April is Financial Literacy Month can you tell us a little about how this began?
The initiative started in 2004 when the US Senate declared the month of April National Financial Literacy Month. And In 2011 President Obama signed a Presidential Proclamation proclaiming April as National Financial Literacy Month.
What do you hope to accomplish with this initiative?
In partnership with The Financial Awareness Foundation and the National Association of Insurance and Financial Advisors (NAIFA), this initiative offers an opportunity for me to help provide a real solution to the lack of financial literacy that revolves around better educating the general public to the essential principles to smart personal financial management while motivating them to take appropriate actions.
Who is the Financial Awareness Foundation and NAIFA?
The Financial Awareness Foundation is 501(c)(3) nonprofit organization which serves as a nonpolitical "financial awareness advocate". NAIFA is 501 (c) 6 nonprofit association whose members are Insurance Agents and Financial Advisors. NAIFA members work with clients to evaluate their need for insurance, retirement and estate-planning protection.
What is Financial Literacy?
Knowing about money knowing how money can work for you and against you.
The more you know the more money you'll have. The more money you have the less you're worried about paying your bills, college tuition, retirement or estate planning.
Can you tell me about some overall statistics?
The majority of the adults in the US that reach the age of 70 are almost out of money.
Over 120 million adults, 50% of our adult population don't have a current estate plan.
Estate Planning is not just for the wealthy, is important for everyone.
According to a study by Money Management International, one-third of Americans said they should be responsible for their own financial education. It's quite alarming that people are making critical life decisions based on information gained from non-experts and fragmented sources. However, nearly four in five adults agree that they would benefit from advice and answers from a financial professional.
What are a few simple ideas to achieve financial success?
The first step is to commit to a change. Understanding money matters like creating and managing a budget, paying down debt while saving for emergencies, and creating achievable financial goals, is an important step for anyone making and spending money. Parents should set good examples for their children, and begin teaching them smart money habits early.
How can we find more information about financial literacy?
The Financial Awareness Foundation has three free downloaded books, that you may retrieve by going to knowingmymoney.com
Communicate and work more effectively with your financial advisor. If you do not currently have one you may find one at advisorsyoucantrust.org.