FINRA Investor Education Foundation suggests that studies show that as Americans we demonstrate a relatively low level of financial literacy and have difficulty applying financial decision-making skills to real life situations.
In a recent study, participants were asked five questions covering aspects of economics and financial issues encountered in everyday life. In California, 67% are unable to answer more than three of the five questions correctly. Also, most Americans do not comparison shop for credit cards, with 55% saying that in obtaining their most recent credit card they did not collect and compare information about cards from more than one company. Individuals need at least a fundamental level of financial understanding. This knowledge, paired with financial decision-making skills, can best ensure an individual’s financial capability. – FINRA Investor Education Foundation (2018).
www.usfinancialcapability.org/graph-embed.php?region=CA&row=Rainy+Day+Funds
http://www.usfinancialcapability.org/graph-embed.php?region=CA&row=Financial+Literacy”
Financial Education SHOULD be a huge part of our education, but its not. Many have leaned basic information about many aspects of life, but few have been trained for basic money skills. Things like:
Budgeting – Spending Plan:
Budgeting Basics
Evaluating Your Finances
Creating a Budget
Budgeting Benchmarks
Seasonal Budgeting
Saving:
Saving Basics
Choosing Savings Options
Growing Your Money
Building an Emergency Fund
Spending Within Your Means
Financial Institution Basics
Opening a Checking Account
Debit Cards and Prepaid Cards
Electronic / mobile Banking
Credit:
Credit Basics
Credit Scores
Building Credit
Credit Report
Credit Resources
Debt Basics
Understanding Debt Load
Getting Out of Debt
Rebuilding Your Finances
Debt Counseling Resources
Identity Theft:
Identity Theft Basics
How to Prevent Fraud
High Risk for Identity Theft
Identity Theft Protection While Traveling
Tools to Protect Identity
Life Events:
Going to College
Buying a Car
Renting an Apartment
Buying a Home
Landing a Job
Health Care
Family Life
Elder Care
Retirement
Handling the Unexpected
This is where McCann Consulting can help. Do you have a
group of 10 or more? Would you like to become more educated on a particular topic? Give us a call we can provide an educational plan that fits your budget and will
provide a wealth of knowledge and value. Call us today at 209-339-1825 and ask about providing financial education to your group.
