As the next iteration of our dynamic logo suggests, April is National Financial Literacy Month. America may be the world’s wealthiest country but it ranks 14th for the financial literacy of its populace, behind Singapore and the Czech Republic!
With a widening income gap, relative wage stagnation, and many Americans still feeling the effects of the Great Recession, a solid grasp of personal finance is a crucial part of improving individual, and national, wealth – and Vested is proud to support a number of clients, including Elevate and the Museum of American Finance with stated financial inclusion and financial education missions.
These kinds of efforts are sorely needed. Today, there isn’t only a debt crisis. There was a mortgage debt crisis, and now there’s a student loan debt crisis and a credit card debt crisis and an auto loan debt crisis. As Charles Wheelan, professor at Dartmouth, put it in Time, debt is wonderful — until it’s crushing.
A column published on Investopedia (another one of Vested’s clients) defined financial literacy thusly:
Financial literacy includes understanding how a checking account works, what using a credit card really means, and how to avoid debt. In sum, financial literacy impacts the daily decisions an average family makes when trying to balance a budget, buy a home, fund their children’s education and ensure an income at retirement.
We are committed to doing our part to promote financial literacy by helping some of the companies that have a deep and inherent commitment to it.
For more information on NFLM visit http://www.financialliteracymonth.com.