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B-School Gives COVID-19 Financial Advice

A business school is offering personal finance advice amid the COVID-19 pandemic.

The Global Financial Literacy Excellence Center, housed in George Washington University’s School of Business, released a webpage this month outlining how people can effectively manage their finances during this time.

The website offers suggestions on government economic relief resources and even advises users on helpful online platforms, such as Bankrate.com, to help them track their finances.

“We have taken the initiative to set up a webpage on our center to provide personal financial suggestions or advice on how to deal with personal finances in times of emergencies,” Annamaria Lusardi, the center’s founder and academic director, tells the GW Hatchet.

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The website offers seven main suggestions including links to online resources such as how to apply for unemployment insurance.

Lusardi says timeliness was key when building the website.

“We also tried to create the webpage as quickly as possible because as you can see, the crisis hit so quickly and so brutally we just week-after-week see statistics in the economy off the charts,” she tells the Hatchet. “Look at the number of people claiming unemployment benefits. This is a really urgent project, and we tried to do it as urgently and as quickly as possible.”

Experts say the Global Financial Literacy Excellence Center has been doing a “great job” at promoting financial literacy.

“I see that it is aimed at giving people information on how to better manage their finances while dealing with the crisis, like starting to save and invest, refinancing their home, getting a loan, things like that,” Gergana Jostova, a professor of finance at GW, tells the Hatchet. “Things that generally help people make better financial decisions.”

Sources: GW Hatchet, Global Financial Literacy Excellence Center

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