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Posted: April 20, 2018 1:38 p.m.
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Financial literacy class offered

April is Financial Literacy Month. Research shows that most people lack the essential financial knowledge needed in managing personal financial matters. 

The 2016 research presented by the National Financial Education Council concluded that nationwide testing demonstrates the average person lacks the basic financial knowledge.  According to Vince Shorb, NFEC, the averge person needs to make qualified financial decisions. Unlike other subject matters taught in school, financial literacy requires more than just understanding the content. It requires learners to be able to adjust their daily financial behaviors and have enough knowledge to make confident financial decisions. 

As the report shows, financial literacy is more than awareness of definitions and formulas. It encompasses knowledge, plans, and applications of sound fundamentals to achieve financial success. Often during financial literacy month, we tend only to discuss the need to become “smarter” about financial terms and products. Becoming more informed is the first component of increasing in financial literacy. 

It is easy to find financial information in today’s world. The internet provides great sites on financial topics. You can find articles, calculators, and useful tools that will increase your financial awareness. There are some great videos that provide easy to understand tips and information. A quick word of caution, avoid signing up for programs and financial services online. 

Remember, here on the installation the Financial Readiness Program at Army Community Service provides classes and one-on-one counseling by accredited financial counselors and coaches. There is a financial counselor embedded within in each brigade three days a week to assist you in gaining financial knowledge and navigating through difficult financial decisions. 

While it is important to have increased knowledge about financial topics, it is equally important to consider improving daily financial behavior. As the researcher pointed out, improved daily financial behavior combined with knowledge leads to confident financial decision making. How many times have you knowingly made a poor financial choice? During, the month read some articles or books about famous people and the impact of their financial behavior. Use their experience as lessons from which to learn. 

 As you seek to gain financial knowledge, don’t neglect the need for wise counsel.  Getting great advice is an essential ingredient in enhancing financial literacy. So, reach out to your ACS financial counselor or Financial Fitness Coach during the month for more information. There are classes scheduled within the brigades, or you can contact us at 767-5058 for an appointment. We are here to help you succeed in your financial life.   

 


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