Four in seven Americans are financially illiterate. That’s more than 50% of the American population not having the knowledge and skills to manage their finances.
Financial illiteracy entails tremendous costs. To begin with, people who are financially illiterate tend to suffer from anxiety and tension related to their financial situation. More than fifty-three percent of individuals report that it makes them uneasy to think about their financial condition. Four in ten people say that talking about their finances causes them stress.
Without an understanding of basic financial concepts, people are not well equipped to make decisions related to financial management. People who are financially literate can make informed financial choices regarding saving, investing, borrowing, and more. If you have a strong understanding of personal finance, it will be much simpler for you to make choices regarding your money.
The concept of financial literacy as a whole has gained traction in recent years as consumer trends have demonstrated that an excessive number of individuals are not making progress toward achieving financial stability. Unfortunately, the fundamental financial know-how individuals in the United States need to succeed in life is rarely taught in school settings. Most people learn financial lessons the hard way, through their families or the internet. Fortunately, some states now require high school students to take a personal finance course.
This National Financial Awareness Day, spread the benefits of having a good grasp of financial concepts like budgeting, tracking expenses, and saving. When your customers want to start understanding these basic concepts, there’s no better way than to put them into practice. Help them monitor their expenses and create a budget by giving them a functional giveaway like this Eclipse Bonded Leather Zippered Portfolio. With a built-in calculator and a writing pad, they can start tracking expenses and creating a budget that works for them. The interior pockets are also great for storing receipts and credit cards. Call us to order today!