financial literacy essay samples

Essay on Financial Literacy for Students and Children

Importance of financial literacy, an introduction to financial literacy.

We go to schools, colleges, universities to complete our educated and start earning our livelihood. We take up jobs, practise professions or start our own businesses so that we can earn money to make our living. But which of these institutions make us capable of managing our own hard-earned money? Probably a very few of them. 

Our ability to effectively manage our money by drawing systematic budgets, paying off our debts, making buying and selling decisions and ultimately becoming financially self-sustainable is known as financial literacy. 

Financial literacy is knowing the basic financial management principles and applying them in our day-to-day life. 

Financial Literacy – What does it Involve? 

From simple practices like keeping a track of our expenses and understanding the need to spend money if we like a product to striking a balance between the value of time saved and money lost, paying our taxes and filing of tax returns, finalizing the property deals, etc – everything becomes a part of financial literacy. 

Get the huge list of 500+ Essay Topics here

As human beings, we are not expected to know the nitty-gritty of financial management. But managing our own money in a way that it does not affect us and our family in a negative way is important. We certainly do not want to end up having a day with no money at hand and hunger in our stomach. 

Why is Financial Literacy so Important?

Financial literacy can enable an individual to build up a budgetary guide to distinguish what he buys, what he spends, and what he owes. This subject additionally influences entrepreneurs, who incredibly add to financial development and strength of our economy. 

Financial literacy helps people in becoming independent and self-sufficient. It empowers you with basic knowledge of investment options, financial markets, capital budgeting, etc.

Understanding your money mitigates the danger of facing a fraud-like situation. A few strategies are anything but difficult to accept, particularly when they’re originating from somebody who is by all accounts learned and planned. Basic knowledge of financial literacy will help people with foreseeing the risks and argue/justify with anyone learned and well-informed.

What should you read on / get informed about in Financial Literacy?

• Budgeting and techniques of budgeting
• Direct and indirect taxation system
• Direct tax slabs
• Income and expense tracking 
• Loans and debt – EMI management 
• Interest rate systems: fixed versus floating
• Business and organisational transaction studies
• Elementary Book-keeping and Accountancy
• Cash in-flow and out-flow Statements
• Investment & personal finance management
• Asset management:
• Business negotiation skills and techniques
• Make or buy decision-making
• Financial markets 
• Capital structure – owner’s funds and borrowed funds
• Fundamentals of Risk Management
• Microeconomics and Macroeconomics fundamentals

While there are various media to learn about financial literacy, we recommend that you join a short-term, weekend programme which helps you get financially literate.

Customize your course in 30 seconds

Which class are you in.

• Travelling Essay
• Picnic Essay
• Our Country Essay
• My Parents Essay
• Essay on Favourite Personality
• Essay on Memorable Day of My Life
• Essay on Knowledge is Power
• Essay on Gurpurab
• Essay on My Favourite Season
• Essay on Types of Sports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Download the App

Financial Literacy: The Importance in the Modern World Essay

In previous years, the issue of investing has become popular among beginning investors who follow the advice of bloggers and put their money in unsafe securities or individuals who hope for the burgeoning future of NFTs and cryptocurrency. However, instead of blindly following the advice of impostor financial advisors or buying securities without having knowledge about them, the public should focus on overall financial literacy. From a very young age, every person should learn how to use their money wisely and how it can help not only save but multiply the savings and have enough for a carefree retirement.

The first reason why acquiring the skills of financial literacy is essential is its protection against inflation. At the given moment, the rate of inflation is 7.7%, which means that if money is simply in the deposit account, at the end of the year, its value will decrease by this number (U.S. Inflation Calculator). This is why if people desire to make a big purchase after having enough money for it, eventually, they will be trapped in a vicious circle of constant saving since the prices will be rising together with inflation.

Another point that representatives of younger generations must understand is that financial literacy enables skills of wise saving for retirement. According to The New York Times, schools do not have obligatory courses on 401(k)s and Individual Retirement Accounts, despite the fact that the majority of employees are now responsible for their own retirement plans (Lieber and John). As a result, many children, adolescents, and adults are unaware of the fact that if they start investing $5,000 annually at the age of twenty-two, by the age of 67, they will accumulate approximately $1 million dollars (Lieber and John). However, if they start at thirty-two and invest the same amount of money, they will only manage to generate $500,000 (Lieber and John). Thus, this is the compound interest effect that many people with a lack of financial literacy fail to understand.

Moreover, it is vital to see the benefits of saving in order to have a safety cushion. According to Forbes, two out of three Americans are spending their savings because they are concerned about inflation (Campisi). As a result, these individuals who refuse to save will not have an emergency fund, and if there is a crisis situation, they will have to seek loans. In comparison, those who have basic financial literacy skills know that panicking is the worst enemy, and they are prepared for such scenarios, which is why financial literacy is crucial.

Still, it is important to review other valid opinions regarding investing and saving. While it can be a helpful skill, sometimes financial literacy, along with consistent investing, can be disrupted by certain risks. For instance, the financial crisis of 2008 led to a loss of $2 trillion dollars (Merle). However, it is noteworthy that the results of such outcomes were external factors rather than personal actions.

Hence, it is necessary to learn the fundamentals of financial literacy from a young age in order to have a carefree retirement, emergency funds, and protection against inflation. I believe that it is unfortunate that children do not acquire this knowledge at school and, therefore, it should be either personal or parental responsibility to either learn or teach such skills. With such an approach, both children and adults will be more careful with money and be prepared for any hardship or crisis, being able to grow into financially independent people.

Works Cited

Campisi, Natalie. 2 Out Of 3 Americans Say They’re Blowing Through Savings to Cope With Inflation—Do This Instead . Forbes, 2022. Web.

Lieber, Ron and Todd S. John. How to Win at Retirement Savings . The New York Times, n.d. Web.

Merle, Renae. A Guide to the Financial Crisis — 10 Years Later . The Washington Post. Web.

U.S. Inflation Calculator. Current US Inflation Rates: 2000-2022 . U.S. Inflation Calculator, n.d. Web.

• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2023, December 27). Financial Literacy: The Importance in the Modern World. https://ivypanda.com/essays/financial-literacy-the-importance-in-the-modern-world/

"Financial Literacy: The Importance in the Modern World." IvyPanda , 27 Dec. 2023, ivypanda.com/essays/financial-literacy-the-importance-in-the-modern-world/.

IvyPanda . (2023) 'Financial Literacy: The Importance in the Modern World'. 27 December.

IvyPanda . 2023. "Financial Literacy: The Importance in the Modern World." December 27, 2023. https://ivypanda.com/essays/financial-literacy-the-importance-in-the-modern-world/.

1. IvyPanda . "Financial Literacy: The Importance in the Modern World." December 27, 2023. https://ivypanda.com/essays/financial-literacy-the-importance-in-the-modern-world/.

Bibliography

IvyPanda . "Financial Literacy: The Importance in the Modern World." December 27, 2023. https://ivypanda.com/essays/financial-literacy-the-importance-in-the-modern-world/.

• Ways in Which NFTs Can Benefit Companies
• Non-Fungible Tokens and Marketing in Creative Industry
• Cryptocurrency and Its Taxation in Australia
• Cryptocurrency and Its Instability Issues
• The Cryptocurrency Concept Analysis
• The Art of Failure
• Cryptocurrency Schemes Creating Artificial Bubbles
• “Cryptocurrency and the Problem of Intermediation” by Harwick
• Bonds and Stocks vs. Cryptocurrency
• Rise of Cryptocurrency
• Aspects of the 2008 Financial Crisis
• Essential Points From the Financial Crisis
• Economic Aspect of a Vaccine Cost
• Strategies to Save and Protect Money
• Auctions for Selling Products and Gathering Data

If you're seeing this message, it means we're having trouble loading external resources on our website.

If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked.

To log in and use all the features of Khan Academy, please enable JavaScript in your browser.

Financial Literacy

Course: financial literacy   >   unit 1.

• Welcome to Financial Literacy
• Welcome to Financial Literacy!

What is financial literacy?

Is financial literacy just about knowing how to budget, is it too late for me to become financially literate, do i need specific math skills to be financially literate, isn't financial literacy only important for people who make a lot of money, is it enough to just put my money in a savings account, want to join the conversation.

• Upvote Button navigates to signup page
• Downvote Button navigates to signup page
• Flag Button navigates to signup page

Home — Essay Samples — Economics — Money — Importance of Money Management and Financial Literacy for Students

Importance of Money Management and Financial Literacy for Students

• Categories: Literacy Money Personal Finance

About this sample

Words: 1537 |

Published: Aug 14, 2023

Words: 1537 | Pages: 3 | 8 min read

Table of contents

Importance of financial literacy and financial education, how other countries apply financial literacy, what can be done within our current school systems, my own financial literacy level.

• Anderloni, L. and Vandone, D. (2010), “Risk of overindebtedness and behavioral factors”, Working Paper No 25, Social Science Research Network, Santa Monica, CA.
• ASIC (2011), “National financial literacy strategy: Australian securities & investment commission Report No. 229”, available at: www.financialliteracy.gov.au/media/218312/national-financialliteracy-strategy.pdf (accessed 23 October 2016).
• Atkinson, A. and Messy, F. (2012), “Measuring financial literacy: results of the OECD/International Network on Financial Education (INFE) Pilot study”, Working Paper No. 15, OECD Working Papers on Finance, Insurance and Private Pensions, OECD Publishing, Paris.
• Filipiak, U. and Walle, Y.M. (2015), “The financial literacy gender gap: a question of nature or nurture?”, Discussion Papers No. 176, Courant Research Centre: Poverty, Equity and Growth.
• Huston, S.J. (2010), “Measuring financial literacy”, The Journal of Consumer Affairs, Vol. 44 No. 2, pp. 296-316.
• National Strategy for Financial Literacy (2012), “Commission for financial literacy and retirement income”, available at: www.cflri.org.nz/sites/default/files/docs/FL-NS-National%20Strategy2012-Aug.pdf (accessed 24 October 2016).
• Organisation for Economic Co-operation and Development (OECD) (2012), OECD/INFE High-Level Principles on National Strategies for Financial Education, OECD Publishing, Paris.
• Vitt, L.A. (2004), “Consumers financial decisions and the psychology of values”, Journal of Financial Service Professionals, Vol. 58 No. 6, pp. 68-78.

