What is Financial Literacy?
Financial literacy is the ability to effectively manage financial resources, grounded in a strong foundation of knowledge, skills, and access. To build this capacity, individuals need both an understanding of and access to key financial products, services, and concepts. With proper financial literacy, you can make informed decisions, achieve your financial goals, and confidently navigate economic challenges.
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Why is Financial Literacy Important?
The focus on Financial Literacy started in 2003 as an initiative to educate youth about money matters, but the focus has broadened to raise awareness of the importance of financial literacy no matter what your age. Studies show that 4 in 10 adults in the U.S. would need to put an unexpected $400 expense on a credit card or would need to borrow money from family or friends to cover the cost.
Tools to help strengthen your Financial Literacy
- Annual Credit Report.com – Home Page – A collaborative effort by the three nationwide credit-reporting companies have joined forces to make it easy for you to request your reports through a central website. It is the only authorized way to get free credit reports.
- MyMoney.gov – More than 20 Federal agencies pool resources to offer tools, life events, and principles related to strengthening money management knowledge.
- 360 Degrees of Financial Literacy – A free program of the nation’s certified public accountants to help Americans understand their personal finances through every stage of life.
- The Federal Trade Commission – Consumer tools and education on credit, loans, debt, shopping, donating, ID theft, financial scams and more.
- Jump$tart Coalition for Personal Financial Literacy – A national non-profit dedicated to advancing financial literacy among students from pre-kindergarten through college.
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Phone: (914) 683-1010 ext. 1287