» 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
[email protected]

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

  • Walter Panas Warr;ors: Fighting Stigma Against Mental Illness
    Our guest blogger this week is Melissa Smith, MS Ed, Youth Mental Health First Aid Trainer, High School Counselor, Advisor of the Warr;ors, Founder of ADHD A New Vision Camp and most importantly proud mother of an 11 year old amazing son who happens to have an ADHD diagnosis. Sticks and stones may break your […]
  • Signs of Mental Health Problems In Children
    To learn more about both the effects of bullying and mental health and what you can do, you are invited to a seminar on May 10, 2016:  Understanding the Legal Obligations of a School District Regarding Bullying and Student Mental Health By Marion M. Walsh, Esq. Every parent and school professional must be aware of […]
  • Updated Testing Accomodations For Students With Disabilities
    The New York State Education Department has published guidelines on testing accommodations for students with disabilities. In order for students with disabilities to participate equitably in state and local assessments, changes in testing procedures are necessary. However, in September 2015, the Common Core Task Force formed by Gov. Cuomo received reports from special education teachers […]
  • The Right To Vote For Individuals with Disabilities
    By Stacy M. Sadove, Esq. The last day to register to vote for the New York Presidential Primary Election (held on Tuesday, April 19) is March 25, 2016. With this date quickly approaching, many parents of adult children with special needs question whether their child will have the opportunity to vote when they turn 18. […]
  • March Is National Developmental Disabilities Awareness Month
    Littman Krooks attorneys and advocates are proud to celebrate National Developmental Disabilities Awareness Month (DDAM) during March. This month-long celebration recognizes the community contributions that people with intellectual and other developmental disabilities – as well as their advocates – make every day. Much progress has been made in our society’s treatment of people with intellectual […]

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



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

* indicates required