National Financial Literacy Month was established by US politicians in 2003 to raise awareness of the value of financial education and practical knowledge in this area. It serves as a powerful reminder of how important it is to understand and control our money in order to raise our standard of living.
Therefore, this talk. Some people find it difficult to explain a subject like this. Nobody wants to feel uncomfortable about their economic situation. In an post written 13 years earlier for Sattiewhite Training Productions, Inc., titled “Financial Health for the Financial Professional”, we discussed five basic money management essentials: understanding your money personality, the importance of budgeting and planning, managed spending, living within your means, and the benefits of lengthy- term financial planning. These tenets are still applicable as they were in the past. Financial education continues to be a concern for some despite the passage of time. Recent studies indicate disturbing figures: one in four Americans cannot collect $400 in case of an emergency, economic conflicts contribute to a significant portion of marriage, and a remarkable 78% of the labor lives paycheck to paycheck. Moreover, only 16% of Millennials demonstrate basic financial literacy.
Despite the stimulus money received and the nation’s $2.1 trillion national saving rate, a sizable percentage of Americans struggle to adjust to the higher rate environment. Financial issues are present in all years and salary levels. Many people are economically illiterate. We have seen this when more debts and charge-offs have been reported. We are living in a world where there is almost no money available. The American dream is a strategy that everyone, regardless of background, you achieve success and poverty through hard work, determination, and chance. Over the last 50 years, the money buys far less now than it did. For instance, 45% of Millennials live at home with an average salary of $47,034. They may purchase a property due to the lack of value. Financial education is necessary to help us navigate the higher financial environment in order to overcome this. Rarely is it too late to learn more about financial management. Financial education is a necessity in the wake of Gen Z and Alpha’s emergence. As we navigate the complexities of the current market, National Financial Literacy Month serves as a dramatic reminder of the value of financial education and training.
As a credit union expert, financial consultant, and mother, I am seriously committed to promoting economic wellness. The latest circumstance calls for the active role of credit organizations. We have the opportunity to make a real change in the economic life of our members and the communities in which we operate. Our main priority is to understand and fulfill our people’ needs. We were founded on the idea of giving those in need money. I urge my own credit union employees to support me in this endeavor, to inform more, and to provide tools that will help our people advance their financial opportunities.