Cite this Essay

Let us write you an essay from scratch

• 450+ experts on 30 subjects ready to help
• Custom essay delivered in as few as 3 hours

Get high-quality help

Dr Jacklynne

Verified writer

• Expert in: Education Economics Law, Crime & Punishment

+ 120 experts online

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy . We’ll occasionally send you promo and account related email

No need to pay just yet!

Related Essays

2 pages / 753 words

3 pages / 1163 words

1 pages / 684 words

2 pages / 1025 words

Remember! This is just a sample.

You can get your custom paper by one of our expert writers.

121 writers online

Still can’t find what you need?

Browse our vast selection of original essay samples, each expertly formatted and styled

Related Essays on Money

Credit cards are dangerous, especially for new credit card users who may be interested by what seems like “free” money. Some credit card users fall into credit card traps. If you’re thinking about getting a credit card, [...]

Money is a crucial aspect of life, and saving it is a necessary practice that everyone should embrace. According to a recent survey, only 41% of Americans have saved enough money to cover unexpected expenses. This statistic [...]

The age-old debate of cash versus credit card continues to be a topic of discussion and personal preference. Both payment methods have their advantages and drawbacks, and choosing the right one depends on various factors. In [...]

Winning the lottery is a dream that many people have. The thought of suddenly coming into a large sum of money can be exhilarating and life-changing. For me, winning the lottery was something that I had never even considered. I [...]

My financial situation is not stable right now. My mother sends me money every month so I can cover my expenses and buy whatever I need. I don’t have that much of monthly expenses, mostly my phone bill expenses, groceries, [...]

F. Scott Fitzgerald’s The Great Gatsby relates to today's society with corruption and unhappiness that money brings. The novel shows how people's morals back then and today are basically the same. If Gatsby has money and all the [...]

Related Topics

By clicking “Send”, you agree to our Terms of service and Privacy statement . We will occasionally send you account related emails.

Where do you want us to send this sample?

By clicking “Continue”, you agree to our terms of service and privacy policy.

Be careful. This essay is not unique

This essay was donated by a student and is likely to have been used and submitted before

Download this Sample

Free samples may contain mistakes and not unique parts

Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.

Please check your inbox.

We can write you a custom essay that will follow your exact instructions and meet the deadlines. Let's fix your grades together!

Get Your Personalized Essay in 3 Hours or Less!

We use cookies to personalyze your web-site experience. By continuing we’ll assume you board with our cookie policy .

• Instructions Followed To The Letter
• Deadlines Met At Every Stage
• Unique And Plagiarism Free

Argumentative Essay on Financial Literacy

Financial literacy entails teaching students the basics of managing money through investing, budgeting and saving. This knowledge gives the foundation for learners to have resilient money habits at an early age to avoid problems later in life (Morgan, and Long 105). Financial literacy is critical to high school students because it lays a strong foundation for financial stability, reduces minor financial errors, and facilitates students’ debts to initiat e  saving.

Financial literacy helps students to have a strong foundation for gauging their financial stability which is essential to future leaders. Students with these skills reflect excellent financial management initiated by how a person creates his spending plan and budget (Grohmann and Menkhoff 84). Students with solid skills and firm foundations in financial stability will be able to develop sensible minds that allow them to distinguish between needs and wants

Furthermore, students with financial literacy make fewer financial errors in school. There are several financial mistakes students without financial literacy make, including overspending the little cash given by their parents. Overspending on luxurious things creates an irresponsible trait for students who will be the future adults. Financial literacy equips the students with skills that allow them to develop wisdom on how to minimize their expenditure (Grohmann and Menkhoff 90). Quality expenditure promotes saving and planning hence inculcating stable financial systems in the country and improving the economic status.

Nevertheless, financial literacy alleviates debts in students because they can understand the value of money. When students appreciate the money value, they become capable of handling their cash better. They become more aware of the importance of budgets and savings hence avoiding unnecessary expenses (Jayaraman and Jambunathan 169). Financial literacy helps students avoid unhealthy debts as they only buy the essential items needed in their lives, thus reducing impulse buying.

Financial literacy is essential in high school students because it instills the value of saving and investing in learners. This practice is vital because it forms a saving habit for the student early in life. A student with saving skills needs to have a financial plan, both long and short terms, and learn their implementation procedures (Jayaraman and Jambunathan. 170). Students with such skills are mindful in setting their personal financial goals and can calculate their expenditures to see if they are within their budget limit. Such students will focus on high savings and investments in their future lives.

However, financial literacy is not taught in many schools in the United States of America because the program is not included in the national curriculum provided by the government. To the state, including this course needs more funding while some schools may not be able to cater for these expenses. For the schools to provide a central curriculum, they should adopt an education system that is affordable and accessible to all students and schools (Kyoung et al. 195). Some education stakeholders, like teachers, believe that students should only concentrate on their academic studies. To the teachers, financial literacy skills are irrelevant to students who are still learning and not in a position to earn money.

Conclusively, financial literacy involves skills and knowledge in saving, budgeting, and spending money. High school students need these skills to have a strong foundation for financial stability, reduce overspending errors, alleviate debts, and promote savings and investment. However, this literacy is not practiced because it’s not in the education system of the national curriculum.

Works Cited

Grohmann, Antonia, Theres Klühs, and Lukas Menkhoff. “Does financial literacy improve financial inclusion? Cross country evidence.”  World Development  111 (2018): 84-96.

Jayaraman, J. D., and Saigeetha Jambunathan. “Financial literacy among high school students: Evidence from India.”  Citizenship, Social and Economics Education  17.3 (2018): 168-187.

Kim, Kyoung Tae, Somer G. Anderson, and Martin C. Seay. “Financial knowledge and short-term and long-term financial behaviors of millennials in the United States.”  Journal of Family and Economic Issues  40.2 (2019): 194-208.

Morgan, Peter J., and Trinh Quang Long. “Financial literacy, financial inclusion, and savings behavior in Laos.”  Journal of Asian Economics  68 (2020): 101197.

Cite This Work

To export a reference to this article please select a referencing style below:

Related Essays

Explanation of collective bargaining, role of managers, amazon, employee retention in a modern workplace, key leadership qualities, marketing plan for nando company, development trajectory of china, popular essay topics.

• American Dream
• Artificial Intelligence
• Black Lives Matter
• Bullying Essay
• Career Goals Essay
• Causes of the Civil War
• Child Abusing
• Civil Rights Movement
• Community Service
• Cultural Identity
• Cyber Bullying
• Death Penalty
• Depression Essay
• Domestic Violence
• Freedom of Speech
• Global Warming
• Gun Control
• Human Trafficking
• I Believe Essay
• Immigration
• Importance of Education
• Israel and Palestine Conflict
• Leadership Essay
• Legalizing Marijuanas
• Mental Health
• National Honor Society
• Police Brutality
• Pollution Essay
• Racism Essay
• Romeo and Juliet
• Same Sex Marriages
• Social Media
• The Great Gatsby
• The Yellow Wallpaper
• Time Management
• To Kill a Mockingbird
• Violent Video Games
• What Makes You Unique
• Why I Want to Be a Nurse
• Send us an e-mail

Important Addresses

Harvard College

University Hall Cambridge, MA 02138

Harvard College Admissions Office and Griffin Financial Aid Office

86 Brattle Street Cambridge, MA 02138

Social Links

If you are located in the European Union, Iceland, Liechtenstein or Norway (the “European Economic Area”), please click here for additional information about ways that certain Harvard University Schools, Centers, units and controlled entities, including this one, may collect, use, and share information about you.

• Application Tips
• Navigating Campus
• Preparing for College
• How to Complete the FAFSA
• What to Expect After You Apply
• View All Guides
• Parents & Families
• School Counselors
• Información en Español
• Undergraduate Viewbook
• View All Resources

Search and Useful Links

Search the site, search suggestions.

Financial Literacy

Helping you prepare for life..

We want financial literacy to be a part of your life. To that end, we have focused our resources on providing support and education on financial understanding for all students. The more you know, and the more tools you have at your disposal, the better prepared you will be for life at and beyond Harvard.

In this guide, you'll find information on budgeting, credit, saving and investing, and taxes.

A budget is, simply put, a plan for your money. By tracking income and expenses you can create a plan for your spending and saving. 

Why do you need a budget?

If you have ever found yourself looking at your bank account and wondering where your money went, a budget can help. The most common cause of financial problems is spending more than you are earning. With a flexible, sensible budget, you can control of your money and avoid financial stress. It can help you limit spending and ensure there is enough money to do the things that you want. 

How to get started

• Build a starting budget with your best guess of what you spend in a month (on average), separated into categories like books, personal expenses, rent, phone, and entertainment.
• Track your expenses for a few months. Then, compare these figures with your previous projections. You may be surprised to see where your guesses were higher or lower.
• Once you have tracked your expenses, compare these to your income. If you are spending more than you are earning, you need to make changes.
• Be honest about "needs" vs. "wants". Enjoying a store-bought coffee every single day is nice, but you could save up to $80/month by reducing this purchase from daily to weekly.
• Review your monthly budget for any necessary changes. Remember: a budget is fluid, meaning that it will (and should) adjust as your income and goals adjust.

Determining How Much Disposable Income You Have

Consider setting some of your income aside in a savings account, and putting limits on how much you can spend on non-essential items.

Let’s say you buy a cup of coffee on most days, grab a quick bite a couple times a week, and go out on Saturday nights for fun with friends. Your yearly spending may look like this:

• Coffee 4x/week @ $2.50 = $520
• Quick late-night snack 3x/week @ $6.50 = $1,014
• Weekend Fun @ $25-30 each weekend = $1,560

Your total spending would be $3,094 per year, or $12,376 for the four years of college--enough to buy a car. Considering this, make sure you’re being thoughtful about how you want to spend and save your money!

