Financial literacy is the ability to understand and use financial skills, such as responsible money management, budgeting, saving and investing for the future.

Let’s take a deeper look at Financial Literacy Month, and ways to become more financially literate. This way, we can manage our money responsibly all year long.

Why is financial literacy important?

Being financially literate is the first step in being financially fit. Consider these facts:

• Personal finance is the number one topic of argument within a marriage.
• Parents rank teaching financial responsibility to their children near the top of their parenting wish list.
• Only a handful of states require high school students to take a personal finance course before graduation.
• Poor financial literacy leads to poor decision-making, which leads to poor behavior, thus limiting the household’s ability to reach its financial goals.

Arming yourself with financial literacy is a crucial part of responsible money management and a financially fit life.

How financial literacy month is observed

During Financial Literacy Month, financial institutions, nonprofits and human service agencies increase their focus on the importance of financial literacy through events, programs and counseling. The goal goes beyond helping consumers learn more about finances by helping them actually improve their personal and household financial stability and success. Find out which programs and events are available to you so you can take advantage of these opportunities.

Our partners at GreenPath Financial Wellness offer a ton of free financial wellnes webinars on topics ranging from budgeting to buying your first home. See below for a list of upcoming webinars, as well as a link to view previously recorded webinars.

Did you know Justice Federal offers Financial Counseling?

Our Team of Certified Financial Counselors are trained by an accredited program from the Credit Union National Association to assess your financial situation and provide expert counseling and resources.

Not only are our staff trained in counseling, but we can understand your situation because we have been there too. Whether it is getting out of debt, saving for a move, or purchasing your first vehicle, we understand the challenges that come with financial decisions and we’re here to guide you through them. We live the credit union philosophy of “People Helping People” and we look for what will best serve you to improve your financial health.

To get started, speak to your local Justice Federal Branch representative or call 800.550.5328.

How to observe Financial Literacy Month at home

There’s no need to depend on an outside program – you can observe Financial Literacy Month at home: 

• Make financial literacy the topic of your book club. Choose a book related to money and talk about it at your virtual or in-person book club.
• Research one personal finance question each day. Have you always wondered which of the two popular debt-crushing methods (avalanche and snowball) is used more often? Do you know the difference between a Roth IRA and a traditional IRA? Look up the answer to one personal finance question like these each day of April. By the end of the month, you’ll have amassed a considerable amount of financial knowledge.
• Commit to a new financial goal. Financial literacy is all about using your knowledge to make better financial decisions. Use the opportunity of this month to commit to one financial goal in an area you find challenging. For example, you can resolve to create a monthly budget and stick to it. You can work on building up an emergency fund. Or, you can finally take the plunge and start investing. Choose one goal, and work at it until you’ve achieved it.

Financial literacy is a crucial skill for maintaining financial wellness through every stage of life. Take advantage of the opportunities available and create your own learning experiences to broaden your financial literacy this month. By expanding your financial knowledge, you’ll be better equipped to make responsible money decisions throughout the year.