April has been designated as Financial Literacy Month with financial institutions promoting financial education and empowerment. This means a focus on how to manage credit effectively and making wise financial decisions.
“Financial literacy is not an issue unique to any one population, Billy J. Hensley, leader of the President’s Council on Financial Literacy, said. “It affects everyone; men, and women, young and old, across all racial and socioeconomic lines.”
Financial literacy is the key to financial freedom and something financial experts believe should be the focus all year, not just in April. One of the most important reasons for understanding financial literacy is home ownership as credit, savings and money management skills are critical for obtaining a mortgage.
“National Financial Literacy Month emphasizes the importance of helping consumers increase their knowledge and skills to make sound financial choices, enabling them to build wealth now and into the future,” Acting Comptroller of the Currency Rodney Hood, said. “During National Financial Literacy Month, we encourage banks to consider innovative strategies to educate and empower consumers to use capital wisely, build financial assets and understand and avoid increasingly sophisticated financial frauds ad scams.
Several organizations offer free financial literacy programs in the Milford area. $tand By Me, a financial empowerment program is designed to help people take charge of their finances. A joint program with the United Way and the State of Delaware, this program was launched in 2011, and offers managing debt, understanding credit, budgeting, home ownership and savings. There is also a course offered for college financial planning. Learn more by visiting them online.
Banks also offer free financial literacy services, so if you need some advice on the best way to handle finances, reach out to a local credit union or bank to see how they can help. Some of the programs available are designed to teach children the importance of financial literacy. Many banks and credit unions visit local schools to teach how to manage money.
“Financial literacy is vital to achieving many major goals in life, and WSFS works with a variety of schools and nonprofits to help prepare students and members of the communities in order to prepare them for financial success,” Vernita Dorsey, Senior Vice-President, said.
Dover Federal Credit Union also has a program designed specifically to teach children the importance of financial literacy. On their website, Del-One has several links to financial wellness modules. These include Financial Understanding at Every Level (FUEL) for both students and adults. There is also Greenpath to Financial Wellness, free, one-on-one financial counseling, debt management services and education tools. They also offer members free, ongoing credit score reporting and monitoring. Learn more by visiting them online.
“The single biggest difference between financial success and financial failure is how well you manage your money,” T. Harv. Eker, author of “Secrets of the Millionaire Mind,” said. “It’s simple; to master money, you must manage money.
Others point out that financial literacy is not something that ends at some point, but an ongoing process.
“It begins in childhood and continues throughout a person’s life all the way to retirement,” George Maul, a former coach said. “Instilling the financial literacy message in children is especially important, because they will carry it for the rest of their lives.”
