April is Financial Literacy month and credit unions across the nation are doing their part to shed light on the importance of financial education amongst young adults. Money management skills are somewhat lacking in this group despite attempts to improve financial literacy. A recent survey by EverFi and Higher One revealed that college freshmen who’d enrolled in money management courses in high school had a tendency to be more fiscally responsible.
Financial Education at an Early Age
Approximately 6,500 college freshmen were polled for this study. Students were asked questions regarding fiscal behavior and the results revealed a serious need for financial education before students reach college. Fortunately, financial literacy courses are already a requirement for students to obtain a diploma in some states. However, advocates are pushing for financial literacy education to begin sooner in the K-12 setting. Fiscal behavior is learned and future generations will be much better off with early financial education.
Knowledge is Critical
The consensus is that young adults need a better understanding of what it means to make financial decisions as an adult. It is important for students to learn how to manage money to build financial security at an early age. These money management skills will certainly come in handy when they will need to make important financial decisions in the future.
We’re Are Here for You
This month, credit unions endeavor to spread awareness and teach young adults how to establish and maintain healthy financial habits. Their goal is to help members become smarter consumers. Credit unions offer members access to counseling about steps to take to improve their financial well-being. Visit Valley Federal Credit Union in Brownsville to find out more information about general finance and all other services we offer to our members.