The pandemic makes improving financial literacy more important than ever


This feature is part of InvestmentNews’ April series on financial literacy for National Financial Capability Month.

Our world has changed dramatically in recent weeks as the coronavirus disrupted the economy. This makes the work of improving the financial awareness and financial literacy of Americans all the more important as we approach National Financial Literacy Month in April.

As you can knowohw, 10,000 Americans turn 65 every day, and many are on track to run out of money long before the end of their lives. Many families are burdened with large amounts of student loans or other forms of debt, and more than half of American adults don’t have or understand why they need a financial, estate and gift plan. up to date to protect themselves and their families.

This creates a significant opportunity for you to advance your business by attracting motivated customers, while contributing to the growth of a stronger and financially sound national and international economy.

The master plan

Managing personal finances is more complicated and time-consuming today, but more important than ever. We live longer, but save proportionally less. We feel less secure in our jobs, our homes, and our general outlook than previous generations. We watch helplessly as our money evaporates due to exorbitant costs for housing, taxes, education, health care and too many unforeseen life events. Many customers and prospects worry about the future. Or unfortunately, in many cases, they just try not to think about it.

To combat this epidemic of financial illiteracy, we began 12 years ago to take an active leadership role in recognizing organizations and their leadership, as well as individuals, who champion improved financial awareness and financial literacy. We unite them with other associations, organizations, nonprofits, educational institutions, municipalities, employers, and news media to focus these vast community resources in the movement of improving financial awareness and literacy. which strives to create semi-annual personal finance media blitzes around two campaign strategies: Financial Literacy Month in April and, six months later, Estate Planning and Giving Awareness Month in October .

The plan is to reach everyone at least twice a year through these campaigns with educational and motivational content, reminders and tools to make informed financial decisions throughout life, as well as to get and keep your financial situation in order by having current financial, estate and gift plans. .

Promote your business while improving financial literacy

We’ve put together the following collection of tools to help you support and actively participate in the movement.

• Give clients a financial literacy quiz.

• Place editorial content on financial, estate and gift planning and investments on your website, incorporate it into newsletters and your local chapter newspaper, and promote it via social media and radio, television and webcasts and advertisements in support of Financial Literacy Month in April and Estate Planning and Giving Awareness Month in October.

• Add an “Improving Financial Awareness and Financial Literacy” page to your website.

• Organize, present or participate in webinars or seminars focused on investing, financial, estate and gift planning during the months of April and October.

• Circulate materials on the movement to improve the financial awareness of your colleagues and encourage them to support and actively participate in these important events.

[More: Doing our part to promote financial literacy]

Who benefits?

Everyone benefits from a stronger, financially sound economy. A significant improvement in financial awareness and financial literacy will have a major positive impact on healthcare, education, agriculture and food supply, economic empowerment and employment, while encouraging peace , violence reduction and more.

[More: Financial literacy: An epic fail in America]

Valentino sabuco is executive director of the Financial Awareness Foundation, a 501(c)(3) nonprofit organization whose mission is to help solve the epidemic of financial illiteracy.

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