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: â€œBuying a single company stock usually provides a safer return than a stock mutual fund.â€
The answers to these questions are â€œmore than,â€ â€œless thanâ€ and â€œfalse.â€
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 â€œthe ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.â€ 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 donâ€™t feel like taking a deep dive into learning right now, there are things you can do to help.
If youâ€™re open to using digital technology to manage aspects your financial life but donâ€™t want to monitor transactions and pay bills online yourself, consider trying EarnUp. EarnUp can help you get out of debt faster â€” and you donâ€™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.