Moving forward with a flexible budget

For your budget to be useful, you need to follow it for more than a few months. Tracking your daily purchases only takes a few minutes. It takes even less time with a budgeting app that links to your bank and credit card accounts and automatically categorizes your purchases. Finding it hard to stick to your budget? Some of your figures may be unrealistic so review and adjust as needed. Perhaps you need to allocate more towards books and travel, and less on clothing. The best budget is one that grows and changes to meet your needs

What can you do now?

Setting up financial goals will help you plan and prioritize what’s important to you, and how you should set up a budget to align with your interests. Goals will also help you be more aware of how you spend your money day-to-day. It’s a good idea to write out these goals, and to stay mindful of them as you go through college!

If you like a pen and paper approach, you can try a simple tracking sheet like this one from Balance Pro or a more comprehensive budget worksheet like this one from the Harvard University Employees Credit Union . If you prefer a phone app, there are many to choose from and most are free. Read reviews to determine what makes the most sense for you.

Credit is a major factor in today's economy and is your reputation as a borrower. In order to have the best reputation, credit wise, you should take the time to learn about managing your credit. This is especially important when it comes time to rent an apartment, finance a car, buy a house, or even find a job. The sooner you start building your credit profile, the better off you'll be in the future.

Credit Report vs. Credit Score

A credit report is a detailed report of your credit history. It has personal information, employment history, and a list of open and closed credit accounts. You can get a free copy of your credit report once per year from each of the three credit reporting bureaus: Equifax, Experian, and Transunion. The website to check is  www.annualcreditreport.com . It’s a good idea to review your report at least once per year to ensure accuracy and check for fraud. If someone were to fraudulently open a line of credit in your name, you might never know without checking your report.

A credit score is a snapshot of your credit risk at a point in time, based off of your credit report. Credit scores such as FICO range from 300-850, with the majority of Americans scoring between 600-800. For lenders, a higher score means a lower chance of default.

Lenders often charge higher interest rates when taking on higher risk, so a low credit score means a more expensive loan. Conversely, a higher credit score means a less expensive loan. With solid credit history you can pay less for many credit products like private loans, credit cards, insurance, auto loans, and mortgages.

Do Your Research

Before applying for a credit card, compare each potential card’s annual fees, interest rates, special rewards, and credit limit. Little differences can have major impacts. Once you choose a credit card and begin using it, make your payments on time and pay off your balance each month. Failure to do so can result in large fees and do serious damage to your credit score. Try not to carry a balance on the card; instead, make occasional and sensible purchases.

Components of Your Credit Score

• Payment History (35%)  This is the largest factor and thus the best way to improve your score: make consistent, on-time payments. If you are more than 30 days late even once, that record remains on your credit report for 7 years and could result in a drop of 90 points or more in your credit score.
• Amount of Debt (30%)  How much debt you have relative to your available credit makes up the second largest factor in your score. A good rule of thumb is to keep your debt utilization ratio ( amounts owed/total credit limit ) below 30%. Pretend you have two credit cards and both have a limit of $500. To stay within 30% you would spend no more than $300 between the two cards.
• Length of Credit History (15%)  Lenders like to see long relationships with other lenders. One easy thing you can do to build credit history is open a no-annual-fee credit card, charge a few dollars each month, and pay it in full each month when the bill comes. 
• New Credit (10%)  Anytime you apply for a line of credit and a lender does what is called a "hard pull" on your credit score, your score can drop by a few points. This isn’t a big deal as new credit only makes up 10% of your score, but if you do this often enough it can substantially impact your score and ability to secure new credit. This information remains on your report for 2 years.
• Credit Mix (10%)  Lenders like to see a variety of credit accounts in good standing because it signals that you are a responsible borrower. A person who is making on-time monthly payments on a credit card, an auto loan, and a student loan is considered less risky. Your access to different types of credit may be limited as a student, and most lenders realize this.

U.S. News and World Report Student Credit Card Survey

Each year, U.S. News and World Report conducts a survey of students who own a credit card. From the results, they identify and address common credit topics such as credit scores, costs of credit, and providing tools that help guide students with credit card best practices. View the survey and guide here .

Helpful Reads

For more information on effective credit building as a student, the following articles are useful.

• CreditCards.com Presents: 10 Ways Students Can Build Good Credit
• A College Student’s Guide to Building Credit

Saving and Investing

Figuring out how to secure your financial well being is one of the most important things you can do. 

For many people, the path to financial security is with saving and investing. As a student, these topics may not yet be on your radar, but saving is a key concept for financial well-being. If you make saving a regular habit, even a small amount, you are building a foundation for financial success.

Tips on getting started with saving and investing

• Pay yourself first:  This means that for every paycheck you receive, commit to putting an amount (even a small amount) aside in a savings account. An effective way of doing this is to have a set amount of your paycheck directly deposited into a savings account, separate from what you use for everyday expenses. You will be surprised how quickly your savings can grow.
• Keep track of your saving:  People who track their savings tend to save more because it is on their mind. With online and mobile banking, there should be no excuse not to know exactly how much money you have.
• Set Goals:  Setting financial goals is crucial. As a student, you may only have a few financial goals, but this is the perfect opportunity to hone your skills. Think of this scenario: You want to pay off a student loan before graduation, how will you accomplish this? How much do you need to work? To save? The better you do now, the easier accomplishing future goals will become.

Thinking ahead

Even now there may be long range financial goals that you start saving for. Here are some tips for investing in your long term financial goals.

• Plan ahead:  As with any endeavor, advance planning is a way to figure out what you want, when you want it, and what you can do to achieve it. The sooner you start planning, the sooner you start accomplishing.
• Understand the time value of money /compound interest:  This is the principle that a dollar today is worth more than a dollar in the future, because the dollar received today can earn interest up until the time the future dollar is received. The longer the time frame for investment, the more you can increase the income potential of your investment. On the flip side, waiting to invest can make it more difficult to achieve your financial goals. Discover how much waiting to save could cost you with the SEC  compound interest calculator .
• Understand your objectives:  As a general rule, the shorter your time frame for investing, the more conservative you should be. For example if you are in your twenties and trying save for a down payment on a house, you are going to want to put your money in a vehicle that ensures the least risk of losing your principle investment. When your time frame for investing is long, you can consider less conservative options. Retirement savings are an example. Starting young allows you to save for a longer period and allows time to make up for potential loses in a less conservative environment.

Do you need to file taxes? Are you aware of the tax benefits for Education? Find out the answers to these important tax related questions.

U.S. Federal Taxes: Overview

If you are planning to work in the US, then navigating the tax code is going to be a large part of your financial well being. Gathered here are aspects of the tax code that deal with education and college related expenses. While the information here is a good start, it is only a broad overview and not a complete guide to filing taxes. For specific questions or additional information, you may wish to visit the  IRS website  or consult a tax professional. International students should consult the  Taxes & Social Security  page of the Harvard International Office website.

Do I need to file taxes?

Determining whether or not you need to file taxes depends on two things: how much money you earned and how much was taken out (aka “withheld”) for taxes.

If your earned income is over a certain limit as determined by the IRS, you may be required to file taxes regardless of how much was withheld from your paycheck.

• As an example, a typical Harvard undergraduate was required to file (2018) taxes if their income (including  taxable scholarships ) was equal to or greater than $12,000.
• The IRS strongly suggests that you file taxes, even if you are not required to do so. By filing your taxes, you may be eligible for a refund of some or all of the income withheld.

Types of tax benefits for education

The information provided here is intended only to get you started to learn about potential tax benefits related to higher education. It is important to note that there are eligibility restrictions and we strongly suggest visiting the  IRS website  directly for the most comprehensive information about tax benefits for higher education.

American Opportunity Credit

• This is a credit of up to $2,500 per eligible student based on Qualified Education Expenses paid during the tax year. The American Opportunity Credit can only be used for up to four years per eligible student.

Lifetime Learning Credit

• This is a credit of up to $2,000 per eligible student based on Qualified Education Expenses paid during the tax year. The Lifetime Learning Credit does not have a limit on the number of years it can be used per eligible student.

Tuition and Fees Deduction

• This is a deduction of up to $4,000 from your Adjusted Gross Income (AGI) based on amounts paid for Qualified Education Expenses. This deduction can be claimed for multiple students and the maximum deduction in a tax year is $4,000.

Student Loan Interest Deduction

• If you are a student making payments on an education loan that is accruing interest, you may be able to deduct some or all of the interest you paid that year from your taxes.
• Your parents may be able to deduct some or all of the interest they paid on their loans, taken on your behalf, if they still claim you as a dependent. The current limit is $2,500 per year, subject to income restrictions.

Important questions to consider

What are Qualified Education Expenses?

When filing taxes, you should know what counts as “qualified” and what doesn’t. This can be confusing because the definition of “qualified” is contextual. For example, the IRS may have a different definition of “qualified” than a 529 plan or other education savings plan provider.

What does the IRS count as Qualified Education Expenses?

• Per IRS guidelines, the expenses that you paid directly (or with a loan) for tuition, fees, and other related expenses count as qualified education expenses.
• The IRS website states that the following expenses do not qualify: room, board, insurance, medical expenses (including student health fees), transportation, and personal/living/family expenses.

What are Credits and Deductions?

Credits and deductions are two different ways to reduce your tax liability.

A  deduction  reduces the amount of income you have that is subject to tax. The actual benefit is tied to your tax bracket. In other words, if you are in the 25% tax bracket and have a Deduction of $1,000, your benefit is a $250 reduction in your taxes (25% of $1,000.)

A  credit  on the other hand reduces the amount of income tax you have to pay in a 1:1 ratio. In other words, if you have a $1,000 Credit, then your benefit is a $1,000 reduction in your taxes.

As a general rule, you should seek out credits before deductions, since the benefit is usually larger (i.e. to your advantage).

Additional Resources and Information

The information provided here is taken from the IRS website and is intended solely as a guideline. Because tax laws are constantly changing, information found here may change. For the most up to date and comprehensive information, we strongly suggest visiting the  IRS website , or consult a tax professional should you have specific questions. 

http://sfs.harvard.edu/taxes

http://www.irs.gov/Individuals/Education-Credits

IRS Publication 970 (Tax Benefits for Education)

http://www.irs.gov/Individuals/Qualified-Ed-Expenses

Throughout the year, we offer events on a wide range of financial literacy topics. Some events are in person and some are virtual, but all are geared toward helping you understand, manage, and move forward with your financial life. 

