Hearing the term financial literacy can make even the most competent person squirm, yet financial literacy is really quite simple – manage your money wisely. Earn it, save it, grow it, budget it and share it. However, financial literacy is far more than managing your money from day-to-day or month-to-month, it requires a working knowledge and understanding of how money works (e.g. the benefit of having a checking account as opposed to using predatory lending services like check cashing services or quick loans).
Unfortunately, many people are not financially literate and only know how to manage their income from paycheck to paycheck because they are not taught financial principles in school or in the home. Perhaps this is why in 2004, the U.S. Senate passed Resolution 316 to officially recognize April as National Financial Literacy Month.It has now been 10 years since the resolution was passed, yet this is the first time I have heard of April being National Financial Literacy Month. We must go beyond designating a month to bring awareness to the need for financial literacy in our nation and begin implementing policies to ensure the principles of financial literacy are taught in grades K-12, as well as in post-secondary education. We must value financial literacy just as much as literacy because being illiterate, in any way, hurts us all.
For tips that will improve your financial literacy, and help you save a pretty penny, visit the Strengthening Families page on our website: http://www.uwpc.org/SFTips.html