Three Steps to Enhance Financial Wellbeing During Financial Literacy Month
Financial Literacy Month is recognized every April to raise awareness of financial literacy and the importance of good money management habits. According to Teachers Insurance and Annuity Association of America (TIAA), many Americans function with a poor level of financial literacy. In fact, in 2023 U.S. adults correctly answered only 48% of the TIAA’s Personal Finance Index (P-Fin Index) questions, which measures working knowledge related to financial situations encountered in the normal course of life.
At Cengage Group, our online skills business, ed2go, offers a range of fundamental finance courses to help individuals sharpen their skills and expand their overall financial literacy. We had more than 4,000 students enroll in fundamental financial literacy courses in the last 2 years, to help them achieve a range of goals, from self-enrichment, to skill development, or improving job prospects and earning a certification.
Getting to Know Our Financial Planning Expert
To celebrate financial literacy month, we spoke with Matt C., Financial Management and Planning Subject Matter Expert for ed2go, to gain a better understanding of financial literacy and steps every individual can take to improve their financial wellbeing.
Matt has worked at Cengage Group for over twelve years, developing and instructing online courses for ed2go. He is a Certified Financial Planner under the Certified Financial Planner (CFP) Board and serves as a financial business consultant and personal finance advisor.
Matt defines financial literacy as, “the ability to understand and implement financial skills in budgeting, investing and planning in order to meet or exceed your financial goals and avoid unnecessary financial burden.”
After graduating college, Matt admits he struggled to translate what he learned in the classroom on business and finance and applying it to his own personal financial situation. This was a strong motivator for him in deciding to specialize in this work.
Finance has long been a taboo topic for families, and until recently, it was not a part of public education. Matt made the decision to take control of his own financial wellbeing, exploring books and courses on financial management. “Within a few years, I transformed my situation from the edge of disaster to one of financial freedom.”
Motivated by his own experience, Matt set out to educate individuals in personal finance, aiming to equip individuals to avoid the financial hardship he experienced.
Enhancing Financial Wellness
Based on his experience and expertise in the financial field, Matt has shared three actionable steps individuals can take during Financial Literacy Month to enhance their financial well-being:
- Develop a budget: Assess your income and expenses to gain a clear understanding of your financial situation.
- Create short-term and long-term plans: Eliminate high-interest debt, establish an emergency fund, and begin contributing to employee-sponsored and personal qualified plans to secure your financial future.
- Expand financial knowledge: Engage in a finance course, read informative books, listen to insightful podcasts, or seek guidance from a financial advisor. These resources will help you acquire new knowledge and fill any gaps in your understanding.
At Cengage Group, we are proud to be part of the journey towards financial empowerment for individuals. By equipping learners with the necessary skills and knowledge, we aim to create a more financially literate world, where individuals can confidently navigate their financial decisions and achieve their goals.
Learn More:
If you’re interested in learning more about our ed2go business, visit our What We Do page.
Click here to learn about the importance of Financial Literacy Month from members of our Finance and Accounting teams. Click here to discover seven tips to make the most of your money.