It's sad but true. When it comes to finances, most of us have a kindergarten or first-grade education.
A new Web site hopes to bridge the financial literacy gap by targeting the Gen X and Y crowd the way they like to learn -- online. But even if you're a baby boomer and never bothered to learn about finances, the site could help you, too.
GenXpense.com was founded by Chicagoan and Gen-Xer Matt Cimaglia. When he finished college and started making money in the real world he found, "there wasn't really anything out there targeting our generation in terms of financial information." So, he created GenXpense, aiming to teach others what he had to struggle to learn.
Cimaglia believes those who log on to his site will connect with the success stories he features, "giving them more confidence to do it on their own."
And it's the way the information is offered that makes it more appealing. The Web site offers video on demand for a generation "that turns to Facebook and Twitter to keep up with their friends." Now, Cimaglia hopes the same people will use GenXpense.com "to keep up to date on their finances."
The site has a social networking component that allows users to blog and share the information with others.
That's a great way to spread financial awareness, strategist Matthew Sapaula said, but sharing too much personal information on any site can be a mistake -- especially financial information.
"If it's out in a forum and out in a blog, it's out for everyone from here to China," Sapaula said.