• First-Year Finance - A session delivered in the fall of your first year which provides an overview of all things Financial Aid. We also cover credit, budgeting, and the various financial literacy programs that we have available. Take advantage of this wonderful opportunity to ask questions and learn more about Harvard’s generous financial aid offerings.(This session has been cancelled for fall 2020).
• Money Management 201  – You’re getting ready to graduate and you have borrowed to help cover the cost of education. Is your financial health in order? Join us at one of our Spring semester sessions where we explain debt, loan repayment, and a host of other financial literacy topics. Regardless of whether you’re joining the work force, taking time off to travel, or prepping for grad school, these sessions are invaluable as you start your life post-Harvard.
• University Efforts  - In June 2011 the Directors of Financial Aid at each Harvard School as well as the University Financial Aid Liason’s Office decided to work on Financial Literacy as a University wide endeavor. One result of this collaboration was a university resource on financial wellness .

Related Guides

Financial aid fact sheet.

Get the facts about Harvard College's revolutionary financial aid program.

Guide to Debt Management

Loans are never required, but if you choose to take out loans, we want to help you "borrow smart". Here are some helpful tips on debt management.

Understanding Your Financial Aid Award

Let's review some of our financial aid terminology to help you fully understand your financial aid award letter.

• Entertainment
• Environment
• Information Science and Technology
• Social Issues

Home Essay Samples Life Personal Finance

Being Smart With Your Money: the Importance of Financial Literacy

*minimum deadline

Cite this Essay

To export a reference to this article please select a referencing style below

• Holi Festival
• Thankfulness
• Everyday Dangers

Related Essays

Need writing help?

You can always rely on us no matter what type of paper you need

*No hidden charges

100% Unique Essays

Absolutely Confidential

Money Back Guarantee

By clicking “Send Essay”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails

You can also get a UNIQUE essay on this or any other topic

Thank you! We’ll contact you as soon as possible.

Financial Literacy Essay Samples

We found 9 free papers on financial literacy, essay examples, financial literacy is a very important factor in life.

Financial Literacy

In today’s society, financial literacy is a very important factor in a person’s life. We are living in an age where social media and keeping up with the trend has a major impact on young adults. While scrolling through Instagram your friend from high school just posted photos of her all-inclusive trip to Cancun. Scroll…

High School Is Believed to Be a TimebThat Will Constantly Be Remembered

High school is believed to be a time in your life that will constantly be remembered. For seniors, college application deadlines are fast approaching and once accepted. They start looking for places to live in. Living far away from home is not easy as ABC. It requires a person to be responsible for their actions,…

The Level of Financial Literacy Varies With People’s Education

In recent years, there has been an increase in the amount of publications in financial literacy. The first 3-year period from 2002 to 2004 featured an average of one publication per year whereas roughly 26 papers per year were published between 2013 and 2015 (Stolper & Walter, 2017). This rapid rise in publications has shown…

Financial Literacy: It’s Not a Choice Anymore

More than 19.9 million students enrolled in American Private and Public Universities and colleges in the fall of 2019 (National). If we are to look at the trend, even more students will enroll in the higher education system next year. A pew research survey conducted in 2011 tells us that the major reason for 47%…

The Knowledge Bank: Dedicated To Teaching And Improving Financial Literacy

Established in 2012, The Knowledge Bank is a 501c3 organization created to inspire confidence through financial education. Financial education in low income communities builds confidence by reinforcing the value of positive decision making; therein, transforming hope into tangible success. By leveraging technology and relatable, expert-guided content, KB empowers youth to build and maintain healthy financial…

The Role Of Financial Literacy In Enterprise Risk Management And Firm Performance

Performance Management

Risk Management

Abstract In recent days, the market competition across all industries has been on the rise. Additionally, the number of risks likely to face the businesses has also been on the rise. As such, many firms have focused lots of their resources on developing measures that will help them overcome the risks is any of them…

Lack Of Financial Literacy Is One Of The Main Reasons Which Cause Limited Participation In The Stock Market

Stock Market

Abstract The following paper provides in-depth examination of underlying factors which affect low stock market participation rate among households. Clearly, advices based on the world-known assumptions and modern portfolio theory are not being followed by individual investors. Despite the significant risk premium, half of the American households do not own the stocks due to various…

Financial Literacy Proposal

Personal finance

I am honored to submit this proposal from the group within Rd Central Office Philadelphia. At this time we would like for other members of the RD family to Join us in promoting Financial Literacy for Individuals with Disabilities. We have recognized as well as embraced the ongoing initiative to promote independence amongst our disabled…

Financial Literacy Includes Skills and Knowledge

Academic achievement

Financial literacy is the ability to judge and take effective decisions to use and manage money or personal finance. In order to take proper investment decision about the personal finance each and every students should have a strong financial literacy. Student should have proper long-term investments plans for their future for emergency needs. The main…

Hi, my name is Amy 👋

In case you can't find a relevant example, our professional writers are ready to help you write a unique paper. Just talk to our smart assistant Amy and she'll connect you with the best match.

Finance Essay Examples

Top 5 Finance Essay Examples to Help You Ace Your Next Assignment

16 min read

Published on: May 7, 2023

Last updated on: Jan 31, 2024

Share this article

Many students struggle with writing finance essays due to the technical language and vast topics to cover.

It's easy to feel overwhelmed and unsure of where to start, resulting in poorly written papers that don't meet academic standards.

With the right approach and tools, you can learn the art of finance essay writing and achieve academic success.

In this blog, we'll provide practical examples and expert tips to help you craft winning finance essays.

On This Page On This Page -->

Financial Analysis Essay Examples

Check out the following examples to get a better understanding of financial analysis essay examples. 

Paper Due? Why Suffer? That's our Job!

Financial Situation Essay Examples

Want a perfect example of a financial situation essay? Read the following example!

Bank financial situation essay

Examples Of Financial Need Essays

Here is a perfectly written financial need essay for you! 

Financial need essay for college

Financial Literacy Essay Examples

Want a top example of a financial literacy essay example? Here is a perfectly written essay sample! 

Financial literacy essay example

Financial Goals Essay Examples

Read the following example of a financial goals essay! 

Financial goals essay sample

The following essays are perfect examples of financial situation essays. Give them a read to get inspiration for your next essay. 

Financial Hardship Essay Examples

Get inspiration for your next financial essay from these examples!

Financial Aid Essay Examples

Financial aid essay for an undergraduate essay

In conclusion, writing a financial essay can seem like a daunting task, but with the right guidance, it can be a rewarding experience. The examples we've provided in this blog post are just a small sample of the many financial essay topics that you can explore. 

Need essay help with your finance assignments? Look no further!

Our finance essay writing service is here to provide you with expert assistance, ensuring your essays are both accurate and well-crafted. And for those seeking a more efficient way to tackle their writing tasks, explore our AI essay writer tool.

Get started today!

Nova A. (Literature, Marketing)

As a Digital Content Strategist, Nova Allison has eight years of experience in writing both technical and scientific content. With a focus on developing online content plans that engage audiences, Nova strives to write pieces that are not only informative but captivating as well.

Paper Due? Why Suffer? That’s our Job!

Legal & Policies

• Privacy Policy
• Cookies Policy
• Terms of Use
• Refunds & Cancellations
• Our Writers
• Success Stories
• Our Guarantees
• Affiliate Program
• Referral Program
• AI Essay Writer

Disclaimer: All client orders are completed by our team of highly qualified human writers. The essays and papers provided by us are not to be used for submission but rather as learning models only.

Financial literacy Essay Example

• Pages: 6 (1447 words)
• Published: January 18, 2018
• Type: Research Paper

Financial literacy has gained the attention of a wide range of major banking companies, government agencies, grass-roots consumer and community interest groups, and other organizations.

Ineffective money management can also result In behaviors that make consumers open to severe financial crises. Improved financial literacy can benefit Individuals and females by giving them more control over their money and helping them make better financial decisions.

This research paper finds the factors affecting the financial literacy. Research Findings 'Results The basic demographic data were also collected. The study revealed that financial literacy is influenced by six factors, they are Managing Debit and Credit, Confidence and attitudes, Skills, Personality, Knowledge and understanding and Future financial leaning and the study proved that the Flanagan literacy Is the powerful predicator of demand for financial consultancy services.

Tools used: Factor analysis. Correlation Practical implic

ation The benefits of a financial literacy on a personal level can be individuals may save more, and better manage risk. There may even be general equilibrium effects: increased demand by households for financial services may improve risk-sharing, reduce economic volatility, improve intermediation, and speed overall financial development. This In turn could facilitate competition In the financial services sector.

Keywords: Financial Literacy, Financial services, Households, Factor, Correlation

Introduction to the Study

In recent years, financial literacy has gained the attention of a wide range of major interest groups, and other organizations. Interested groups, including policymakers, are concerned that consumers lack a working knowledge of financial concepts and do well-being. Such financial literacy deficiencies can affect an individual's or family's day-to-day money management and ability to save for long-term goals such as buying a home, seeking higher education, or

financing retirement.

Ineffective money management can also result in behaviors that make consumers vulnerable to severe financial crises.

From a broader perspective, market operations and competitive forces are compromised when consumers do not have the skills to manage their finances effectively. Informed participants help create a more competitive, more efficient market. As knowledgeable consumers demand products that meet their short- and long-term financial needs, providers compete to create products having the characteristics that best respond to those demands.

As concern about financial literacy has increased, so too have the number and variety of financial literacy raining programs and program providers-?some offering comprehensive information on savings, credit, and similar topics for a broad audience and others tailored to a specific group, such as youth or military personnel, or focused on a specific goal, such as home ownership or savings. The National Foundation for Educational Research, for example, defined financial literacy as "the ability to make informed Judgments and take effective decisions regarding the use and management of money' (Monocot et al, 1992).

Financially capable people are able to make informed financial decisions. They are numerate and can budget and manage money effectively. They understand how to manage credit and debt. They are able to assess needs for insurance and protection. They can assess the different risks and returns involved in different saving and investment options.

