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This article is written by a student writer from the Her Campus at Broward chapter.

National Financial Literacy Month is recognized in the United States in April in an effort to highlight the importance of financial literacy and teach Americans how to establish and maintain healthy financial habits.

So….Do you have a household? Good for you! You’re only slightly in the majority. More than four in 10 adults in the U.S. keep no household budget, and about the same number don’t have savings that aren’t already marked for retirement. In short, collectively we don’t know how much about the basics of responsible spending. 

Financial Literacy Report Card:

  • 56% of U.S. adults do not have a budget.
  • 77 million U.S. adults, about one – third, don’t pay all of their bills on time.
  • 39% of U.S. adults carry credit card debt over month – to – month.
  • 2 in 5 adults in the U.S. are saving less now than a year ago.
  • 39% of U.S. adults have no retirement savings.

A Closer Look. Many Americans use short – term loans and have inadequate savings:

  • 55% of Americans report spending more than or about equal to their household income.
  • 60% do not have a rainy – day fund to cover three months of unanticipated financial emergencies. 
  • 24% have engaged in some form of higher cost non – bank borrowing in the past five years, including payday loans or tax refund advances.

Starting Young. If young people have a working knowledge of saving, spending, and credit, it’s possibly not because they learned it in school:

  • 57% of parents with kids in high school or college give schools below average grades in teaching responsible spending. 
  • 35% of parents give schools an F in financial literacy, while about the same number (37%) say schools are successful at teaching safe sex.
  • 37% of Americans say they learned basic money management on their own.
  • 22% of Americans learned from their fathers.
  • 25% of Americans learned from their mothers.
  • 5% of Americans learned about money matters from a teacher.
  • 51% of parents give their children an allowance. 
  • but only 4% require them to deposit that money into a bank account.

Ladies and gents, SAVE MONEY NOW!!!

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Tiffany Joseph

Broward '20

I'm Miss. Congeniality of Broward College North Campus, Events Coordinator of the Psychology Club at Broward College North Campus, new president of Her Campus Broward, I work for Student Services at Broward College North Campus, and I just like to get involved in many great activities that benefit my personal growth.
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Student at Broward College for the past five years, first enrolled on Davie's Central Campus learning Physical Therapy for two years than, transferring to Coconut Creeks North campus for the last three years, now majoring in Early Childhood / Developmental Education. Spent first year with Her campus Broward as Outreach Director, former president of self-entitled campus friendship club, Sammy's Buddy Brigade, member of the Campus Science Club, and a Broward County local student Ambassador with Best Buddies International. Winner of the Sammy's award for most charity work within the community, and now Vice President of Her Campus Broward. I hope to soon be working at Junior Achievement with the elementary and middle school children, in order to have a well rounded experience! The hope is to one day work with and teach children who have special needs such as myself! Biggest belief and philosophy of life is that, no matter what anyone says you can't accomplish in life, I am living proof that anything is possible! Having ADHD, high functioning Autism, and medical conditions such as Scoliosis, helps me to understand special needs children on a level that very few people can! It is this very knowledge that led me to choose Teaching as my chosen profession. Now at age 42, and more than 55% on the way to getting an Associate of Arts degree in Early Childhood Education, I hope to become an Assistant Teacher within the next year or so. We hope that this true life story will inspire others to never give up either, no matter what anybody says, or tells you, that you can't do, the only one who can truly hold you back is "YOU".