Since April marks the deadline for tax filing, it seems fitting that it would also be National Financial Literacy Month. However, you don’t have to wait until tax season to look into your financial situation. According to the Consumer Financial Protection Bureau, the average American holds a credit card balance of more than $4,800. Add in interest rates and other financial obligations, like mortgages and student loans, and it can be easy to feel trapped. Fortunately, there are resources available to help Hoosiers build their financial literacy and begin taking the steps necessary to improve their financial situation.
The Indiana Department of Financial Institutionsoffers a number of educational tools to teach consumers about credit. They have also developed lesson plans for parents and teachers to inform students on consumer credit and their credit rights.
Another great resource is 360 Degrees of Financial of Literacy. Founded by the American Institute of CPAs, this website offers a wide variety of tools to help consumers at any stage of life assess their financial situation and take charge of their finances. Similarly, the Financial Literacy Monthwebsite offers a comprehensive, step-by-step approach to help consumers achieve financial freedom. The site also provides links to helpful worksheets, eBooks and webinars, all for free.
Understanding money matters is important for all consumers. By taking advantage of the resources available, Hoosiers can take charge of their finances and get closer to their financial goals.