3 Ways to Take Action During Financial Literacy Month
April is Financial Literacy Month, and whether you're a money guru or just someone who wants to know more, you can get involved.
Financial knowledge is important. Just 57 percent of American adults are financially literate, according to the 2015 S&P Global Financial Literacy Survey. That ranks 14th in the world -- far behind such nations as Denmark (71 percent), Canada (68 percent), Israel (68 percent), Germany (66 percent) and Australia (64 percent). Clearly, Americans can do better, and we should.
How can you help? Here are a few ways you can make a difference during F inancial Literacy Month.
[See: Basic Money Lessons You (Probably) Missed in High School.]
1. Pick a financial topic and commit to learning as much as you can about it for the month. Always wanted to better understand credit? Set a goal to learn as much as you can about credit by the end of the month, and then go do it. Visit MyFICO.com or VantageScore.com to learn more about common credit-scoring formulas. Visit the three major credit-reporting bureaus -- TransUnion, Experian and Equifax -- to read about what they do and what information they hold. Check out sites like CreditCards.com, USNews.com and Bankrate.com to read articles from credit experts. Commit to putting that newfound knowledge to use to help yourself financially.
If credit isn't your thing, pick another financial topic: mortgages, investing, insurance. The options are nearly endless. While you shouldn't expect to be an expert on the topic by the end of the month, you certainly can learn enough to make yourself feel more confident the next time you need to make a financial decision.
[See: 10 Things Everyone Should Know About Money.]
2. Speak with your family about money. Whether you talk with your aging parents about their financial future, speak with your spouse about your current financial state or speak with your kids about basic money topics, Financial Literacy Month is a great time to help your loved ones get smarter about money.
Talking about money can definitely be awkward, but it's worth it, and Financial Literacy Month can help you broach the topic.
For example, you might kick off a money conversation like this:
"Hi, Mom. I read online today that it is Financial Literacy Month, and it got me thinking. Would you have time to talk about your finances?"
"Hi, honey. I heard on the news that April is Financial Literacy Month, and it made me realize that we haven't started saving for John's college yet. Can we talk about that?"
These conversations don't have to be confrontational. They don't even have to be aimed toward a specific money goal, such as saving for college or writing a will. They can just be about reassessing a budget or even researching a topic together that neither of you fully understand.
With money, as with anything else in a relationship, success is all about communication. Use this month as an excuse to get those conversations started.
3. If you're a money-savvy grown-up, speak to your local school or community group about money. Many people across this nation are really smart about money. They don't need to have an advanced degree in economics or a billion-dollar hedge fund to qualify, and they don't need to know everything. Perhaps they have a specific niche -- like credit, mortgages or investing -- that they know really well. Maybe they just have a good grasp on the basics of personal finance. Whatever your specialty, you should share that knowledge with kids.
[See: How to Talk to Millennials About Money.]
This Financial Literacy Month, you can help kids learn more about money by talking with schoolchildren in your area. Visit sites like Jumpstart.org or TalkingInClass.org to learn more about reaching out to schools near you. You can also get started by simply taking advantage of connections that you already have. For example, get in touch with officials at your child's school or reach out to friends or relatives with school-age kids and ask for their help.
If you don't have any connections with school-age kids, reach out to community groups in your area, such as the Boys & Girls Clubs of America, the YMCA and Big Brothers Big Sisters. These groups are frequently interested in having knowledgeable adults come in and share their wisdom.
You don't have to be a great speaker -- or even an experienced one -- to get your message across to these kids. Just do your homework, keep it simple and relatable, and you can have a real impact. Sure, not every kid you speak with will tune in to what you're talking about, but even if just a few of them do, it can make a difference. There's simply not enough financial education happening in schools today, and every child who hears a lesson about money is a child who just might make smarter financial decisions when they're older. And that's a big deal.
Clarification 04/10/17: The author is the founder of TalkingInClass.org.
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