What is Financial Literacy?
Financial literacy is the ability to understand basic financial concepts and how they impact our everyday lives. It includes the ability to understand financial choices, plan for the future, spend wisely and manage the challenges associated with life events such as job loss, saving for retirement, handling debt or paying for education. Financial literacy is important, because it allows a person to confidently make informed decisions that will positively impact their life both now and in the future. Financial literacy is not an absolute state; it is a constantly evolving state of competency.
What is Financial Wellness?
Our goal is to help you achieve financial wellness. This is a lifestyle that offers financial security and freedom of choice, among other things. And it is through financial literacy and learning about money that will allow you to get there.
Financial Wellness involves the process of learning how to successfully manage all aspects of your financial life — from budgeting and managing expenses to paying down debt and saving for retirement. Money plays a critical role in our lives and not having enough of it can impact our health and overall wellbeing both now and down the road. Financial stress is one of the most common causes of stress, anxiety and fear for people of all ages. Learning how to maximize your financial wellness will help prepare you to to handle potentially stressful financial situations both now and in the future — as well as the impact they have on your life. The most important point to remember is that achieving financial wellness doesn’t happen overnight — it’s a process that involves taking control over your financial life one step at a time.
By taking a holistic approach to money, you can ensure that all components of your financial life are in order and positively impacting your overall wellbeing. Through financial literacy, we provide people with a direct path to achieving this type of financially fit lifestyle that reduces stress and increases confidence in decision-making.
Benefits of Financial Wellness
Security means being able to cover day-to-day and month-to-month expenses without worry. It means having enough money coming in to cover all of your necessities as well as a few extra things you want.
Future security involves being able to cover emergency expenses or unanticipated bills.
Freedom of choice refers to being able to choose where you want to live, where to raise your children, what you want to eat and wear, within reason. It means having enough money for more than just the absolute bare necessities.
Future freedom of choice means getting on track toward future financial goals like buying a home, sending a child to college or covering your retirement. It’s having a plan for the future and understanding how you can reach your goals.