Being able to manage money well is a lifetime skill, just like learning to be polite, to eat sensibly, or to brush your teeth. The earlier you cultivate good money habits, the easier it will be to earn, spend, save, invest, and borrow responsibly.
A recent report from Patriot Bank in Connecticut indicates about 4 in 10 U.S. adults lack a basic understanding of concepts applied in saving, investing and borrowing. The FINRA (Financial Industry Regulatory Authority) Foundation reveals a similar lack of financial skills via its periodic National Financial Capability study. (FINRA’s survey included online responses from over 27,000 adults.)
One statistic in the FINRA study is that 4 in 10 Americans feel they have too much debt. Little wonder, if those surveyed do not understand the wicked cycle of borrowing and compound interest.
April is Financial Literacy Month – what a great time to brush up on your skills on earning, spending, saving, investing, borrowing and sharing. To get started for yourself or someone you mentor, find some free downloads here.