities in Fujian, it was concluded that; the internet serves as a platform for providing knowledge on making livelihoods, cutting costs and improving profits. This simply means education provided over the internet can help teach people money management and investments. Some of which include courses on investment and wrong decision making.

A case study

Although this submission may not be applicable globally, it is applicable in Nigeria. Money Africa is a popular example of an online financial school with over 230,000 followers on Instagram. Money Africa has served as a community that has helped thousands of people. This online financial platform help people achieve financial independence. The impact of these online schools contributed to the 68% and 21% financial literacy levels; in the urban and rural areas respectively. Though these figures can still improve, it has also demonstrated the effectiveness of online financial schools.

Online schools
What are the downsides to online financial schools? 

Even with these impressive figures, online financial schools have their drawbacks. 

  • In some instances, they are used as a front for theft and cybercrime. 
  • Access to the internet is another issue that comes with online financial schools. Developing countries lack very efficient internet services and this makes the whole process impossible, or menatlly exhausting. 
The question this article seeks to answer is are online financial schools effective? 

From the submissions above, the answer is yes! because; 

  • People are provided access to financial materials and solutions all from the comfort of their homes. 
  • It encourages peer to peer interactions; an online community or social media groups where people can learn about basic financial terms. 
  • In other cases, participants are able to learn from the mistakes of others. Especially in areas of investing and other financial matters.
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