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The Importance of Financial Literacy in a Crisis

The COVID-19 crisis has caused income loss, uncertainties, and an increase in fraudulent attacks throughout Ohio and nationwide. Smart money management is more important than ever, but studies show that Americans are falling behind in financial literacy.

While the U.S. is the world’s largest economy, Investment News reported it as ranking only 14th for financial literacy when measuring the proportion of adults in the country who understand and can effectively apply financial skills. And this comes at a time when Americans are asked to take more and more responsibility for their finances by making decisions about college, consumer credit, and saving for retirement.

A lack of practical financial education for younger Americans could be partly to blame. According to the National Financial Educators Council, only 23% of kids surveyed talk to their parents regularly about money. Ohio’s high school age participants scored an average of 60%, below the national average of 65%, on the National Financial Literacy Test – a 30 question test completed by more than 53,000 individuals and designed to measures participants’ ability to earn, save, and grow their money. 

Fortunately, there is extra assistance from trusted sources available during this critical time. DoverPhila Federal Credit Union has created a page specific to helping consumers protect their finances during the coronavirus pandemic. This includes guidance on planning finances for an uncertain future, information regarding the economic stimulus relief, dealing with debt, protecting credit, and much more.  

Ohioans can also find assistance right in their communities. Credit unions exist to improve their members’ lives and offer a wide range of tools and resources to help members better understand and manage their finances.

Financial Literacy Tips
Having a solid understanding of money is an important step in making sound financial decisions. Whether you consider yourself “money smart” or more of a work-in-progress, everyone could stand to brush up on their financial literacy. Here are some tips to stay on top of your finances.

Need help? DoverPhila Federal Credit Union offers financial counseling to its members. The service is free and confidential. Call today at 330-364-8874.

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