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MCC Daily Tribune

Financial Literacy Month

National Financial Literacy Month is celebrated in April, which is a great opportunity for us to check and promote our financial situation and skills.  If you consider yourself illiterate in terms of finances then you are not alone!  It does not matter if you have just started earning or have been earning for a long time, every day is a chance to reflect upon your spendings and improve your finances. 

 

HOW TO OBSERVE FINANCIAL LITERACY MONTH

  1. Take a pledge to change

    The first way to observe Financial Literacy Month is by reviewing your attitude towards your finances. Think about if you can commit to change the way you make a financial decision. Take a pledge to change your decisions that will benefit you more in the future.

  2. Urge the government to make financial education mandatory

    We should request the government to make personal finance education mandatory in schools and colleges. This will make the younger generation more educated about smartly handling their finances.

  3. Raise awareness about Financial Literacy Month

    Due to the pandemic, our finances are being affected which makes Financial Literacy Month more important. We should continue to raise awareness about choosing intelligent ways to handle our finances.

 

5 GREAT FACTS ABOUT FINANCIAL LITERACY MONTH

  1. Financial literacy is lacking

    In the U.S., one out of every five students lack basic skills of financial literacy.

  2. Men are more financially literate than women

    29% of working women showed basic skills of financial literacy, whereas 47% of men demonstrated basic financial literacy skills.

  3. Loans are not understood properly

    54% of the student loan holders didn't know about their future monthly payments before taking out their loans.

  4. Few are financially educated

    According to a national survey, 20% of adults have participated in financial education.

  5. Personal finance skills are important

    According to a report by LT Trust, women save 68 cents against every dollar that men save for retirement.

 

WHY WE OBSERVE FINANCIAL LITERACY MONTH

  1. Personal finance education gives us financial freedom

    Financial Literacy Month has played an integral role in giving people financial freedom and has helped them in taking control of their lives.

  2. It helps us to keep up with the changing world

    Being literate about our finances assists us to keep up with the changing financial condition of the world.

  3. It helps citizens to become responsible

    Financial Literacy Month helps us to use smart ways of making and spending money. It makes people act as responsible citizens.

Sarah Benedict
MCC Wellness Council
04/12/2022