History of Financial Literacy Month: 20 Years and Counting
Celebrated annually in April since 2004, Financial Literacy Month serves as a yearly reminder of the importance of being financially literate and encourages people to establish and maintain healthy financial habits. Not only is the month a celebration, but a challenge, too. Itโs an opportunity to review your finances and gradually improve them.
What we know today as Financial Literacy Month originated from Youth Literacy Day, which came into existence through the National Endowment for Financial Education (NEFE). In 2003, the Senate Resolution and House Resolution requested that President George W. Bush declare April as Financial Literacy Month and the United States Congress showed great support. Soon after, the House of Representatives passed a bill that supported the goals of Financial Literacy Month and called on the President to order the implementation of this month to the Federal Government, schools, localities, and non-profit organizations.
In March 2017, President Obama made a proclamation highlighting the importance of being financially capable and declaring the month of April as National Financial Capability Month as well. This was a natural progression to ensuring that Americans have access to unbiased and trustworthy financial education and understanding of financial services and products, and includes raising awareness of consumer protection laws.
Penn Community Bank Brings Financial Literacy to Kids, Children, and Students
For us, financial education isnโt a 30-day initiative in the month of April, itโs a priority year-round. Whether itโs a customer meeting with a banker in a financial center, a team member at a community event, or a banker giving a classroom presentation, empowering individuals with the knowledge and skills necessary for sound financial decision-making is what we do. Thereโs a wide scope of individuals that can benefit from financial literacy, ranging from young students to senior citizens. In turn, thereโs a diverse array of activities designed to education these contrasting age groups, like engaging workshops, social media campaigns, or interactive presentations.
Last year following her retirement, former Highland Park financial center manager Antoinette Gellentien took her passion for financial literacy full-time. After a rewarding career in banking, she realized the aspect of her job she misses the most: teaching. Antoinette knew that she wanted to continue to share her expertise with others, but this time, in the classroom.
Antoinetteโs financial literacy presentation is tailored for each grade-level and contains real-life scenarios that make the information easily digestible for students. She says itโs important to consider the geographical area, too, and adjust her lesson to what may be the reality for some students. For example, some classrooms are majority students from low-income households, so shifting the focus to earning money and budgeting is likely more beneficial to their situation.
Banks, and particularly community banks like ours, play a critical role in financial education. Whether itโs having resources and banking products for children at a branch or doing financial literacy presentations in schools, itโs important to come to their level. Banking and finances can be overwhelming, so the information must be succinct โ and fun, of course!
This Financial Literacy Month, commit to educating yourself and others about best practices for finances and take steps towards achieving your financial goals. Financial education will help build a brighter future for yourself, your family, and your community. Donโt know where to start? Visit your local Penn Community Bank branch and speak to a team member.
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