They have an understanding of the wider ethical, social, political and environmental dimensions of finances. "Financial literacy could therefore be defined as an individual's ability to obtain, understand and evaluate the relevant information necessary to make decisions with an awareness of the likely financial consequences" (Mason and Wilson, 2000). According to some experts financial

literacy has four discrete aspects: Managing money. Planning ahead. Making choices. Getting help.

People discussed the issues about knowledge, understanding, skills, attitudes, confidence and personality in the context of their behavior in relation to these four activities.

They felt that personality, confidence and attitudes were inextricably bound up with knowledge and skills, with the outcomes reflected in behavior. Managing money Financially capable people needed to be well organized, particularly when it came to paying bills, and keeping and using financial records. Planning ahead This is required for two purposes: to cope with unexpected events and to make provision for the long term.

Making choices Given the array of financial products available, being aware of what was on offer and being able to choose those that were most appropriate to an individual's circumstances were important aspects of financial literacy. Getting help This had two dimensions: self-reliance and using third parties. First, people should know where and when to turn for advice and help from a third party. They would also be able to Judge how much trust to place in the information and advice provided.

Review of Literature

The table below shows the reviews on financial literacy and their findings.

NO Title of the Paper Author Variable Studied Methodology Objectives of the Study Sample Studied Findings of the study Financial Literacy and Investment decisions of Indian Investors NCR palate Seth G. N. Pate K. K. Krishna Financial Literacy Demographic Variables Questionnaire. Financial Literacy among the samples. Relationship between age, Income and Education. The preferred investment instrument 140 Middle Class and Lower Middle Class People - A case of Delhi and .

• LICE is the most effective financial instrument. .
• Shawn Cole Niles Fernando Financial literacy Savings Descriptive Study
• Lamentation of Financial Literacy
• Relationship between Financial literacy and savings Financial literacy Influences Savings and Investments.

Financial Literacy and Financial Planning: Evidence From India. Summit Augural Gene Monomer Investment Behavior The study examines the investment behavior, liability choice, risk tolerance and insurance usage of program participants by conducting a financial advisory program.

Clients of Investment Yogi Financial Advisory Services in Hydrated.

Majority of the respondents are financially literate. The study implies that there exist significant variations across demographic groups and reveals that there exist relationships between literacy and socioeconomic variables. Prices (or) Knowledge? What drives demand for financial services in emerging markets? Shawn Cole Financial Literacy and Household behavior Demand for Financial Services Surveys, Field experiment To prove two theories:

• The financial services are expensive that low income does informal savings.
• Financial literacy serves as an important barrier to demand for services.
• Households in India. Through stratified sampling 112 villages and 3,360 households was selected for the study.

Financial literacy has no impact on the probability of opening bank accounts. Modest subsidies have large effect. The Abs's of financial literacy - Experimental evidence on attitudes, behavior and cognitive biases Fennel's Crapper Shawn Cole Financial literacy and Financial behavior Experiments Which channel of financial literacy education is effective? Urban households Financial Literacy training increase individual's awareness of financial products and services.

Indians have better financial management skills.

Is it so? INNING Group Financial Literacy Attitude Survey financial products or simply making financial decisions. Survey of 10 countries 5000 Sample across 10 countries. Financial literacy percentage in India

is 55%. Attitude of Indians is to keep the cash safe as a bank balance. 7 Consumer behavior in financial markets. Financial crisis and policy implications.

Summit Augural Financial Mistakes Financial Decisions Financial education and counseling (I) Do consumers make mistakes in choosing credit Contracts? (it) If yes, do they learn from their mistakes? Do financial mistakes vary by age? Is financial decision making related to cognitive abilities? Does financial counseling and education help them make better financial decisions? Households Consumers (old and the young) are more prone to making financial mistakes and these mistakes are correlated with cognitive abilities. The research concludes that the role of financial counseling and education and they finds mixed evidence.

Research Methodology

This study has been conducted on the sample with the assumption that the result which is got from this sample may be same as result which may be got from population.

Researchers collect information by a wide variety of methods, ranging from the experimental designs used in the physical sciences through to the surveys more common in the social sciences.

Here the researcher has used purposive sampling which relies on the Judgment of the researcher as to who should be in the sample.

Validity Test

In order to reduce the possibility of getting the wrong answer two issues on research design is required to be mentioned: Reliability and Validity. Validity Validity is concerned with whether the findings are really about what they appear to be about (Saunders).

Validity is defined as the degree to which data collection method or methods accurately measure what they are intended to measure. Following steps were taken to ensure the validity.

Literature review has been made clearly A content

validity questionnaire has been prepared and it has been given to subject experts. Content validity questionnaire has been given to some experts. In that questionnaire, they are asked to rate each statements as essential, essential but unimportant and not essential. After collecting these questionnaire, it will be analyzed and find out the C.V. ratio.

• The Characteristics of Successful Entrepreneurs Essay Example
• Emotional Physical and Mental Benefit of Horseback Riding Essay Example
• Employee Action Plan for Disaster Recovery
• Risk Management Indian Insurance Essay Example
• Unravelling the causes of crime is a notoriously difficult proposition Essay Example
• Why It Is Important to Ensure Children and Young People? Essay Example
• Andrea Jung orchestrates Avon’s Makeover Essay Example
• The Blind Side Essay Example
• Ice Delights Case Essay Example
• Importance Of Paying Attention To Detail Essay Example
• Only Educated Are Free Essay Example
• Electronic Banking Essay Example
• Impact of the Financial Crisis on the Exchange Rate Essay Example
• Separating Sexes, Just for Tough Years Essay Example
• Justification for an Internal Control System Essay Example
• Fun Home essays
• The Raven essays
• Ambition essays
• Anger essays
• Betrayal essays
• Boredom essays
• Confidence essays
• Courage essays
• Desire essays
• Disgrace essays
• Doubt essays
• Empathy essays
• Fairness essays
• Fear essays
• Feeling essays
• Forgiveness essays
• Grief essays
• Guilt essays
• Happiness essays
• Harmony essays
• Hate essays
• Honesty essays
• Honor essays
• Hope essays
• Humanity essays
• Inspiration essays
• Kindness essays
• Laughter essays
• Loneliness essays
• Lost essays
• Loyalty essays
• Need essays
• Passion essays
• Pressure essays
• Pride essays
• Regret essays
• Respect essays
• Responsibility essays
• Sarcasm essays
• Shame essays
• Suffering essays
• Suspense essays
• Tolerance essays
• Coaching essays
• Critical Thinking essays
• homework essays
• Learning essays
• Library essays
• Listening essays
• Literacy essays

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards.

• Enter your topic/question
• Receive an explanation
• Ask one question at a time
• Enter a specific assignment topic
• Aim at least 500 characters
• a topic sentence that states the main or controlling idea
• supporting sentences to explain and develop the point you’re making
• evidence from your reading or an example from the subject area that supports your point
• analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.

Unfortunately copying the content is not possible

Tell us your email address and we’ll send this sample there..

By continuing, you agree to our Terms and Conditions .

Reading and Resources to Get Financially Fit at the Library

Financial Literacy Month is celebrated each April and aims to raise awareness of the importance of education to empower people to make good financial choices and plan for a sound financial future. All year round, the Library has books, resources, and programming to help you learn about money including budgeting, the importance of saving, debt reduction, investing, and more. The books below, all recently published, are a good staring point and you will find many, many more on our physical and e-shelves. 

NYPL's premier business library, the Thomas Yoseloff Business Center at the Stavros Niarchos Foundation Library (SNFL) in midtown offers an array of free resources for those interested in personal finance and investing (not to mention small business, financial research, and career services). Upcoming programming includes One-on-One Financial Counseling, Banking Basics, Savings and Investments for Women, Investing: What Your Money Can Do For You, Wealth Steps, and more.

Also, available with your library card through Flipster , you can read current issues of Kiplinger Personal Finance, Entrepreneur, Bloomberg Businessweek, Fast Company, Inc., Forbes , and more.

.css-1t84354{transition-property:var(--nypl-transition-property-common);transition-duration:var(--nypl-transition-duration-fast);transition-timing-function:var(--nypl-transition-easing-ease-out);cursor:pointer;-webkit-text-decoration:underline;text-decoration:underline;outline:2px solid transparent;outline-offset:2px;color:var(--nypl-colors-ui-link-primary);text-decoration-style:dotted;text-decoration-thickness:1px;text-underline-offset:2px;}.css-1t84354:hover,.css-1t84354[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;color:var(--nypl-colors-ui-link-secondary);text-decoration-style:dotted;text-decoration-thickness:1px;}.chakra-ui-dark .css-1t84354:hover:not([data-theme]),.chakra-ui-dark .css-1t84354[data-hover]:not([data-theme]),[data-theme=dark] .css-1t84354:hover:not([data-theme]),[data-theme=dark] .css-1t84354[data-hover]:not([data-theme]),.css-1t84354:hover[data-theme=dark],.css-1t84354[data-hover][data-theme=dark]{color:var(--nypl-colors-dark-ui-link-secondary);}.css-1t84354:focus,.css-1t84354[data-focus]{box-shadow:var(--nypl-shadows-outline);}.chakra-ui-dark .css-1t84354:not([data-theme]),[data-theme=dark] .css-1t84354:not([data-theme]),.css-1t84354[data-theme=dark]{color:var(--nypl-colors-dark-ui-link-primary);}.css-1t84354:visited{color:var(--nypl-colors-ui-link-tertiary);}.chakra-ui-dark .css-1t84354:visited:not([data-theme]),[data-theme=dark] .css-1t84354:visited:not([data-theme]),.css-1t84354:visited[data-theme=dark]{color:var(--nypl-colors-dark-ui-link-tertiary);}.css-1t84354 a:hover,.css-1t84354 a[data-hover]{color:var(--nypl-colors-ui-link-secondary);}.css-1t84354 screenreaderOnly{clip:rect(1px, 1px, 1px, 1px);height:1px;overflow:hidden;position:absolute!important;width:1px;word-wrap:normal;} Finance for the People: Getting a Grip on Your Finances

by Paco de Leon

Unlike most personal finance books that focus on skills and behaviors, Finance for the People asks you to examine your beliefs and experiences around money—blending extremely practical exercises with mindfulness, and including more than 50 illustrations and diagrams to make the concepts accessible (and even fun). With deep insider expertise from years spent in many different corners of the financial industry, Paco de Leon is a friendly, approachable, and wise guide who invites readers to change their relationship with money. 

