We’re looking to promote the best of what banks and credit unions can offer in terms of Financial Literacy.
But let’s not jump the gun! Before things kick off next week, here’s a brief history of Financial Literacy Month.
The History of Financial Literacy Month
Back in 2000, The Jump$tart Coalition for Personal Financial Literacy started a movement to promote April as “Financial Literacy for Youth Month”. Their project quickly gained notoriety and in 2004 the US government officially passed a resolution with unanimous consent to recognize April as Financial Literacy Month.
The need was pretty clear since as the resolution reports,
only 26 percent of 13- to 21-year olds reported that their parents actively taught them how to manage money
only 30 percent of those surveyed in a 2003 Employee Benefit Trend Study are confident in their ability to make the right financial decisions for themselves and their families, and 25 percent have done no specific financial planning;
between 25,000,000 and 56,000,000 adults are unbanked, i.e., not using mainstream, insured financial institutions;
Financial Literacy Month works to educate and inform the public about the importance of understanding your personal finances, raising public awareness about financial issues that are relevant to all Americans.
Today, National Financial Literacy Month has really taken off with banks, credit unions and schools around the country participating.