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What Is Financial Literacy?

4/09/2019

Financial Literacy Month is celebrated every April as a way to encourage a national conversation around the importance of teaching Americans about establishing smart financial habits. To understand the importance of financial preparedness, review our post below to find out what financial literacy is.

What Is Financial Literacy?

What Is Financial Literacy?

Everyone interacts with money and has to manage personal finances. Yet, it remains high on the list of taboo subjects to talk about openly. Financial literacy can include a working knowledge of financial planning, the management of debt, and different savings strategies. Regardless of an individual’s professional status or experience managing his or her financial needs, there is no better time than Financial Literacy Month to learn about finances and establish money goals.

The Importance of Understanding Your Finances

Understanding your finances will help you make smarter financial decisions. Now is the time to prepare for your financial future – being unprepared can backfire. Delaying financial preparedness and financial planning can cause individuals to develop even more anxiety around the topic of money. Layer on the fact that the average cost of living is rising and people may be caught off guard by their financial situations and security. One simple step to understanding your finances further is using financial calculators, which help illustrate concepts such as compound interest, mortgage loans, and auto loans.

PFCU’s #StopMoneyShaming Campaign

In 2018, PFCU launched its first-ever #StopMoneyShaming Campaign with a pop-up series to encourage open discussions about financial topics among Philadelphians and Temple University students. The photo contest documented real-life money confessions on social media – goals, fears, failures, and successes – while also directing people to valuable resources available online and in branches to help them meet their goals. Participants were encouraged to share their money confessions on social media throughout April, and a winner was selected at the end of the month who earned $250 and a free financial counseling session.

Stop by Temple’s Campus in April

The #StopMoneyShaming Campaign returned to Temple University’s campus on April 1, 2019. At PFCU, we’re committed to ending the stigma around money, encouraging individuals to have open and honest conversations about it and offering services and support to help you achieve your financial independence. Individuals can enter the contest until May 1 for a chance to win $500 and a free financial counseling session.

For more information, please visit www.pfcu.com/stopmoneyshaming. The remaining pop-ups will be held on Temple University’s campus on April 9, 17, and 25 from 11 a.m. to 1 p.m. Stop by on April 17 for a special appearance by Hooter the Owl!

erin-ellis 
Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
eellis@PFCU.COM