Happy National Financial Literacy Month

The month of April is dedicated to educating consumers in handling their finances, which includes developing good money habits, and learning how to cope with debt. The dearth of financial literacy in the United States is less well-known than the reading difficulty known as “dyslexia” yet much more pervasive in our society.

Two in every five adults graded themselves barely passing or failing on matters financial, more than half (56%) of U.S. adults confess to having no budget, and a full third of all Americans, or 77 million adults, fail to pay their bills on time. This is according to a just-published study carried out under the auspices of two organizations: the National Foundation for Credit Counseling and the Network Branded Prepaid Card Association.

During the month of April, consumers are encouraged to take advantage of this month’s Tools for Success including webinars on such topics as credit reporting and goal setting, and worksheets that can be filled out online and printed, such as the Financial Priorities Worksheet.

While this drive for financial literacy shows much promise, it is even more important to teach our youth about personal finance before they reach adulthood. That is the purpose of Jump$tart Coalition for Personal Financial Literacy, which aims to teach pre-kindergarten through college students all about establishing best financial practices. Another initiative, Springboard, has a poster contest that motivates contestants in 3^rd through 12^th grade toward learning about financial matters, under the guidance of teachers and other learning mentors.

Filling The Gap

Part of the problem in educating youth about financial literacy is in figuring out how to direct children toward these resources. The students who most need these lessons fail to receive them at home and schools may not be doing enough to fill in the gap. That’s where after school programs come in, a proven method of instilling academic motivation and self-esteem in our youth.

Adults who know little to nothing about finances were once children who might have been taught these subjects in school or in afterschool programs. If you’re wondering what you can do to support the development of financial literacy among this generation’s youth, it would make eminent sense to support afterschool programs. In this way, children are inculcated with financial wisdom before transitioning to adulthood.

Good with numbers? Why not volunteer your time at a local school or an afterschool program in your community?

Support Afterschool Programs

No time? Donate your car to Kars for Kids. The proceeds go to support afterschool programs for children.

The main thing is to be proactive and look for ways to help. The job won’t get done on its own. That’s what April and National Financial Literacy Month is all about: lending a helping hand, any way you can.

Esti Landau is a non-profit coordinator based in New Jersey.