In today’s digital age, the emergence of online and social media tools in financial education has become increasingly powerful. According to Brennan Schlagbaum, a finance and accounting graduate from the University of Louisville and successful financial educator, the internet and social media are key to making financial education accessible to more people.
With over 230,000 followers on social media, Brennan has witnessed firsthand the impact these platforms can have on people’s financial literacy.
The use of technology in education, particularly in personal finance, has been on the rise for some time now. However, the advent of social media has provided an unprecedented opportunity for financial educators like Brennan Schlagbaum to reach a larger and more diverse audience. A FINRA Investor, Education Foundation study states that “nearly half of American adults use the internet to research personal finance and to invest.”
By leveraging social media platforms, financial educators can reach a broader audience and provide them with the tools they need to improve their financial literacy. For example, Brennan created Budgetdog, which began as an Instagram account providing finance advice from a dog’s perspective, and then transformed into a company that brings in up to $100,000+ a month through client consultations, courses, book sales, and promotional and affiliate revenue. The platform’s success demonstrates the potential reach and impact social media can have on financial education.
Furthermore, social media platforms also provide an opportunity for interactive engagement and community building. Brennan connects with his followers, answers questions, and offers personalized advice and support daily. This helps the individual and encourages a sense of community and accountability among the followers.
Critics of using social media as a tool for financial education may argue that only some have access to the internet or are comfortable using social media platforms. However, this argument must acknowledge the growing number of resources available to help bridge the digital divide, such as public libraries and community centers. Additionally, it is essential to note that even if not all individuals can access financial education resources through social media, it still provides an opportunity for a significant portion of the population to improve their financial literacy.
With the growing need for financial education and the increased accessibility of social media, individuals need to take advantage of the available resources. Followers of Brennan on social media can access free content, courses, and live events to improve their financial literacy and take control of their finances.