According to the 2012 Financial Literacy Survey, less than one third of Americans admit following a budget each month and over half of all Americans are considered financially illiterate. Even worse, is that our next generation is growing up without the knowledge and skills needed to establish a strong financial life. As part of April’s National Financial Literacy Month, many financial agencies around the country are working to bring up awareness and educate consumers about the importance of becoming more financially savvy.
Money management and debt relief are often far from the minds of most of us in our daily lives. However, research shows that those who make tracking their spending a priority are less likely to end up in overwhelming debt or the need for credit negotiations down the line. With nearly two thirds of American’s admitting to missing or being late on debt payments, now is the time for better education to strengthen money managing habits.
This month numerous credit counseling agencies, financial experts and services will be conducting workshops around the country to help consumers get an edge on their finances. School districts will also host several of these industry experts in order to target kids and teenagers, teaching them invaluable lessons about financial stability. Some of the most important topics of education during National Financial Literacy Month are:
- Creating and following a budget
- The importance of saving and making saving easier
- Money management tools, including the use of smartphone and web-based applications
- Good vs. bad debt
- Appropriate use and levels of debt
- Self driven debt relief solutions