Why is financial literacy important in the Black Community? How can you help other with financial literacy? What’s the big deal with financial literacy ? Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively. Without it, our financial decisions and the actions we take—or don’t take—lack a solid foundation for success. And this can have dire consequences:
Nearly half of Americans don’t expect to have enough money to retire comfortably.
Credit card debt has reached its highest point ever.
Forty percent of Americans can’t afford a $400 emergency expense.
Given the above statistics, it might not be surprising that nearly two-thirds of Americans can’t pass a basic test of financial literacy.
Financial literacy is important because it’s pretty much one of the things that will encompass just about every aspect of a person’s life. So even in families, even in marriages, lots of the hard times that people will have are gonna revolve around money. In the system that we live in, everything revolves around money. We’re in a capitalist society, so it’s to everybody’s benefit to know as much as they can about being wise about their money so that they can at least give themselves some type of stability in the future.”
