Happy Financial Literacy Month!

Happy Financial Literacy Month! On this episode of A Wiser Retirement™, Casey Smith is joined by Missie Beach, CFP®, CDFA®, and Michaela Dowdy to talk about why it’s important to be financially literate. At its core, financial literacy empowers and equips individuals with the knowledge and skills needed to make informed financial decisions. How financially literate are you?

Listen or Watch:

Summary

Financial Literacy Stats:

  • 56% of adults are financially anxious (Source)
  • 22% of U.S. adults lack an emergency fund (Source)
  • 61% of adults live paycheck to paycheck (Source)
  • Almost 3/4 of Americans budget on a monthly basis (Source)
  • Over half of young adults 15-18 years old failed a financial literacy quiz

Problems Caused by a Lack of Financial Literacy

Many people do not have an emergency fund in place, and this is a problem exacerbated by the ease of using credit cards. People need to realize that credit cards are not an emergency fund. There’s a high number of people living paycheck to paycheck, but that does not necessarily mean they are poor, but rather that they lack discipline and delayed gratification. There is currently a trend of young people overspending on cars and other material possessions, which they then regret after the “newness” wears off and they realize they are now financially unstable. Overall, it is important to prioritize savings and financial security. Don’t get caught up in needing to have the latest and greatest thing.

5 Ways to Become More Financially Literate

  1. Subscribe to a financial blog.
  2. Listen to financial podcasts.
  3. Read personal finance books (Rich Dad Poor Dad; A Random Walk Down WallStreet)
  4. Create a budget and stick to it.
  5. Find an online course or workshop. (Dave Ramsey)

“The best investment you can make, is an investment in yourself.” – Warren Buffett

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