Financial Literacy Month is a time to review your financial plan or make one

During these turbulent financial times, it’s more important than ever that your money is working as well as it can for you.

The original promoter of April as Financial Literacy Month is Jump$tart, a national organization that partners with other groups to promote financial literacy. During April, organizations across the country conduct events and initiatives to promote the importance of financial literacy and the need for effective financial education.

“Financial education is extremely important for people of all ages,” Charlie Clark, director of the Washington State Department of Financial Institutions, said in a statement. “While money habits can be formed at very early ages, it’s important to provide financial education at all life stages to ensure people have the information they need when it’s needed most.”

This year, the National Financial Educators Council released information from its annual National Financial Literacy Test, a 30-question assessment of people’s knowledge on 10 key areas of money management. The 104,583 Americans who took the test had an overall average score of 67.4 percent – falling below the goal of 70 percent to pass.

For a list of events during Financial Literacy Month, see the Jump$tart website.

Here’s a list of resources you can use to improve your knowledge of personal finances:

Consumer Reports

Washington State Department of Financial Institutions

National Foundation for Credit Counseling

Better Business Bureau

ConsumerAffairs.com

AARP

National Governors Association

Financial Counseling Association of America

HerMoney

Foundation for Financial Planning

The National Association of Personal Financial Advisors

MarketPlace

Investopedia

Kiplinger

Money

MyMoney.gov

Normally, MyMoney.gov would be at the top of the list. However, it’s especially difficult to trust financial information from federal agencies when the Trump administration and Congress are undoing consumer protections and dismantling federal regulators.

When I look at the federal government’s web page for events and resources for Financial Literacy Month, I wonder how consumers can trust federal agencies that are costing them thousands of dollars a year by reducing actions against companies that steal their money through deceptive and illegal practices and gutting regulations that help consumers and favor wrongdoers.

For example, President Trump will likely get rid of a rule that capped most bank overdraft fees at $5.

When you go to MyMoney.gov, you can probably rely on the basic money tips brochures. However, be on the lookout for right-wing misinformation so favored by the Trump administration.

Trump’s presidential message on Financial Literacy Month is full of lies and distortions. He says doing away with regulations and cutting the size of the federal government is ending the cost-of-living crisis, when it’s doing the opposite. Not to mention the tariff debacle that occurred after the presidential message was released.

In the message, Trump also brags about supporting the use digital financial technology, which he and his family are highly invested in. Including this tidbit in a presidential message on financial literacy is meant to encourage consumers to invest in cryptocurrency. Don’t to it. It’s risky.

Michigan Attorney General Dana Nessel has re-issued her alert, “Cryptocurrency! What is it? What are the Risks?” to highlight this speculative asset during April’s financial literacy initiatives. 

“During Financial Literacy Month, it’s crucial to understand the risks associated with cryptocurrency,” Nessel said in a statement. “While it is often portrayed as a lucrative investment, the reality is far from glamorous. Cryptocurrencies are volatile, susceptible to scams, and lack the regulatory protections of traditional investments. Investing in cryptocurrency should be approached with caution and a thorough understanding of the risks involved.” 

Since 2003, Financial Literacy Month has been offering consumers an opportunity – whether they’re just beginning their financial journey or already managing budget, savings, and investments – to strengthen their financial foundation. Small changes can lead to long-term financial success.

Comments

[Carol Cassara]

My husband and I are firmly partnered in this.

[Rita]

Carol, that's really great. It's always been important to do financial planning for families but it's even more vital these days during these rocky economic times.