Establishing and maintaining healthy financial habits is an important part of daily life. Various studies and surveys had found that kids, teenagers, and young adults were not being taught how to manage personal finances, credit cards, retirement funds, debt, etc. by parents or the educational systems.[1] Given that, the US Senate felt it was important to establish a month dedicated to promoting financial literacy and generally raise awareness to the importance of financial education.[1] Initially, the US Senate designated April as Financial Literacy for Youth Month in 2003 and established the Financial Literacy and Education Commission, supported by the Office of Financial Education of the Department of the Treasury.[1] However in March of 2004, Senator Daniel Akaka of Hawaii proposed a resolution to designate April more generally as Financial Literacy Month.[1] The resolution passed unanimously and without amendment during the 108th Congress.[1]
Various states have followed the Senate's lead and designated April as Financial Literacy Month in their own states. Arkansas, Oklahoma, and Texas are among the more recent states that have adopted the initiative.[2]
There are many ways to get involved in Financial Literacy Month. Here are some of our favorite ways to get involved:
- Read a book or two to develop your financial acumen:
- Complete Money Management International's 30 Steps to Financial Wellness
- Participate in the ABA's Teach Children to Save
- Participate in JumpStart's Financial Literacy on Capital Hill (typically held in April, but it has been pushed out to June this year)
- Introduce a personal finance program at your local school - like these for middle school aged and high school aged kids from Dave Ramsey
- Participate in the Council for Economic Education's #dollarandadream campaign on social media
- Host a teacher training through JumpStart's Financial Foundation for Educators
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