Financial literacy provides the foundation for saving and spending wisely.
It is the basis for the responsible use of money and for making informed financial decisions that can affect our families and our future. In short, financial literacy is a fundamental skill set for each of us, whether we are making choices as students, consumers, members of the workforce or responsible citizens and voters.
Poor financial literacy has numerous consequences for individuals and employers. Lack of financial knowledge can affect an individual’s or family’s ability to save for long-term goals and can make them more vulnerable to a severe financial crisis. In addition, poor financial literacy may lead to paying higher interest and fees, purchasing financial products that are not really needed, or reluctance to buy financial products that are truly beneficial.
Developing strong personal financial literacy skills is critical. Discover helpful resources to improve your financial literacy:
- National Endowment for Financial Education (NEFE)
- Practical Money Skills for Life
- Pocket Cents - Financial resources for all ages
- Financial tools & resources from MyCreditUnion.gov
- Helpful Articles & Tips