The concept of perpetuating awareness about the importance of financial literacy education and the consequences of not understanding personal finances was boosted when in 2004 the U.S. Congress designated April as “National Financial Literacy Month,” also known as “National Financial Capability Month.”
Each April, federal and state agencies, credit unions, banks and a bevy of nonprofit organizations take a stab at reminding consumers about the importance of sound financial practices with a goal of penetrating through the static and noise of normal everyday life.
Let’s face it—there are consumers with needs that may never be met through regular savings practices and advice gleaned from the public domain. A 2018 Money.com article cites the New York Federal Reserve’s Survey of Consumer Finances, which found “people’s peak earning years also appear to be their peak debt years.” It’s understandable—students enter the workforce, raise families and incur debt to support their needs for more space, education and cost of living.
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