Let’s Celebrate Financial Literacy Together

While Financial Literacy Month was first officially recognized in 2004, thanks to the support of Congress, its origination goes back to 2000 when the National Endowment for Financial Education (NEFE) asked Jump$tart to help promote a program that focused on youth financial literacy. While teaching young people how to be financially responsible is important, assuming adults don’t need those same lessons would be short-sighted. Luckily, now Financial Literacy Month is “when the financial literacy community celebrates achievements in improving the financial literacy of all Americans.”

Cultivating Financial Acumen Among the Youth

Recognizing that the foundation for lifelong financial responsibility is laid during the formative years, the NEFE established Youth Financial Literacy Day. Here at First Utah Bank, we take that principle to heart, knowing that every lesson learned, every account opened, and every penny saved plays a monumental role in sculpting the future of our Utahn youth. By weaving financial literacy into the tapestry of their lives, we strive to instill a sense of savvy and stewardship that will echo through their financial decisions for years to come. It’s about more than just numbers; it’s about nurturing a generation equipped with the knowledge to build a stable, prosperous future for themselves and their communities.

Here are three tips for helping youth learn to make smart financial decisions:

1. Save First, Spend Later: Teach children to set aside a fraction of their allowances or earnings towards savings, emphasizing the importance of saving before spending.
2. Understand the Concept of Credit: As they mature, expand the discussion to include credit. Explain how credit cards work, the impacts of interest, and the significance of maintaining a positive credit history.
3. Set Financial Goals: Encourage them to set short-term and long-term financial goals. This could be saving up for a skateboard, college, or even their first home. Goals make saving more purposeful and real.

Emphasize the Importance of Being Money Smart for Older Adults

As we age, financial decisions often become more complex: retirement, estate planning, and healthcare expenses are a few of the added responsibilities. It’s crucial, therefore, that older adults remain money smart.

You’ve probably heard Oscar Wilde’s saying, “With age comes wisdom.” But wisdom is not the only tool required in these matters—protection from financial abuse is also paramount. In our Utah community, we cherish our seniors, recognizing the wealth of experience, knowledge, and love they bring. It’s unthinkable that this respect might not be universal, yet financial abuse of elders persists.

At First Utah Bank, we understand the importance of financial safety for our older adults, and we are committed to fighting this issue head-on. If you have questions, we would love to have a conversation about this sensitive topic. And it goes beyond just safety—our tailored financial services empower our seniors, allowing them to maintain their financial independence with confidence. Yes, the terrain of financial decision-making may become more intricate as we age, but we’re here to help navigate it. Together, we strive to create a community where our treasured older adults can feel not just secure, but smart and capable, in all aspects of their financial lives.

If you are looking for more information, the FDIC’s Money Smart For Older Adults is a great place to start. Here, we have drawn from the FDIC’s advice to highlight three key steps to protect the older adults in your life:

1. Stay updated about the latest scams: The FDIC stresses that fraudsters often target seniors. Therefore, being aware of the latest fraud schemes, like lottery scams, charity scams, and prescription drug scams can safeguard one’s hard-earned money.
2. Estate planning is crucial: Proper estate planning allows older adults to have a say in how their assets will be distributed upon their death and reduces the likelihood of familial disputes. The FDIC encourages older adults to create a will, consider setting up a trust, and assign power of attorney to trusted individuals.
3. Stay actively involved in your finances: The FDIC suggests that older adults regularly review their finances and financial statements. Seek trusted advice when needed and stay in control of your economic landscape.

Financial literacy, regardless of our age, shapes our lives—empowering us to make informed decisions, enabling us to attain our goals, and granting us the confidence to face financial challenges.

This Financial Literacy Month, let’s step into the power of understanding, embracing the journey of mastering money from our first penny saved to our last will and testament. Being money smart is not just a skill; it’s a lifestyle for all ages.