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Title: Websites Show Young People How to Save | My Insurances Info
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Websites Show Young People How to Save | My Insurances Info

Finance is a field that is concerned with the allocation (investment) of assets and liabilities over space and time, often under conditions of risk or uncertainty. Finance can also be defined as the science of money management. Market participants in the market aim to price assets based on their risk level, fundamental value, and their expected rate of return. Finance can be broken into three sub-categories: public finance, corporate finance and personal finance.

Public finance describes finance as related to sovereign states and sub-national entities (states/provinces, counties, municipalities, etc.) and related public entities (e.g. school districts) or agencies. It usually encompasses a long-term strategic perspective regarding investment decisions that affect public entities. These long-term strategic periods usually encompass five or more years. Public finance is primarily concerned with:

Identification of required expenditure of a public sector entity
Source(s) of that entity’s revenue
The budgeting process
Debt issuance (municipal bonds) for public works projects

Central banks, such as the Federal Reserve System banks in the United States and Bank of England in the United Kingdom, are strong players in public finance, acting as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.



This is the VOA Special English Education Report, from http://voaspecialenglish.com | http://facebook.com/voalearningenglish

Young people are perhaps better known for spending money than for saving it. But some new banking websites are seeking to change that. These websites offer young people the information and tools they need to watch over their money. These sites also let users share their financial experiences with other young people. Michael Ferrari developed SmartyPig with a friend in two thousand seven: “SmartyPig is really all about helping people save for very specific financial goals. So that could be a wedding, a vacation, an iPhone.”Mr. Ferrari says SmartyPig began after he started a college savings account for his new baby. He says that experience helped him realize the power of saving for a specific goal. Helping other savers pay attention to their goals is the idea behind his company. Mr. Ferrari says his website also enables outsiders to add money to the accounts of its users. “Perhaps maybe a holiday is coming up or your birthday is coming up, and rather than getting a gift, your friends, your family can actually contribute to any of your SmartyPig goals.” A growing number of young people have shown an interest in personal finance sites like SmartyPig. These sites offer tools that help users follow their spending, set up a budget and combine their investments. And the sites all involve social media. Janet Stauble is with the personal finance website bankrate.com. She says a lot of people feel at ease sharing personal information online. “It’s not likely that, you know, you might go to a friend and say, ‘Hey, I paid off one thousand dollars on my credit card today,’ but people write up blog posts about it and they explain how they did it, and how much closer they are to their financial goal, whatever it is.” Steve Weisman teaches about financial issues at Bentley University in Waltham, Massachusetts. He says the more creative the websites are in providing services, the more successful they will be in competing against traditional banks or even cooperating with them. “For instance, SmartyPig, they are not actually a bank, but they are partnered with a bank. And what you’re going to see is big banks and little banks that are legitimate financial institutions, but not necessarily the most savvy when it comes to computers or the Internet, they will partner up with other companies that may be doing some of the Web material and other assistance.”For VOA Special English, I’m Alex Villarreal.

(Adapted from a radio program broadcast 08Sep2011)

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