The Growth of Financial Literacy Month

April is financial literacy month, and money management and financial responsibility will be promoted through several large national campaigns.

This month started in part due to findings in several studies that suggested that majority of students that graduated from high school lacked practical money management skills. In addition, many students were found unable to balance a checkbook, as well as having no insight on how to manage the spending, savings, earnings, and investments.

More specifically, the American Savings Education Council found less than half of the U.S. high school and college age population have a regular savings. Additionally, only a small fraction of students in that age range were found to keep a budget, while more than 1/3 of those did not keep track of their spending at all.

Financial literacy month raises awareness about the millions of young adults that have a hard time when it comes to establishing credit and maintaining a positive credit history. Most have developed bad money management habits that start started in high school and for many those habits stay with them their entire life. Unfortunately they learn their money management lessons after a major financial mistake. Many young people have learned through personal experience due to a lack of financial awareness.

This year during financial literacy month there are several ways you can help raise awareness about the financial education movement and pick up some practical money skills in the process.

1) StandUp for Financial Literacy campaign. This campaign involves a series of events across the country. The goal of this campaign is to get over 100,000 people to go into schools and teach financial literacy to students.

2) Money XLive financial education event. Every year during the financial literacy month Money XLive puts on a full production financial education that resembles an MTV award show. Big name celebrities, sport stars, bands and DJs put on a full production show that entertains and educates.

3) Grassroots financial literacy campaigns. Most cities have smaller events to bring attention to the financial illiteracy epidemic during financial literacy month.

Recently, this has been identified as a problem. This makes it. Youth financial literacy does not require that school systems undergo a complete overhaul within their educational systems, but rather they notice the need for a balance in education.

Financial literacy month helps to promote providing money management skill training for today's youth. Financial literacy month is not just intended to focus solely on the youth. With over half of the U.S. adults lacking basic money management skills this campaign is intended to make everyone aware that picking up a practical financial education can improve many areas of their life.

It is our hope that financial literacy month inspires parents to engage their children in financial literacy education and that this message will extend into the classroom. So during this financial literacy month be sure to help your child to grow into a financially responsible adult.