Made Whole: The Practical Guide to Reaching Your Financial Goals

by Tiffany Aliche

We all want to live within our means, save for retirement, invest a little, and yet still have some left over each month for fun. But as most people know, real life can get in the way of even our best intentions! To help us set realistic goals and keep us on track to meeting them, financial educator Tiffany “The Budgetnista” Aliche has an invaluable 10-step action plan: Made Whole. With her signature down-to-earth style, she offers worksheets, checklists, and action items for ten important building blocks—from the ins and outs of budgeting, investing, credit rating, and estate planning, to getting insurance and getting the flow of our money automated. 

A Healthy State of Panic: Follow Your Fears to Build Wealth, Crush Your Career, and Win at Life

by Farnoosh Torabi

Farnoosh Torabi is familiar with fear. Growing up in the 1980s as the daughter of Iranian immigrants, she was warned to always play it safe. Now, Farnoosh pairs stories from her immigrant upbringing with hard-won industry knowledge and data to show how leaning into your fears can help you take control of your financial future. With clear-eyed advice and an engaging, heartfelt voice, she lays out the nine most common fears that hold us back—both personally and in our financial decisions—and shows how these fears can be pivoted into strengths and mined for wisdom to help us achieve richer, more meaningful lives.

Financially Lit!: The Modern Latina’s Guide to Level Up Your Dinero & Become Financially Poderosa

by Jannese Torres

In Financially Lit! Torres offers you culturally relevant and relatable personal finance advice that will allow you to finally feel seen, heard, and understood. Whether it’s the guilt you feel from being the first person to “make it” while members of your family are still struggling, or the way financial trauma manifests itself in negative and limiting beliefs around money, Torres is here to guide you through it all. With Financially Lit! at your side, you’ll harness the powerful ways money can be used to create the life of your dreams, and be empowered to step into financial freedom.

Beyond Getting By: The Financial Diet's Guide to Abundant and Intentional Living

by Holly Trantham

In Beyond Getting By , the women behind The Financial Diet teach you how to create (and pay for) a life you truly enjoy—and that you can be proud of. They show you how to push beyond what society tells you will make you happy to determine what you actually want with specific advice and interactive exercises on how to define your own budget philosophy, how to start a self-advocacy journal, and how to stave off burnout by valuing your personal life with as much care as your career.

Girls That Invest: Your Guide to Financial Independence Through Shares and Stocks

by Simran Kaur

Ever wondered how on earth the stock market works, but felt too intimidated to ask? In this guide to investing in stocks, Simran Kaur teaches the essential principles you can apply to any market, anywhere in the world. Get ready to decode the jargon, understand the stock market, grow your money, secure your future, and create generational wealth.

Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life

by Matt Schulz

In this must-have money manual, personal finance expert Matt Schulz empowers you to ask 45 fiscal questions in seven key areas of life: credit and debt, healthcare, housing, shopping, travel, work, and relationships. The questions feature decision trees, success stories, potential risks, and other practical tools that skillfully guide you through the pros and cons and explain the relevant data. Gain the confidence to request a lower rate on your rent or mortgage, better financing for an auto loan, a higher salary, a refund on a cancelled flight, a lower phone bill, and even a fair split for that group dinner. 

Money Out Loud: All the Financial Stuff No One Taught Us

by Berna Anat

In this illustrated, deeply unserious guide to money, Berna Anat—aka the Financial Hype Woman—freaks out her immigrant parents by doing the unthinkable: Talking about money. Loudly. Because we’re done staying silent, anxious, and ashamed about our money. It's time to join the party and finally learn about all the financial stuff that always felt too confusing. 

Girls Just Wanna Have Funds: A Feminist's Guide to Investing

by Camilla Falkenberg, Emma Due Bitz and Anna-Sophie Hartvigsen

Start your journey to financial success with Female Invest's guide for safe, smart, and sustainable investing. This is an empowering and uplifting money manifesto, aiming to change the tides of financial power. Whether you want to master the art of setting realistic goals, demystify financial jargon and markets, gain independence, or finally get excited about your financial future, find all the answers you need and more with this comprehensive guide. Even if you only have a $1 savings fund to begin with, you too can have a rewarding, limitless life by investing in yourself and this book.

Check out their follow-up: Girls Just Wanna Have Impact Funds: A Feminist Guide to Changing the World With Your Money

I Don't Want to Die Poor: Essays

by Michael Arceneaux

Michael Arceneaux has never shied away from discussing his struggles with debt, but here he reveals the extent to which it has an impact on every facet of his life: how he dates; how he seeks medical care (or in some cases, is unable to); how he wrestles with the question of whether or not he should have chosen a more financially secure path; and finally, how he has dealt with his "dream" turning into an ongoing nightmare as he realizes one bad decision could unravel all that he's earned. 

Get the Hell Out of Debt: The Proven 3-Phase Method That Will Radically Shift Your Relationship to Money

by Erin Skye Kelly

This book is not only a step-by-step process that will walk you through how to pay off your debt—it's a deeply personal journey centered around changing your mindset. As you master each of the three phases through repetition, you will create your own financial freedom, allowing you to live debt-free forever and create wealth and abundance that will positively impact your life—and the people you love and serve.

The Social Justice Investor: Advance Your Values While Building Wealth, Whether a Few Dollars or Millions

by Andrea Longton

The Social Justice Investor is a step-by-step guide to personal finance for those interested in building wealth while also aligning their finance decisions with their values, intentions, and commitments to social justice. You'll learn to select investments that match your stated objectives, allocate your resources widely and wisely, and measure your success. Whether you have $100 or $100 million in the bank, you have the power to change the world for the better. 

A Black Girl's Guide to Financial Freedom: Build Wealth, Retire Early, and Live the Life of Your Dreams

by Paris Woods

Paris Woods spent years working in education and wanted to find a way to build wealth without changing careers or taking the traditional real estate or business routes. This book is the result of years of research and practice that helped her find a simpler path. Through real-life stories coupled with clear and actionable advice, you will learn to build generational wealth, avoid common financial traps, earn your next degree debt-free, achieve financial independence, and retire early. Design a dream life you can start living today!

How to Money: Your Ultimate Visual Guide to the Basics of Finance

by Jean Chatzky, Kathryn Tuggle, and the HerMoney team; illustrated by Nina Cosford

There’s no getting around it. You need to know how to manage money to know how to manage life — but most of us don’t! This full-color, illustrated guidebook breaks down the basics of money—how to earn it, manage it, and use it—giving you all the tools you need to take charge and be fearless with personal finance. How to Money will teach you the ins and outs of creating a budget, scoring that first job, navigating college loans, getting that first credit card, and investing like a pro. All so you can earn more, save smart, invest wisely, borrow only when you have to, and enjoy everything you've got!

Keeping Finance Personal: Ditch the "Shoulds" and the Shame and Rewrite Your Money Story

by Ellyce Fulmore

 There’s no magic formula for being “good with money.” When Ellyce Fulmore started her journey with personal finance, she was drowning in $35K of debt, had $60 to her name, and avoided looking at her bank account. Her own “aha” moment came when she realized that the reason she and so many others have struggled with finances has little to do with being “bad with money.” Instead, it has everything to do how identity and lived experience affect financial behaviors. Filled with interviews from a diverse range of voices, practical exercises, and tangible tips, Keeping Finance Personal provides a path to develop a healthy money mindset and create a life where financial stability and joy coexist.

Debt 101: From Interest Rates and Credit Scores to Student Loans and Debt Payoff Strategies, an Essential Primer on Managing Debt

by Michele Cagan

Debt 101 allows you to take control of your money with strategies best suited for your personal financial situation'whether you are buying a home or paying off student loans. You will learn the ins and outs of borrowing in a simple, straightforward manner, managing student loans and credit card debt, improving your credit score, understanding interest rates, good debt vs. bad debt, and so much more. Finally, you can get ahead of the incoming bills and never let your debt intimidate you again!  

Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships

by Scott Rick

Tightwads and Spendthrifts is a science-based guide to understanding and transforming how we manage money, both on our own and in relationships. Can tightwads and spendthrifts live together in harmony? Scott Rick says “yes,” but not without first asking hard questions about whose opinion should count most when making a financial decision. After all of the issues have been aired, he tells readers how to create a game plan for navigating financial decision making that both Tightwads and Spendthrifts can rely on for a happy life together.

Summaries provided via NYPL’s catalog, which draws from multiple sources. Click through to each book’s title for more.

• Our Mission

Integrating Financial Literacy Throughout the Day in Elementary School

From math to reading to indoor recess, there are many opportunities to weave financial concepts into existing elementary routines and lessons.

Earlier this school year, during a social studies lesson about Japan, I explained to my first-grade students that the country uses a different currency than the American dollar, known as the yen. We had been studying Japan for a few weeks, so my students were beginning to understand some of the cultural and geographical differences between countries, as well as similarities. 

Currency, however, was something they assumed would be similar; they were therefore quite shocked to learn that most countries use their own types of money. As our discussion continued, I realized that much financial language was over their heads, so I began to think of simple ways to build financial literacy in the elementary classroom.

The State of Financial Education

Teaching financial literacy is not necessarily a new idea; however, the subject is often overlooked or forfeited in favor of more pressing academic content in elementary curricula. Short of touching on currency values in math, elementary students usually have little exposure to the topic, but this paucity comes at a cost, as teaching financial literacy to this age group can have far-reaching benefits. 

Because teachers may be hesitant to devote time to the topic, or because they may see financial literacy as yet another task to accomplish in their overly busy day, it is critical to find innovative ways to weave it into existing curricula—ways that do not require extra time or explicit instruction. 

Below, I share some implementable ideas that I have incorporated with students. 

