The Department of Higher Education and Workforce Development states that, “National Financial Literacy Month is recognized each year in April to raise public awareness of the importance of financial literacy and maintaining smart money management habits.”
Designated by the US Senate in 2003, National Financial Literacy Month expanded upon Youth Financial Literacy Day, which was introduced by the National Endowment for Financial Education in 2000. Since then, this month-long observance has helped to educate and provide resources to help students and recent graduates “take control of their money and plan for the future.” Today, towns, cities, schools, and organizations across the country hold events and initiatives throughout the month of April to bring awareness to this valuable topic.
JumpStart.org, a Washington D.C. nonprofit, is working to address the importance of advancing financial education in America through a diverse collaboration of national organizations and state coalitions, “working together to educate and prepare our nation’s youth for life-long financial success.” JumpStart.org encourages parents to “worry less about ‘teaching’ their kids about money and focus more on TALKING about it. Most of us would be more open to a conversation than a lecture and raising your kids’ awareness about money opens the door to more ongoing conversations ….”
Of course, people of all ages and backgrounds can benefit from improving their financial literacy, and in March of 2017, President Obama made a proclamation highlighting the importance of being financially capable. Investopedia notes that financial literacy “can help support various life goals, such as saving for education or retirement, using debt responsibly, and running a business. Key aspects to financial literacy include knowing how to create a budget, plan for retirement, manage debt, and track personal spending.”
Financial Literacy in Coatesville
In a recent blog discussing our Current Employment Report in Coatesville, The Alliance for Health Equity touched upon the subject of financial literacy and earning a living wage. Here is an excerpt:
“Per capita income in the city of Coatesville is $21,374. Citing our Employment Report, this equates to a wage of about $10 per hour. Looking at the MIT Living Wage Calculator, found here, an adult in Coatesville would have to earn between $17.87 and $59.73 an hour, depending on their number of children, in order to meet living wage standards. Only 47% of low-income earners are financially literate, and according to research found in the American Economic Review, financial literacy is strongly associated with wealth outcomes.”
Click here for more information and to access the full Employment Report on our website, and click here for financial literacy tools and resources from the Consumer Federal Protection Bureau.
Through grantmaking, providing scholarships, building partnerships, and being a catalyst to spark new initiatives where they are needed the most, The Alliance for Health Equity is striving to advance a more equitable, resilient, and healthy community for all residents of the Greater Coatesville area. Visit our website to learn more, and follow us on Facebook, Instagram, and Twitter.
The Alliance for Health Equity (formerly Brandywine Health Foundation) is a philanthropic organization striving to advance a more equitable, resilient and healthy community for all residents of the Greater Coatesville area. We pursue our mission by providing grants and scholarships to local nonprofits and students that address health and economic disparities and social justice. We also build partnership programs and give voice to those often left out of community solution building to improve the overall health of their communities. 100% of contributions go directly to those in need.