NATIONAL FINANCIAL AWARENESS DAY

NATIONAL FINANCIAL AWARENESS DAY-AUGUST 14th, 2023

Money is significant to our overall peace of mind in every way. Making bad financial decisions can ruin your best years. When you think about that debt hanging over your head or imagine having the chance to take those vacations you could not take while working, you realize that financial freedom is something you need to have. National Financial Awareness Day exists to help us review where we are now and where we are headed financially.

 

HISTORY OF NATIONAL FINANCIAL AWARENESS DAY

Whether you are a lavish spender, as it happened in the "Great Gatsby," or are saving for your retirement, or you live from paycheck to paycheck, you need to look at the big picture and commit yourself to being more aware of your spending patterns. Don't wait for a special day like a new year to start planning. Begin right now. National Financial Awareness Day is celebrated on August 14th every year to help remind us about taking investment and saving seriously to build financial stability and prepare ourselves for the future.

 

It is unknown how the holiday came to be. Still, the aim is to ensure that a person's current financial status is solidified and can serve them till retirement by developing and instilling good financial practices. When we invest, we make money work for us, resulting in less time spent working and leaving more time to enjoy our lives. David Ravetch, who is a senior accounting lecturer at the University of California in Los Angeles, says, "We live in a world of financial illiteracy," meaning that most of us don't have the skills and knowledge that are necessary to make informed as well as effective decisions with our present finances.

 

Though it seems overwhelming, every person can learn to sound financial principles and make some savings. We would reap significant financial benefits by making little changes in our daily habits. Once we take records of our spending and differentiate our wants from our needs, finances can be pretty straightforward. You can gain some financial management skills by joining an investment or money management club, consulting a financial advisor, and reading blogs and books on personal finance.

 

STATISTICALLY

  • 58% of Americans have less than $1,000 in savings.
  • About 8% of Americans believe they cannot recover from a recession.
  • The average emergency savings of American millennials stand at $2,000.
  • Up to 20 out of 100 Americans do not have any savings plans from their annual income.
  • Half of American households live from paycheck to paycheck.
  • Only 32% of families in America maintain a household budget.
  • The total amount of money owed by Americans on credit cards is $1 trillion
  • Should there be an emergency demanding a cash cover of $400, over 44% of Americans will not be able to meet it.
  • Only 24% of millennials have demonstrated basic financial literacy.
  • There are 40% of student borrowers do not make payments.
  • The amount saved by women against every dollar saved by men in 2020 is 68 cents, a decrease from 70 cents in 2019, as reported by LT Trust.

WHY THE  NATIONAL FINANCIAL AWARENESS DAY  IS IMPORTANT

 Easy Street,

Sometimes we must understand that even in our pursuit of money, we do not need to take the challenging route, for they say, "Why work for money when money can work for you?" The road to wealth can be much more enjoyable with proper financial knowledge. Sound investment practices can help you spend less time working and enjoying more.

 You Don't Have To Be Confused

Most people have little or no clue about how money works. You can never go wrong or get confused when you have accurate financial information. While many people find the topic of finances daunting, you can take the initiative to learn how money works, which will throw your peers into envy.

 Good Preparation for the Unpredictable Future

Though it is widely said that money cannot buy you happiness, not having money will certainly bring you sadness; therefore, making sound investment decisions now is essential to avoid future troubles. There is no better safety net than having a nice contingency fund because you do not know what challenges life may throw.

 Statistics of the Financial Industry

  • The Finance and Insurance industry stands at $6 trillion in market size measured by revenue in 2023, and it is expected to increase by 0.2% in the same year.
  • The industry in the United States has grown at an average rate of 1.3% per annum between 2018 and 2023.

Are you a small business operating in the Financial Industry? 

It's time to get the recognition you deserve. For years most business awards have been focused on celebrating big corporations, but the Best of America Small Business Awards is the only business award for small businesses only. Small businesses make up 99% of U.S. companies; this shows how big small companies are for our economy.  

BASA is the real deal, as it is prestigiously independent and was created with an unwavering love for small businesses. The award aims to showcase the best small businesses' notable efforts in growing and building economies, communities, and a better working world while encouraging more small businesses to get excited about new opportunities.

With over 100+ categories to choose from, the award is not influenced by big corporations and has no nepotism, vetting process, or big guys, always winning nature. BASA's independent council of judges only cares about one thing- your work!

 

The BASA statuette is a hand-made work of art uniquely created in Italy by the internationally acclaimed artist Ithaca. Learn more at www.basawards.com.