211 National Financial Literacy Month - Day 5 - Components and Facts About Financial Literacy

Every year Financial Literacy Month is celebrated in April. Financial Literacy Month is not only a celebration but is a challenge. This is your opportunity to review your finances and gradually improve them over time. 

Components of financial literacy:

There are several components of financial literacy, which include

• earning
• spending
• saving
• investing
• borrowing
• protecting

Financial literacy consists of the ability to effectively use financial skills, it includes personal financial management, investing, and budgeting.

The primary variables of financial literacy include:

• gender
• age
• occupation
• marital status
• education level of an individual
• income.

Facts about financial literacy:

• In the U.S. 1 out of every 5 people lack basic skills of financial literacy
• Twenty percent of women show basic skills of basic financial literacy, men demonstrated forty-seven percent of financial literacy
• Fifty-four percent of student loan debt holders did not know about the requirement to pay the loans back.
• Only 20% of adults in the U.S. have received financial education
• Women save 68% for every dollar a man saves for retirement

Better understand the wage inequality between women and men and how this needs to be changed. Insight into the components and facts pertaining to financial literacy.  By the way, Learn about Paul Lawrence Vann's virtual Financial Fitness course, it is being offered at a 50% discount throughout the month of April, National Financial Literacy Month, here is the link:  https://bit.ly/3dbperG