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[Banking System | The Fed |Saving |Stocks | Bonds | Mutual Funds |Self -Quiz |Activities for Financial Planning ]
Before engaging in these activities, you may want to take the self quiz above.
1. Using the World Wide Web or library resources, obtain information about recent information about new developments in financial services. How have technology, changing economic conditions, and new legislation affected the types and availability of various saving and checking financial services?
This activity can provide insight into the changing nature and use of financial services in our society.
2. Research current economic conditions (interest rates, inflation) using The Wall Street Journal, other library resources, or the World Wide Web. Based on current economic conditions, what actions would you recommend to people who are saving and borrowing money?
3. Each month changes in the Consumer Price Index are reported in the news. You can obtain a copy of the current Consumer Price Index from the U. S. Department of Labor, Bureau of Labor Statistics, 600 E. Street, NW, Washington, DC 20212 (www.bls.gov). Changes in interest rates and consumer prices will benefit savers when they are low, but higher interest rates will increase costs of borrowing.
4. Collect advertisements and promotional information from several financial institutions, or locate the Web sites of financial institutions such as Wells Fargo Bank and Bank of America. Create a list of factors that a person might consider when comparing costs and benefits of various savings plans and checking accounts.
5. Survey several people to determine awareness and use of various financial services such as online banking, smart cards, and check-writing software.
While faster and more efficient service is available with smart cards, major concerns relate to potential computer crime and invasion of privacy as organizations have expanded access to personal and financial data about consumers.
6. Using the Web site for the Credit Union National Association (www.cuna.org) or other sources, obtain information about joining a credit union and the services offered by this type of financial institution. Credit unions can provide a valuable source for financial services.
7. Collect advertisements from several financial institutions with information about the savings plans they offer. (This may be done using the Web sites of various financial institutions). Compare the features and potential earnings of two or three savings plan.
8. Using library sources (such as The Wall Street Journal and other current business periodicals) or Web sites (such as www.bankrate.com), prepare a summary of current rates of return for various savings accounts, money market accounts, certificates of deposit, and U. S. savings bonds.
Awareness of current interest rates can result in wiser financial decisions both in the short-term and long-term.
9. Compare the features and costs of checking accounts at two different financial institutions. Online searches of bank Web sites may be useful.
10. Visit software retailers to obtain information of the features in various personal computer programs used for maintaining a checking account. Information about programs such as Microsoft Money and Quicken may be obtained on the Internet.
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