Now that April is beginning to wane, it’s time to talk about its designated purpose: financial literacy.
Yes, April is Financial Literacy Month. In PRW here at SMU, professors spend weeks trying to improve student’s financial literacy through talking about stowing away emergency funds, investing and learning about interest.
But what is financial literacy, anyway, and why do we need it?
The truth is that fiscal knowledge is power. In a world where cash is becoming less and less viable and more and more transactions occur online, it is important for people to learn about managing bills, subscriptions and even surplus online shopping.
A budget is essential, especially for those hovering around the poverty line. Many SMU students live in a bubble away from poverty, not realizing that it’s occurring right under their noses, and that they could become susceptible too if they do not educate themselves and take appropriate precautions with their funds.
As pay gaps grow, financial deserts begin to take hold. Individuals living in these areas—quite literally areas with no banking options—often spend thousands of extra dollars trying to secure their money.
Whether you fall victim to the financial desert plague or not, it is important to educate yourself on finances. Do a quick google search and take advantage of what Financial Literacy Month has to offer!