April is Financial Literacy Month which reminds us of the importance of smart money management. Designed to raise public awareness of the importance of financial literacy, Financial Literacy Month evolved from Youth Financial Literacy Day introduced by the National Endowment for Financial Education.
Our goal with our Blogs and Social Media platforms is to educate our community on the many facets of financial planning. Throughout April, we will be sharing a variety of articles focused on financial literacy and the importance of saving as a base for a successful financial plan.
According to the U.S. Bureau of Economic Analysis, "The U.S. personal saving rate is personal saving as a percentage of disposable personal income. In other words, it's the percentage of people's incomes left after they pay taxes and spend money." In January 2023 that was a mere 4.7%.
With such a small percentage to work with, many people feel like there is not enough to save. Over the course of this month we will provide you with tips and tricks to begin saving. Or perhaps you are already saving, so we challenge you to find "a little bit extra" in the budget to increase what you're currently doing.
Let's begin with some resources for teaching kids about financial literacy. This is the perfect time to focus on your child's financial education. Help them understand what money is, and how to manage it. Setting a foundation today could make a big difference in your child’s financial future.
Here are some resources to get you jump started!
- How To Teach Kids About Money
- Resources for Youth
- Video: College Planning 101
- Video: Navigating the Road to College
Sources:
- thebalancemoney.com, 2022
- mymoney.gov