Financial literacy: It’s important for everyone
Edward Jones - Chad Choate, AAMS
For more information about the author, click to view their website: Edward Jones
Apr 25, 2024
Florida - Sarasota, Bradenton & Charlotte Counties
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April
is National Financial Literacy Month — a good reminder that all of us can
benefit from boosting our financial knowledge.
But
what is financial literacy? There’s no one single definition, but the term
certainly covers these areas:
• Saving
– Most of us would probably agree that saving money is important, but actually
doing it can be challenging given all the expenses of modern living. Still,
techniques are available that everyone can follow, such as having money
automatically moved each month from a checking or savings account to a
financial account that’s not used for daily expenses.
• Budgeting
– Budgeting isn’t necessarily a fun activity — but it’s an important one. And
it’s easier than ever these days, given the variety of budgeting tools
available online. By tracking your spending every month and organizing it into
categories, you may be able to find areas where you can cut back, such as on
streaming services you rarely use.
• Borrowing
– Virtually all of us carry some type of debt at various times in our
lives. But it’s important to manage your debt load so it doesn’t become too
burdensome. One way of achieving this goal is to use “good” debts wisely — such
as a low-rate mortgage on your home — and avoid “bad” debts — such as high-rate
credit cards used for unnecessary purchases.
• Investing
– As you go through life, you’ll likely have a variety of financial goals, such
as making a down payment on a house, sending your children to college and
attaining a comfortable retirement lifestyle. And to achieve these goals,
you’ll need to invest for them. That’s why it’s important to learn about
different types of investments and how to develop an investment strategy that’s
appropriate for your objectives, risk tolerance and time horizon.
We
aren’t born with these skills — we have to learn them. Unfortunately, as
valuable as they are, they aren’t widely taught to young people. In fact,
according to a 2023 Edward Jones study conducted with Morning Consult, only 20%
of respondents reported receiving financial education in school. This situation
may be changing, though, as many states are now requiring or recommending
personal finance education before high school graduation.
For
now, though, if you have younger children, try to teach them money management
skills. You will likely find that they enjoy learning about these matters. You
can make it fun for them in different ways, too. For example, to teach them
about investing, why not buy them a share or two of stock of a company with
which they’re familiar? Charting a stock’s progress and learning something of
the factors affecting its price can help children build a foundation in
investing, which will be valuable when they reach the age when they can invest
for themselves.
But
financial education isn’t just for kids. If you feel that you are lacking
somewhat in any of the key financial management areas mentioned above, you can
always educate yourself by reading or talking to people knowledgeable in these
subjects. You also might find it valuable to work with a financial professional
— someone who will take a holistic approach to your finances and make
appropriate suggestions.
National
Financial Literacy Month will end on April 30, but the benefits of financial
literacy can last a lifetime.
Chad
Choate III, AAMS
828 3rd
Avenue West
Bradenton,
FL 34205
Edward Jones, Member
SIPC
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