Financial Literacy Boulevard!
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A Message from our Wealth Advisors
Whether you're a vibrant 20-something just starting your personal finance journey, a busy 30 or 40-year-old looking to enhance your wealth management skills, or a savvy 50+ aiming to preserve or expand your nest egg, this is your place!
Financial Literacy Blvd features a collection of insights, tips, and tools that we have designed to enhance your financial understanding and wellness. Here, you can learn money management basics, explore the latest planning strategies, and gather the knowledge needed for effective financial decision-making.
As always, don't hesitate to reach out with any questions or topic suggestions!
We hope you enjoy your walk down Financial Literacy Blvd!
-The Wealth Advisors at Centura
*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2024 Advisor Websites.
Studies show that financial literacy levels in the United States are well below where they should be. According to FINRA, roughly 66% of the US population is "financially illiterate"1. That means more than half of the population faces challenges in understanding and managing their finances.
At Centura, we're trying to change that! One of our missions is to equip our clients with the knowledge they need to enhance their financial wellness. By addressing the gaps, we hope to foster a more financially resilient and empowered community.
Financial Wellness in the U.S.
- Around 78% of Americans live paycheck to paycheck.1
- Greater than 189 million Americans own credit cards.1
- Each credit card owner owns about four cards, on average.1
- Credit card debt levels have reached a record high of $1.04 trillion.1
- Student loan debt is approximately $1.5 trillion for more than 44 million borrowers1 (~$34,000/borrower).
Financial Literacy Directly Impacts Financial Health
What is it?
Financial literacy goes beyond budgeting and simple understanding of basic financial concepts. It encompasses a broad range of knowledge and skills that enable individuals to make informed and effective decisions about their finances.
The fundamental components:
- Earning & Spending
- Saving & Investing
- Borrowing & Managing Debt
- Protecting & Planning
Having a solid understanding of concepts within these five areas can significantly improve overall financial health.
Higher levels of financial literacy lead to better financial behavior, which result in higher financial well-being, as concluded by an NIH study.
Unsurprisingly, there is a clear correlation between the fundamental components of financial literacy and the key indicators of financial wellness.
Indicators of Financial Health
Get started today by exploring the resources below!
The Power to Prosper is in Your Hands
Earning & Spending
Saving & Investing
Borrowing & Managing Debt
Protecting & Planning
This page is updated regularly, so be sure to check back for new content!