In 2004, the U.S. Congress designated April as National Financial Literacy Month. Our goal this April is to raise awareness about the importance of financial literacy education. The goal goes beyond helping our members learn more about finances to helping them actually improve their personal and household financial stability and success. Patriot Federal Credit Union is here to help you in your financial journey.
Why is Financial Literacy Important?
Financial literacy is key to understanding how to save, earn, borrow, invest, and protect your money wisely. It is also essential to developing short- and long-term financial habits and skills that lead to greater financial well-being.
Research shows that your overall physical health and well-being is directly correlated to your financial health and wellbeing. And just as many struggle with maintain their physical health, many Americans struggle with financial health For example:
Savings. Only 46 percent of Americans have a “rainy day fund” while two-thirds of Americans would be unable to come up with $1,000 in an emergency.
Banking. Approximately 26.9 percent of households in the United States are unbanked or underbanked, meaning they have no access to savings, lending, and other basic financial services.
Debt. Nearly one-third of Americans pay the minimum due on their credit card each month, while roughly 35 percent of adults with a credit file have a report of debt in collections.
Knowledge. 63 percent of Americans are unable to answer three out of five basic personal finance questions correctly, while only 24 percent of millennials demonstrate basic financial literacy.
Americans need help, and financial institutions such as Patriot Federal Credit Union uniquely qualified to provide it. We are here to help, reach out today to a member services representative at (888) 777-9982.
The Benefits of Financial Literacy
The main benefit of financial literacy is that it empowers us to make smart financial decisions. It provides the knowledge and skills we need to manage money effectively. And with his knowledge, we are better equipped to reach our financial goals and achieve financial stability.