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Financial Literacy is Key to Effective Money Management

eoe86 by eoe86
April 11, 2023
in Banking
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Financial Literacy is Key to Effective Money Management
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April is Financial Literacy Month which encourages people to take control of their financial future by learning fiscally responsible habits and putting these lessons into practice.

Twenty-two percent of Americans report that “just getting by financially or finding it hard to get by” describes them completely or very well and nearly 40 percent of Americans say they don’t have anyone they can ask for trusted financial guidance, according to financial literacy statistics.

At Core Bank, we understand the importance of helping our community’s youth build a strong financial foundation so that they better understand basic concepts like budgeting, simple interest, and establishing and maintaining good credit.

According to the Council for Economic Education’s 2022 Survey of the States, only 23 states in the U.S. require high school students to take a course in personal finance. While this denotes a marked improvement since CEE’s first survey in 1998, there remains a sizeable financial education knowledge gap.

Core Bank believes that financial capability education, improves the financial health outlook for our youth and better prepares them to tackle unexpected financial situations or prepare for significant life milestones like paying for college, purchasing a home, opening a business, or building a nest egg.

Core Bank offers the following tips for Gen Z and their parents to shore up money management skills and prepare for the post-graduate workforce:

  • Set Specific Measurable Attainable Realistic Trackable goals. Choose your priorities—whether it’s saving for a computer or building an emergency fund—and make sure they are achievable. Create a plan of action and measure your progress over time.
  • Start a savings account (if you don’t have one already. Core Bank offers automatic transfer services to move a set amount from your checking account to savings monthly.
  • For working-age students, consider part-time or seasonal employment. You will learn more about personal responsibility and have an opportunity to manage expenses.
  • Track your spending and avoid making impulse purchases. Create a budget and review it periodically to make necessary adjustments.
  • Gain perspective about risk and reward. Knowing how stocks, bonds, and mutual funds can affect an investment portfolio shows you how financial decisions can grow—or shrink—your savings. Some high school classes and financial literacy-based websites, provide simulations of how these investments work in the real world.
  • Learn about credit scores—a representation of your financial past, present, and future. Core Bank can offer tips to help you establish and maintain good credit.

Core Bank offers this free Financial Literacy Program. In this program, you’ll learn ways to best handle everyday financial events, so grab a cup of coffee and a notebook and get ready to learn! Make sure to follow Core Bank’s social media channels and listen to The Core Experience for more financial resources.

Having the knowledge about how to best manage your money is just the start. When young adults practice proper money management techniques early, they’re more inclined to make effective financial decisions throughout life. 

 

 

The post Financial Literacy is Key to Effective Money Management appeared first on Core Bank.

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