In today’s world, we are faced with a variety of decisions around money. Whether we are creating budgets, investing or planning for retirement, financial education is important to assisting in both our personal and societal stability. But what exactly can this education do?Help Make Informed Decisions
By becoming more fiscally savvy, we gain the knowledge and skills that are needed to make better informed decisions about our finances. Having a solid understanding of budgets, savings and investing helps us to become better equipped to make decisions that will lead to long-term stability.Promotes Financial Responsibility
Learning how to manage money is an important skill because it teaches the consequences of debt and the need to save for unforeseen emergencies and long-term goals. Imagine you are between paychecks and your tire blows out. What do you do? Having a savings account will help ease this burden. Are you looking to purchase a house? Saving for a down payment and closing costs will help make the mortgage process much more enjoyable!Recognize Money Scams
Has a Nigerian Prince ever emailed you asking for your help with funds? This is an example of a scam. Financial education will help you to recognize and avoid scams. Especially scams that are not as obvious as a wealthy prince asking for you to let him borrow money until he can reach his funds. By understanding common scams and the warning signs of fraudulent activity, we are better equipped to protect ourselves.
By developing a deeper understanding of our monetary situation, we can reduce stress while also promoting stability. If you are seeking resources to incorporate into your personal and professional development, you are in luck. As a member of Keesler Federal Credit Union, you have access to GreenPath and Everfi’s wealth of financial education, planning, and counseling tools. Visit Free Financial Guidance to learn more.