Finances in Retirement - Investments

April is National Financial Literacy Month

by Alli Thomas

Mar 31, 2022

Did you know that April is National Financial Literacy Month?

Investopedia defines financial literacy as “the ability to understand and make use of a variety of financial skills, including personal financial management, budgeting, and investing. It also means comprehending certain financial principles and concepts, such as the time value of money, compound interest, managing debt, and financial planning.”

With the financial world becoming increasingly complex every year, improving and maintaining financial literacy is important for keeping up with changes and being able to make informed financial decisions.

Want to improve your financial literacy? Here are some tips that will help you get started:

1. Create (and stick to!) a budget.

While this may seem like a no-brainer, 65% of Americans say they have NO IDEA how much money they’ve spent in the past month. Establishing a budget that accounts for all of your bills, savings and purchases is a basic but critical step in improving your financial literacy. And, if you’re nearing or in retirement, living on a fixed income means that you’ll need to plan extra carefully to make sure you’re not spending more money than you’re bringing in.

2. Read more about money.

One of my favorite user-friendly, educational websites that covers just about every aspect of finance and investing is If you prefer longer-form reading, check out some of the most popular books about financial literacy, such as I Will Teach You To Be Rich, The Millionaire Next Door, or How Much Money Do I Need to Retire?

3. Attend a financial planning class.

You can learn a lot about the modern world of finance in a short amount of time by attending a financial planning class taught by a financial professional. These classes aren’t designed to turn a regular person into an investment banker, but to teach fundamental concepts that all people should know, especially when it comes to retirement planning. Often, these classes are taught for free at a university, public library, or other similar public space.

4. Talk to a financial professional.

A fee-only financial advisor (meaning they don’t have any hidden conflicts of interest by selling you certain products) is obligated to act only in your best interest. When you work with a qualified professional, you can look to them for not just advice, but also for general financial education.

Request a no-cost, no-obligation advisor consultation today!

Get Started

Share this article

Alli Thomas

Alli Thomas has worked in the financial services industry for nearly 20 years, with a focus on retirement-related investing. She began her career as a FINRA-licensed participant-services call-center associate at Vanguard, and then moved to Principal Financial Group, where she worked closely with employers, assisting with retirement plan set-up and design, selecting appropriate plan investment offerings, and maximizing employee participation through targeted education campaigns and enrollment meetings. Alli has also worked as a qualified 401(k) administrator and registered investment advisor for several small investment firms. She now writes about all things investment- and finance-related, leveraging her extensive experience and passion for retirement planning to help investors make well-informed financial decisions.

Comments are closed.