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I had come to know of April as celebrating many days: the day of pranks with April Fools’ Day, religious celebrations with Easter, cuteness overload with World Anime Day, and so many more such well celebrated days. But did you know that the entire month of April is dedicated as National Financial Literacy Month? I am so excited that the importance of being financially literate is emphasized with this month, which also happens to be my birth month :)
With only 35 states requiring personal finance, millions of students are left with limited or no access to this critical information. Without state requirements, this access is also inequitable. Every two years, the Council for Economic Education publishes the Survey of the States, detailing the status of personal finance and economic education in each state. Where does our state stand? https://fined50.org/us-map/
State laws and school curriculum aside, tt takes each of us to do our part in improving the financial literacy score for youth around the world.
What are some simple first steps that we can take starting today?
Learn the basics
Understand Key Terms: Begin by learning some basic financial terms like budgeting, savings, debt, credit, interest rates, investments, and inflation. This helps create a strong foundation.
Learn About Budgeting: Create a simple budget using money from allowance, a part-time job, or gifts. Track income and expenses to see how money is spent and saved.
The Importance of Saving: Open a savings account, either with a parent or on your own if you're old enough. Learn the benefits of saving for short- and long-term goals, like buying something special or saving for college.
Start a Side Hustle or Part-Time Job
Start a Side Hustle or Part-Time Job
Having a part-time job or side hustle (e.g., babysitting, tutoring, pet sitting, etc.) can help teach important financial skills like earning money, managing taxes, and budgeting income. It’s also a great way to gain hands-on experience with managing money.
Talk to Adults About Money
Talk to Adults About Money
Have conversations with parents, relatives, or family friends who have experience managing finances. Ask questions about how they budget, save, and invest. This can provide valuable, real-world advice.
Parents can help you understand the difference between wants and needs, the importance of saving for emergencies, and the value of avoiding impulse purchases.
With these first few simple steps, we can kick off a nice path to learning. And then there are so many websites and influencers that can teach us a lot. We can cover those as we get further into the details. For now, start with the simple steps stated above. Happy Learning!
Reference:
https://www.councilforeconed.org/
Ria Kumar
March 8, 2025
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