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Learning about Financial Literacy

Updated: Jul 11, 2023

Financial literacy is the ability to understand and use financial concepts to make informed decisions about money. This includes understanding how to budget, save, invest, and manage debt. Financial literacy is important for everyone, regardless of their age or income level.


Here are some specific examples of financial literacy for children and adults:


Children

● Learning about the value of money and how to save it.

● Understanding the difference between needs and wants.

● Learning how to make a budget.

● Starting a savings account.

● Understanding the importance of credit and how to build good credit.


Adults

● Creating a budget and sticking to it.

● Saving for emergencies.

● Investing for retirement.

● Managing debt.

● Understanding credit reports and scores.

● Buying a home.


Here are some resources to help improve financial literacy education:


● Sammy Rabbit’s Money School has a series of books, videos, coloring sheets and more to empower kids and families to create better money habits. https://sammyrabbit.com/


● The National Endowment for Financial Education (NEFE) offers a variety of resources for financial literacy education, including online courses, webinars, and toolkits. https://www.nefe.org/


● The Financial Industry Regulatory Authority (FINRA) offers a variety of resources for financial literacy education, including online courses, videos, and quizzes. https://www.finra.org/investors/personal-finance


● The Financial Literacy & Education Commission (FLEC) was established in 2003 to develop a national financial education website with resources for researchers, teachers, youth and some financial literacy information. https://www.mymoney.gov/


● The Federal Deposit Insurance Corporation (FDIC) also has a Money Smart page along with resources for grade school kids through older adults and even small businesses. https://www.fdic.gov/resources/consumers/money-smart/index.html


Financial literacy is an important life skill that everyone should have. By understanding financial concepts and making informed decisions about money, you can improve your financial well-being and reach your financial goals.


Here are some additional tips for improving your financial literacy:

● Talk to your parents, guardians, or other trusted adults about money.

● Read books, articles or listen to podcasts about personal finance.

● Take a financial literacy course.

● Use online resources, such as the ones listed above.

● Talk to a financial advisor.


Financial literacy is a lifelong journey. The more you learn about money, the better equipped you will be to make sound financial decisions. So start learning today!


Here are some additional resources that you may find helpful:

I hope this blog post has helped you to understand what financial literacy is and why it is important. If you have any questions, please feel free to leave a comment below.

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