Infusing Vocabulary with Financial Terms

Elementary students are constantly growing their vocabulary. Weaving finance-related terms into weekly vocabulary practice can support language skills alongside financial literacy. Even if teachers use a reading curriculum with predetermined vocab, adding one or two finance-related terms can have an impact over the course of the year, growing students’ familiarity with terms like dividend , profit , surplus , debt , credit , and more.

Integration into Reading Instruction

You can choose read-aloud books that include financial language. Simply reading books that use financial language and provide examples of responsible money management (or irresponsible, for the sake of learning through non-examples) can strengthen financial literacy. Examples include simple picture books as well as upper elementary chapter books like The Lemonade War , by Jacqueline Davies, all of which introduce concepts like entrepreneurship and business sense.

Money-Related Math Practice 

While math curricula typically include some lessons on currency value, using currency beyond these units can boost students’ financial literacy as well as improve number sense. Instead of using the common base ten blocks to practice counting by 10s, try using dimes, or use nickels to practice counting by 5s, to add an element of financial literacy into routine math practice. 

Calculating the ‘value’ of the day

During morning meeting or as a math warm-up, keeping track of the number of school days can also boost financial literacy. Though the activity usually entails using sticks, links, tallies, ten frames, or other simple tools to represent each day, you can instead encourage students to keep track using currency, such as pennies to represent single days, dimes to represent 10s, or a dollar bill to represent the hundredth day, etc.

Financial Topics in Social Studies

You can bring the importance of financial literacy to life while teaching about communities, a common topic in lower elementary curricula, or about the government and economy, common in upper elementary.  

For instance, a kindergarten unit on community helpers could include a lesson about bankers to teach students who manages money and how. Or, a unit on government and/or economy could include lessons on the treasury, reasons for taxes, etc. Units about other countries or continents could include lessons on global currencies as well.

You might even take a field trip to a bank or state treasury to teach kids what these institutions do and to provide real-world examples.

Boosting student engagement with board games and videos 

Keep board games like Monopoly and The Game of Life in the classroom as options for indoor recess or choice time activities. Though students may not have time to finish them, simply having the exposure can prove to be helpful given their emphases on finance.

Along with games, videos are another way to capture student interest. Many teachers use online resources with educational videos like Storyline Online , BrainPop , and GoNoodle as brain breaks or during snack, dismissal, etc. Consider showing videos from BrainPop that range in topic from the history of money to investing, interest, the stock market. For upper elementary, videos from PBS LearningMedia cover financial literacy. 

These short, informative videos are productive time-fillers, as they tend to hold students’ attention—the topics are not entirely academic and have interesting, real-world applications.

In addition to exposing students to the world of finance at an early age and providing a foundation for strong financial literacy, integrating activities like these can support traditional academics; weaving finance terms into vocabulary lessons extends spelling and word knowledge skills, counting currency provides basic math practice, and connections to social studies topics allow students to see the relevance of what they are learning, which can greatly impact engagement.

• Search Search Please fill out this field.

What Does the Data Say?

• Why the Racial Gap Exists
• Why Financial Literacy Matters

Closing the Gap

The bottom line.

• Personal Finance

Financial Literacy

The racial gap in financial literacy.

National surveys reveal a driving factor in the wealth gap

Achieving financial literacy is essential to thriving or even functioning in today's world, but its fundamentals are clearly not being passed along equally to all Americans.

These are the basics of personal finance , budgeting, and investing. Once they're grasped, an individual can make ends meet, invest for the future, take care of a family, manage debt, and make good decisions.

Yet, according to national surveys, basic financial literacy is generally low in the U.S., and it is significantly lower for members of some racial and ethnic groups.

Key Takeaways

• Financial literacy is the possession of the basic skills needed to manage an income, keep debts in control, spend wisely, and invest for the future.
• The near-universal access to credit and debit cards, mortgages, and student loans has made financial literacy more difficult to achieve, and more important to have.
• There’s a disparity in the rates of financial literacy across racial and ethnic groups in the United States, with Black, Hispanic, and Native American populations tending to have lower rates of financial literacy than White and Asian populations.
• Financial literacy is bound up with the structural factors that drive the racial wealth gap in the United States.

The latest update of a study by the Financial Industry Regulatory Authority, released in mid-2021, found that financial literacy among American adults overall is actually declining. When it tested survey respondents with five basic questions about money, the average respondent could answer only 2.6 out of five questions correctly, compared with a score of three out of five in 2008.

In general, the decline in scores was most pronounced among adults aged 39 and under.

And, research found, there was a clear correlation between lower financial literacy and a greater likelihood that a person would suffer financial stress during the COVID-19 pandemic.

When categorized by racial or ethnic group, the data suggests that financial literacy rates are not evenly dispersed, with Asian-American and White test takers tending to score higher than Hispanic and Black test takers.

An earlier installment of the FINRA student, released in 2018, reported that Asian and White Americans were able to correctly answer 3.2 out of six questions meant to assess basic financial literacy, while Hispanic Americans were able to answer 2.6 and Black Americans 2.3. Both scores are below the national average.

The gap can be seen early in life. For instance, the latest PISA Financial Literacy Results data, also published in 2018, shows that White and Asian 15-year-olds have much higher financial literacy rates than Black and Hispanic populations of the same age.

Economic Well-Being

There are also racial differences in economic well-being. Survey data on unbanked and underbanked Americans from the Federal Deposit Insurance Corporation (FDIC) reveals that the portion of Americans who don’t use banking services, and thus are deemed “unbanked,” has declined to single digits.

However, it also revealed that American Indian and Alaska Native, Black, and Hispanic households are more prone to rely on bill payment services, money orders, and check cashing services, which are often related to financial insecurity and a lack of access to basic bank services.

Native American communities in particular suffer from higher levels of financial fragility and distress than most other racial and ethnic groups. They have roughly the same financial literacy rate as Black and Hispanic populations, which is lower than that of White and Asian American populations.

Some studies suggest that Native American young people are of particular concern, as there is a large gap between them and non-Native young people.

It's Never Too Early

Did you know the Federal Reserve publishes comic books for kids? They're just one of many resources available to parents who want to introduce their children to money matters at an early age.

Making Ends Meet

The overall picture, especially in this broader context, can be complicated. Between 2009 and 2018, there was a general increase in Americans’ ability to cover costs but also a decline in savings, which was tilted by race, as well as a disparity in the rates of unexpectedly lost income.

During that time, White Americans saw a 16% improvement in their ability to make ends meet, with Asian Americans at 15%, Hispanics at 14%, and Black Americans at 9%, according to national surveys.

At the same time, White Americans experienced an unexpected reduction in income of 21%, as did Hispanic Americans, while Asian Americans dropped 19% and Black Americans 12%.

Women were less likely to be able to make ends meet than men.

Why Does the Racial Financial Literacy Gap Exist?

For most Americans, basic financial literacy comes from as many as five sources: family, high school, college, employers, and the military.

Studies of the national survey data say that education and household income are the two biggest factors in predicting whether someone has a high level of financial literacy.

Socioeconomic and Political Barriers

Traditional accounts have laid some of the blame for financial illiteracy on a lack of parental guidance and poor decision-making. However, recent studies point to socioeconomic and political barriers. In other words, from their earliest years, members of minority groups are channeled into using predatory financial services and denied access to basic financial education.

The Gender Gap

Explanation of the gender gap in financial skills focuses, in part, on the tendency of men to have more financial experience and education than women. A similar dynamic may be at play in the racial gap, abetted by structural barriers, as minorities may have less access to wealth, higher rates of unemployment, and lower quality education.

Analysis of the reasons why Native American communities in the U.S. lag behind White Americans in financial literacy, for example, points toward historical injustices—the legacy of which are high rates of poverty and unemployment, as well as other barriers that impact the broad concept of economic well-being.

This specific blend of factors has left Native American populations with few opportunities to build financial skills, as well as few family sources of knowledge.

MyMoney.gov

The U.S. Treasury Department has developed a website, MyMoney.gov , with information, videos, and games that can help children, teenagers, and young adults learn about money.

Other Issues

Lack of financial literacy is not just a matter of insufficient parental guidance. A complex recent study of the persistence of the racial gap in financial literacy reported that the gap lingers even with equal access to financial literacy education and that the positive impacts of parental dissemination of financial knowledge depreciate faster for minority groups than for the White population.

On the other hand, members of minority groups in the study benefitted as much as White students from high school and employer education on finances.

Why Does Financial Literacy Matter?

Financial literacy has a clear impact on financial well-being. The U.S. Financial Literacy and Education Commission—the federal body that makes recommendations for increasing financial literacy and education—describes financial literacy as foundational for full participation in the market. The commission says that it is especially vital for “unlocking the foundations of economic opportunity” at the individual level and “powering a strong and resilient economy” at the national level.

As the use of credit cards, mortgages, and student loans has become more common, financial literacy has become more crucial because it correlates to a person’s ability to successfully navigate increasingly complex financial services. People without financial knowledge risk falling behind.

Among other benefits, financial literacy decreases vulnerability to fraud and increases the likelihood of acquiring wealth over time. High financial literacy scores are key to retirement planning , which is a key component of household wealth.

The financial literacy gap also influences other notable metrics, such as the racial wealth gap , which is the measure of wealth held by different races in the U.S. 

There are a number of public and private proposals for narrowing the racial gap in financial literacy.

The U.S. Financial Literacy and Education Commission’s 2021 proposal highlighted a set of changes to improve financial literacy in the country. It recommended establishing clear guidelines for financial educators, opening access to one-on-one financial counseling, and consistently measuring the results.

The report emphasizes the importance of tailoring financial literacy to the people and communities in need of education, which it says helps in key areas such as building motivation to learn financial tools. The commission's mandate extends from advising on kindergarten education to helping elderly citizens avoid becoming prey to fraud.

In particular, the commission focused on the role of financial literacy in a robust economic recovery. The COVID-19 crisis highlighted both inequality and the vulnerability of some minority populations.

Of particular note was the vulnerability of at-risk populations to scams and their need for information about economic impact payments and unemployment insurance benefits, and about managing debt and surviving hardship.

Other federal reviews of the existing financial literacy programs have also concluded that one-on-one counseling programs are effective.

Government Resources

The federal government funds many of the available resources to improve financial literacy.

