As April’s Financial Literacy Month comes to a close, it’s a good time to review tips for consumers to improve their financial literacy.
Many consumers reach adulthood with no clear understanding of financial literacy. Creating budgets, making smart investments and financial planning for the future aren’t often taught in high school or even college in some cases.
Financial literacy may seem like a broad and intimidating topic, encompassing many different goals, including the ability to meet current financial needs, saving for your financial future, the ability to absorb a financial shock, and having the financial freedom to make choices and enjoy life. As a consumer, it’s important to be financially literate when it comes to investments, savings accounts and budgeting, and find a plan that works for each person. Financial literacy isn’t a cookie-cutter, one-size-fits-all plan. Everyone is different and will have their own unique set of goals to reach.
Use BBB’s tips to improve your financial literacy:
• Guard your personal information. In today’s digital world, protecting your personal information goes beyond shredding sensitive documents. While collecting, storing, and disposing of sensitive documents goes a long way in preventing identity theft, consumers must also evaluate their digital footprint. Consider setting up multi-factor authentication systems on your most sensitive accounts, such as your online bank, utility, insurance and medical accounts….
