Spring is here at last! And with April comes Financial Literacy Month. Non-profit Jump$tart Coalition originally promoted April as Financial Literacy Month as the next evolution of Youth Financial Literacy Day, which was introduced by the National Endowment for Financial Education (NEFE) two decades ago as an activity of its High School Financial Planning Program. In 2004, US Congress formally designated the month of April as Financial Literacy Month in order to raise awareness about the lack of financial education and understanding of personal finances in the country.
There’s been a lot of change since 2004—the rise of digital banking, the invention of earned wage access, faster ways to move payments, among other innovations that have improved our financial lives. But a lot also hasn’t changed. The need for financial education and personal finances has only increased. Despite the number of tools and resources that have emerged since then along with the financial challenges brought on COVID-19, financial literacy has never been more critical.
In fact, there’s even more education required to not only understand the basics of personal finance, but also the need for educating consumers about the best ways to use these new apps, technology, and innovations. We’ve started with Better Money Moves, a comprehensive support center, and working with leaders like BlackRock Emergency Savings, Common Cents Lab, and Financial Health Network, but we know more needs to be done.
Financial literacy shouldn’t just be promoted in April, but year round. We look forward to continuing to provide great tools, personalized insights, and resources for users to understand financial fundamentals they’re interested in most (such as Credit, Debt, and Saving), tips and tricks to make the most of Branch, and ways to use Branch to improve their financial lives.
Stay tuned for more updates!