Digital literacy programs are sometimes connected to advocacy organizations positioned to target them to the communities most in need.

For example, the Native American Financial Services Association (NAFSA), a national, Native American–focused financial services association, sponsors a digital literacy program. Programs such as the Native Financial Education Initiative provide resources specifically to tribal leaders and promote best practices to increase financial literacy in these communities.

Why Is Financial Literacy Important?

Financial literacy refers to a person's ability to make sound financial decisions from day to day as well as to plan for the future. Without it, people struggle to make ends meet, to plan their finances, and to achieve economic well-being.

Moreover, those who are not financially savvy are most often targeted by scam artists and by marketers of money-making schemes that are just this side of illegal. Like computer literacy, financial literacy is increasingly needed to avoid bad actors.

Who Needs Financial Literacy?

Everyone. Increasingly, people are expected to understand and make decisions in a complex financial environment. That includes using credit cards, obtaining loans, investing money, and planning for retirement.

How Do I Acquire Financial Literacy?

A good place to start is by examining what's included in the National Financial Capability study . The study tests what's considered basic financial literacy. To test your knowledge, try FINRA's quiz . Then, focus on areas where your answers proved to be wrong.

If you look for the causes of the wealth gap, one major answer lies in unequal access to basic financial education. Financial literacy is obtained over time from one's family, high school, and employer. Studies show that minorities and women are more likely than others to lack the background they need to cope with an increasingly complex world.

Luckily, there are resources out there, many of them funded by the federal government and by non-profit groups. A good place to start might be an online financial literacy test such as the one developed by FINRA . Then follow up by exploring some of the online resources available to everyone who wants to make smarter financial decisions.

Milken Institute. " Financial Literacy in the United States ."

FINRA. " Insights: Financial Capability ."

Financial Industry Regulatory Authority. " 2021 Study Overview, The Financial Capability of U.S. Adults: Financial Knowledge Education ."

Financial Industry Regulatory Authority. " The State of U.S. Financial Capability: The 2018 National Financial Capability Study ." Page 35.

National Center for Education Statistics. " PISA 2018 Financial Literacy Results ." Select "How Does the Financial Literacy Performance of U.S. 15-Year-Olds Vary by Race/Ethnicity?"

Federal Deposit Insurance Corporation. " How America Banks: Household Use of Banking and Financial Services, 2019 Report ." Pages 12-13.

Federal Deposit Insurance Corporation. " How America Banks: Household Use of Banking and Financial Services, 2019 Report ." Page 6.

Financial Industry Regulatory Authority. " Race and Financial Capability in America: Understanding the Native American Experience ." Page 10.

University of Arizona Native Nations Institute. " The Financial Literacy of Native American Youth ," Page 4.

Federal Reserve Bank of New York. " Educational Comic Books ."

Financial Industry Regulatory Authority. " The State of U.S. Financial Capability: The 2018 National Financial Capability Study ." Pages 5-6.

Al-Bahrani, Abdullah and Weathers, Jamie. " Persistence of the Racial Financial Literacy Gap. Can Parental and Formal Financial Education Bridge the Gap? " American Economic Association , 2019, pp. 1.

Federal Reserve Bank of St. Louis. " How Do Americans Rate in Financial Literacy? "

Hamilton, Darrick and Darity, Jr., William A. " The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap ." Federal Reserve Bank of St. Louis Review, vol. 99, no. 1, pp. 59-76.

Sholevar, Maryam and Harris, Laurence. " Women are Invisible?! A Literature Survey on Gender Gap and Financial Training ." Citizenship, Social and Economics Education , vol. 19, no. 2, July 2020, pp. 87-99.

American Communities Project. " On Financial Literacy, Slow Gains in Native American Lands ."

Al-Bahrani, Abdullah and Weathers, Jamie. " Persistence of the Racial Financial Literacy Gap. Can Parental and Formal Financial Education Bridge the Gap? " American Economic Association , 2019, pp. 1-31.

U.S. Department of the Treasury. " Financial Literacy and Education Commission ."

Burke, Jeremy and et al. " Can Educational Interventions Reduce Susceptibility to Financial Fraud? " Journal of Economic Behavior & Organization , vol. 198, June 2022, pp. 250-266.

TIAA Institute. " Financial Literacy, Longevity Literacy, and Retirement Readiness ."

U.S. Financial Literacy and Education Commission. " Annual Report to Congress Strategy for Assuring Financial Empowerment (SAFE) Report, FY 2022 ." Page 6.

U.S. Financial Literacy and Education Commission. " Annual Report to Congress Strategy for Assuring Financial Empowerment (SAFE) Report FY 2022 ."

U.S. Government Accountability Office. " A Federal Certification Process for Providers Would Pose Challenges ," Page 4.

Federal Deposit Insurance Corporation. " Resources: Money Smart ."

Native American Financial Services Association. " Welcome to NAFSA's Financial Literacy Program! "

National Congress of American Indians. " Native Financial Education Initiative ."

• The Ultimate Guide to Financial Literacy for Adults 1 of 30
• The Racial Gap in Financial Literacy 2 of 30
• How to Go from Unbanked or Underbanked to Banked 3 of 30
• How to Open a Checking Account Online 4 of 30
• Where Can You Cash Checks? 5 of 30
• Money Orders: When, Where, and How to Send 6 of 30
• How to Read a Consumer Credit Report 7 of 30
• How To Build Credit When You Have None 8 of 30
• Debit Card vs. Credit Card: What's the Difference? 9 of 30
• Buy Now, Pay Later vs. Credit Cards 10 of 30
• How to Get Out of Debt in 8 Steps 11 of 30
• Student Debt: What It Means, How It Works, and Forgiveness 12 of 30
• Pros and Cons of Debt Management Plans 13 of 30
• How to File Back Taxes 14 of 30
• What You Should Know About Debt Relief 15 of 30
• Should You Save Your Money or Invest It? 16 of 30
• How to Save Money for Your Big Financial Goals 17 of 30
• Simple Interest vs. Compound Interest: What's the Difference? 18 of 30
• Generational Wealth: Overview, Examples and FAQs 19 of 30
• 10 Investing Concepts Beginners Need to Learn 20 of 30
• How to Invest on a Shoestring Budget 21 of 30
• What You Must Know Before Investing in Cryptocurrency 22 of 30
• What Is a Digital Wallet? 23 of 30
• Apple Pay vs. Google Wallet 24 of 30
• How Safe Is Venmo and Is It Free? 25 of 30
• What Can You Buy With Bitcoin? 26 of 30
• Best Resources for Improving Financial Literacy 27 of 30
• Personal Finance Influencer Red Flags 28 of 30
• Top 10 Personal Finance Podcasts 29 of 30
• Dial 211 for Help With Your Finances 30 of 30

• Terms of Service
• Editorial Policy
• Privacy Policy
• Your Privacy Choices

• Washington State University
• Go to wsu twitter
• Go to wsu facebook
• Go to wsu linkedin

April is Financial Capability Month

Information sessions, conversations, scholarship and gift card prizes, and even free rides to classes fill the schedule as Washington State University celebrates Financial Capability Month throughout April.

Organized annually by the Office of Academic Engagement (OAE) and formerly known as Financial Literacy Month, the series of events is designed to help students, faculty, and staff manage their finances more effectively and even have fun in the process, said Maja Gillespie. She is OAE’s director of College Affordability Programs (CAP), which includes Cougar Money Matters. Some events will be in person at WSU Pullman and others are virtual to also serve participants at other campuses.

“We’re offering something for everyone to help, for example, build foundational knowledge of finances, and describe what resources are available and what knowledgeable experts can explain,” said Gillespie. “It’s critical, no matter where you are in life at this moment, to gather informational tools to make sound financial decisions that can lead to a successful relationship with money.”

Throughout April, Gillespie said, there will be events and workshops featuring experts from OAE as well as BECU, Student Financial Services, the Writing Center, Global Campus, and the region.

On Thursday, April 4, there will be free rides to WSU Pullman classes from 10 a.m. to 2 p.m. aboard a festive golf cart. The only charge will be to answer some financial trivia questions while enjoying the ride, which will make students eligible for prizes.

“It’s much like the TV game show ‘Cash Cab’, but no one will be kicked off for a wrong answer,” Gillespie said. “We call it ‘Financial Education on the Move’ and we did a similar activity in November and about 20 students got rides up and down WSU hills. We’re hoping for more riders this year.”

Additional Financial Capability Month activities include: 

• April 9, 11 a.m.–2 p.m. CUB Junior Ballroom, WSU Pullman: “Financial Wellness Fair 2024,” featuring experts to answer questions. For each table visited, guests will punch their card aiming for raffle prizes that include a scholarship from OAE, an Amazon gift card from BECU, and more. Pizza will be served.
• April 11, 5–6 p.m., via Zoom : “Student Loans and Repayment Simplified,” presented by Jordan Creighton, Global Campus financial aid advisor. Creighton’s presentation will help explain the ins and outs of federal student loans and the repayment process.
• April 15, 3–5 p.m. Stimson Hall Common Room, WSU Pullman: “Scholarship Workshop,” presented by CAP, Student Financial Services, and the WSU Writing Program’s Writing Center. Help to elevate scholarship essays into winning applications.
• April 18, 5–6 p.m., via Zoom : “Financial Reality Fair,” presented by BECU representatives. An interactive simulation will give a glimpse into real-world financial planning, savings, and budgeting skills, and show the impact of poor credit on finances.
• April 25, 5–6 p.m. The Commons, room 210, WSU Pullman: “Finding and Funding Your Why,” presented by Karen Richel, University of Idaho extension educator. Play with “what-if’s” in this interactive workshop to learn about reaching financial goals, spending and saving as a fun game, and considerations for future planning.

Visit the website to learn more about Financial Capability Month and how to take advantage of the events and workshops. 

Wei Du named interim co‑director of Advanced Grid Institute

Recent news.

Vet Med student wins WSU’s annual 3MT competition

WSU opens common reading book nominations for 2025–26

Grant aims to better understand effects of classroom lighting on students

Jeff Walls wins early-career award

Diane Coughlin honored in naming of new welcome center