Your Financial Health Matters:
#FinHealthMatters Day 2019
Join EarnUp in celebrating National Financial Literacy Month and #FinHealthMatters Day to highlight the importance of financial literacy in the United States.
Try This Quiz:
Suppose you had $100 in a savings account and the interest rate was 2 percent a year. After five years, how much do you think you would have if you left the money to grow? More than $102, exactly $102 or less than $102?
Imagine that the interest rate on your savings account was 1 percent a year and that inflation was 2 percent. After one year, would you be able to buy more than, the same as or less than you could today with the money?
True or false: “Buying a single company stock usually provides a safer return than a stock mutual fund.”
The answers to these questions are “more than,” “less than” and “false.”
According to a survey of Americans over age 50 conducted by the economists Annamaria Lusardi of George Washington University and Olivia S. Mitchell of the Wharton School of the University of Pennsylvania, only a third of people tested could answer all three questions correctly.
So How Financially Healthy is America?
Only 17 states require high school students to take a course in personal finance.
45% of Americans do not have enough savings to cover three months of living expenses.
7 out of 10 workers say financial matters are their most common source of stress.
Financial Health Matters
Financial literacy is defined as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” Many say financial education should include concepts like the 50/30/20 Budgeting Rule, the Rule of 72 and Time Value of Money. Even if you don’t feel like taking a deep dive into learning right now, there are things you can do to help.
If you’re open to using digital technology to manage aspects your financial life but don’t want to monitor transactions and pay bills online yourself, consider trying EarnUp. EarnUp can help you get out of debt faster — and you don’t have to know the first thing about digital banking, technology, or confusing financial concerns.
Join the conversation on Twitter. Check out what people are saying about why #FinHealthMatters and use the hashtag to keep the conversation going. Together we can establish and maintain healthy financial habits.