This post was sponsored, and paid for, by SunTrust. All opinions are my own.
When I started back to college after a four-year-break, I struggled. I could understand the literature and topics but my grades were not doing well. On my mid-term report card I was averaging a C across the board. After seeing my mid-terms, I rushed out to my car. I got in and cried. I had NEVER in my entire life earned such bad grades. DuringJr. High, High School, my Associates Degree, and my Bachelor’s Degree I averaged an A or A- . I was confused as to why I had C’s for the first time in my life. What was happening? Why was I understanding the topics but not getting better grades? I had to think about it for awhile. After a few hours of introspection I realized that I was not implementing the scholastic principles that I knew would help me get good grades.
Even though I knew how to get good grades, I was not doing it. I was not studying hard enough. I was slacking on test preparation. I was not applying myself hard enough to projects, assignments, and reports. I decided to set aside a minimum of four hours a day to study, prepare, and implement what I knew worked to earn good grades. That, along with prayer, helped immensely. And I’m happy to say that I brought every grade up from a C to an A. I finished that semester with a 4.0!
I gained self-confidence and felt achievement knowingthat I could be doing subpar in something, work hard it, and ultimately succeed in it. I felt very confident that I could not only learn and grasp a subject, but that I could work, apply myself, and earn A grades.
This story relates to true financial confidence as well. Pure financial literacy doesn’t make one financially secure. A person can understand a lot of financial principles, but when not applied, can still come in subpar or even fail financially. Applying principles of financial literacy is what is needed to gain financial confidence and move towardsfinancial independence.
April is Financial Literacy month. Financial confidence and literacy go hand-in-hand. It’s not enough to just know the rules of finance—you have to apply and live them. When you live by the rules, financial confidence comes.
Studies have shown that financial confidence is directly related to self-confidence.I know that I do feel more secure in myself knowing I can and do support my kids and I, have savings, and live beneath my income. It is comforting to know that I can and do donate a portion of my earnings to tithe and charities. I love the ability I have to help those in genuine need. I experience self-confidence knowing I work for and provide for myself and others.
I’m not financially perfect though. It’s a constant goal of mine to do better. It’s not enough to apply oneself for a short period of time either. I have to work at applying sound financial principles on a consistent basis. I find that at times I’m doing really good at staying out of debt but not saving as much as I want. Or at other times in life I’m not putting enough away towards retirement and investment.Financial Confidence is a process and one has to commit and recommit often to stay on course.
I’m striving to do a few things in my life right now to become even more financially confident, a few are: make more homemade meals, to not buy any more clothes/shoes/etc. for my kids and I for at least a few months (although the majorityare secondhand clothes we have an ample supply and don’t need more), and I’m trying to go into stores less—which means I spend less overall.
SunTrust started the onUp Movement in 2016. I have written about it a few times. With close to 1,500,000 enrolled, they are helping strengthen financial literacy and ultimately bring financial confidence to our generation. SunTrust provides aton of free information on not only becoming financially literate but developing financial confidence. I highly recommend joining the movement (join for free here).
What are a few of your financial goals that will help you become more financially confident?
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At SunTrust Bank their purpose is lighting the way to financial well-being. When you feelconfidentabout your money, you can save for your goals and spend knowingly on what matters most to you.
The onUp Movement is1 million strong…and growing. onUp is about having the confidence to move forward one smart step at a time.
Join now and start building your financial confidence today.
Lower savings and investments since financially illiterate individuals often lack knowledge to make informed decisions about savings and investing, which can have an impact on economic growth at the national level, and limited access to financial services.
Overall, the challenges of financial literacy include overconfidence about financial knowledge, lack of government initiatives and regulations, and lack of life-cycle planning .
High schools might avoid teaching personal finance due to several reasons, including the perceived lack of relevance to students' current lives, the gap between financial literacy and financial responsibility, and the practical constraints of traditional teaching methods.
A strong foundation of financial literacy can help support various life goals, such as saving for education or retirement, using debt responsibly, and running a business. Key aspects of financial literacy include knowing how to create a budget, plan for retirement, manage debt, and track personal spending.
Financial Literacy Struggles Persist: Majority of U.S. States Unprepared to Educate Gen Z on Personal Finance. Personal finance courses in U.S. high schools are the key to elevating financial literacy rates, especially among young adults seeking advice on how to prepare for lives of financial independence.
Key Findings. Only 57% of adults in the United States are financially literate. Missouri, Utah and Virginia boast the best financial literacy rates, while Alaska, Washington, D.C. and South Dakota have the worst financial literacy rates.
Being financially literate helps ensure you'll have the skills needed to handle such tasks as budgeting, managing bills, investing money and saving for retirement and other financial goals.
Financial literacy is not just about understanding numbers; it is a tool for empowerment and social justice. Without proper financial knowledge, individuals and communities are left vulnerable to cycles of poverty, debt, and limited economic mobility.
It helps smooth consumption. It helps households and small businesses manage their finances. Therefore, it can help enhance productivity and long-term growth, and potentially help reduce poverty and inequality".
Financial literacy is universally essential for all students, regardless of their background or future career path. It equips them with the knowledge and skills necessary to navigate the complexities of personal finance, make informed decisions, and achieve financial security.
“Financial literacy is a necessity for California students,” McCarty said in a statement. “Most go into college or the workforce without any knowledge of personal finance.... Taking a finance class in high school can help students make smart money decisions that will benefit them throughout their adult life.”
Financial literacy enables individuals to make informed decisions, manage resources, and contribute to economic growth. On the contrary, financial ignorance perpetuates egregious levels of poverty and inequality. It limits access to opportunities, traps people in debt, and widens wealth disparities between countries.”
Achieving financial literacy can help individuals to avoid making poor financial decisions. It can help them become self-sufficient and achieve financial stability. Key steps to attaining financial literacy include learning how to create a budget, track spending, pay off debt, and plan for retirement.
“College graduates spent 16 years gaining skills that will help them command a higher salary; yet little or no time is spent helping them save, invest and grow their money.” “If you don't understand the language of money, and you don't have a bank account, then you're just an economic slave.”
Explanation: A lack of financial literacy can cause you to lose your car. When you are not financially literate, you may make poor financial decisions, such as taking on too much debt or not properly managing your expenses. This can lead to repossession of your car if you are unable to make the necessary payments.
Many studies have demonstrated that persons with higher financial literacy are more likely to participate in desirable financial behaviors, such as deposits, mutual funds, and stocks, than those with lower financial literacy (Yang et al., 2022).
Introduction: My name is Pres. Lawanda Wiegand, I am a inquisitive, helpful, glamorous, cheerful, open, clever, innocent person who loves writing and wants to share my knowledge and understanding with you.
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