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April is National Financial Literacy Month. Being recognized in the United States since 2004, this month is an opportunity for us to observe the importance of an invaluable skill for people to have in this current day and age, especially rising and current entrepreneurs. The Office of the Comptroller of the Currency (OCC) defines Financial Literacy as follows:
“Financial literacy” describes the skills, knowledge, and tools that equip people to make individual financial decisions and actions to attain their goals; this may also be known as financial capability, especially when paired with access to financial products and services.
In short, it means knowing how to manage money effectively. Although money is something that’s a part of all of our everyday lives, many individuals’ lack of awareness has resulted in spending habits that can have negative repercussions in the long run. Over 60% of Americans were reported to be unable to set aside money for financial goals, both short term and long term. While there certainly are other factors that could contribute to this being the case, one of the potential solutions would be placing a stronger emphasis on the importance of financial literacy, especially at the primary and secondary schooling level This encompasses a broad set of concepts like budgeting, investment and savings, these are things I believe should be taught as early as possible in order to better prepare kids for adulthood.
Part of the process of running and maintaining a small business includes handling finances. Take social media and promotional material for example. There’s lots of different platforms that are used for this process. Sometimes the ones you might want to use require paid subscriptions or one-time financial investments to be used and a lot of things should be considered when choosing what to do. What benefits come from paying for this? Is this within my budget? How will this be beneficial to how I market my business in the future?
Asking these kinds of questions is an excellent way of better understanding the parts of your business in which money is involved and can help you make financial decisions that work for you. To learn more about ways you can become more financially literate, head to this website!
By Charlie Adams
By Charlie Adams
Marketing and Advertising Manager of Target Evolution
Undergraduate Student at the University of Houston
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