Morgan Stanley Wealth Management has announced that it has a licensing agreement with education technology company EverFi for a new web-based financial education program called "Morgan Stanley Financially Fit."

Financial literacy remains a major stumbling block for Americans in retirement planning and daily life, with numerous studies—both academic and commercial—showing the more financial education one has, the better he or she can provide for individual and family needs.

The Morgan Stanley project is the latest in a series of efforts to provide information and tools to people so they make better financial decisions. In March the topic was tackled in a panel discussion at the annual NAPA 401(k) summit, during which attendees participating in a live poll highlighted their division on the issue and advisors' ability to do anything about it. In addition, they questioned whether advisors have the tools necessary to educate people on the financial realities of life.