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.
- 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.