» April is Financial Literacy Month

April is Financial Literacy Month

White Plains, NY (Law Firm Newswire) April 16, 2014 – Financial Literacy Month is being observed in April 2014.

This is an excellent time to recognize the important role that financial literacy plays in individual economic security and the financial health of the nation. Many Americans are not well-informed about important financial issues that affect their everyday lives. Schools, parents, government agencies and financial institutions and advisers all have a role to play in helping to increase knowledge and understanding of critical economic issues.

The overall lack of financial literacy among the general public is evident from a number of surveys. In one study conducted by the TIAA-CREF Institute, people over 50 years of age were asked three general financial questions. To be able to provide the right answer, they would need to understand the basics of inflation, interest rates and risk diversification. Only about one-third of the people answering the survey got all three questions right.

Individuals wishing to test their own financial literacy may take a similar quiz from the FINRA Investor Education Foundation. The quiz consists of five questions, and after completion one may compare one’s own performance to the national average and the averages for each state. The quiz has been taken by 25,000 consumers, and only 14 percent were able to answer all five questions correctly.

Surveys have also found that young Americans are less likely to be financially literate than older Americans, but that is not surprising considering that 26 states have no requirements for financial literacy education, and only four states require that students take a high school personal finance class.

A lack of financial literacy has real consequences, as studies show that people with a better understanding of personal finance are more likely to plan for retirement, and people who make such plans have an average personal wealth twice as great as people who do not. People with low financial literacy tend to save less, borrow more and pay higher fees for financial products. A lack of financial literacy also corresponds to people having difficulty with debt and not understanding the terms of mortgages and other loans. Without a basic understanding of personal finance, people are more likely to end up paying higher interest rates and avoidable fees.

New York Contact:
Maria M. Brill
Littman Krooks LLP
(914) 684-2100
mbrill@littmankrooks.com

New York City Office
655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone

Westchester Office
399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone

Dutchess Office
300 Westage Business Center Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone


View Larger Map

  • USDOE Hears Testimony on SRO Delays and Proposed Compliance Agreement
    By Marion Walsh, Esq. The New York State Department of Education’s Office of State Review (“SRO”), which hears appeals of special education proceedings after an Impartial Hearing Officer (“IHO”) decision, has been out of compliance with federal mandates to issue timely decisions within 30 days, since April of 2012. This delay has impeded the right [...]
  • Discipline and the Special Education Student
    By: Giulia Frasca, Esq. The Justice Department conducted a study that shows that although children with special needs who receive special education services comprise twelve percent (12%) of the nation’s students, they constitute nineteen percent (19%) of students disciplined with either a suspension or expulsion. These percentages indicate that school districts often fail to understand [...]
  • Child's Preschool Admission Rescinded After Autism Diagnosis
    A case of alleged discrimination by a Manhattan preschool against a boy diagnosed with autism reminds us that individuals with special needs are often treated unfairly and legal action is sometimes necessary to protect their rights. The parents of a two-year-old boy say that a private school in Tribeca offered him a spot in its [...]
  • Guest Blog: Face Value Comics: the World's First Featured Comic Book Hero with Autism
    By Dave Kot, Founder, Face Value Comics Kids want and need heroes like themselves. We may not have superpowers, yet comic books allow us to daydream. Readers can imagine themselves as someone special without limits on their potential. Sadly, most comic books not only ignore autism, but marginalize or inaccurately portray this sensory processing challenge. [...]
  • Podcast: Hoading Behaviors
    Our guest this week, Leslie Josel, Founder, Order Out of Chaos joins host Bernard A. Krooks, Esq., to discuss identifying hoarding behaviors, organizational issues and downsizing. [POWERPRESS].

See other news sources publishing this article. BETA | Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required