237 National Financial Literacy Month - Day 30 - The Importance of Being Financially Literate & What You Should Do Moving Forward

Now more than ever it is important that we all become financially
literate because our economy demands it. Our economy demands it
because we have to learn how to navigate the cost-of-living
crisis, the inflation cycle we are in, and kitchen table issues.


Facts:


Roughly 62 percent of men are financially literate, compared with
52 percent of women. Similarly, the data show that about 64
percent of adults living in high-income households are
financially literate, compared to about 47 percent of adults
living in low-income households.


Financial literacy helps to improve the quality of financial
services and contributes to the economic growth and development
of a country. Increasing the complexity of the economy,
individual needs, and financial products, the individual must
have financial literacy to manage his personal finances.


Americans scored an average of 68% on the national financial
literacy test. The average score up to date is 67.93%, and the
percentage of passing scores is 58.61%. Financial literacy high
school statistics show that the average score among Americans
aged 15-18 in 2020 was 67.93%.


Current financial literacy statistics
Roughly 53% of adults are financially anxiousTwo in three
families lack an emergency fundApproximately 78% of adults live
paycheck to paycheckFour in five adults experience barriers to
homeownershipRoughly 54% of Millenials are concerned about student
loansThree in five adults don't keep a budget

This is the last day of Wealth Academy Podcast's 30-day financial
literacy series. Hopefully, you have learned things that will
help you become financially literate. It is important that we all
become as knowledgeable about financial literacy so we can
positively make a difference in our country. Being able to
navigate today's economy that is in a historic inflationary cycle
demands that we be proactive in accounting for every cent we
spend, so we can become debt-free and financially independent,
here is to your financial success!


Learn about Paul Lawrence Vann's digital Financial Fitness
course, it is being offered at a 50% discount throughout the
month of April, National Financial Literacy Month, here is the
link:  https://bit.ly/3dbperG