211 National Financial Literacy Month - Day 5 - Components and Facts About Financial Literacy

Every year Financial Literacy Month is celebrated in April.
Financial Literacy Month is not only a celebration but is a
challenge. This is your opportunity to review your finances and
gradually improve them over time. 


Components of financial literacy:


There are several components of financial literacy, which include


earning

spending

saving

investing

borrowing

protecting



Financial literacy consists of the ability to effectively use
financial skills, it includes personal financial management,
investing, and budgeting.


The primary variables of financial literacy include:


gender

age

occupation

marital status

education level of an individual

income.



Facts about financial literacy:


In the U.S. 1 out of every 5 people lack basic skills of
financial literacy

Twenty percent of women show basic skills of basic financial
literacy, men demonstrated forty-seven percent of financial
literacy

Fifty-four percent of student loan debt holders did not know
about the requirement to pay the loans back.

Only 20% of adults in the U.S. have received financial
education

Women save 68% for every dollar a man saves for retirement



Better understand the wage inequality between women and men and
how this needs to be changed. Insight into the components and
facts pertaining to financial literacy.  By the way, Learn
about Paul Lawrence Vann's virtual 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