By Theresa Jarosz Alberti
Since 2004, April has been recognized as “Financial Literacy Month” to promote financial awareness and education. Financial Literacy Month originated from Youth Literacy Day, founded by the National Endowment for Financial Education (NEFE). It was created to raise awareness about financial literacy and promote financial education for youth but has since expanded to all ages. But what is financial literacy?
At its most basic level, financial literacy is understanding and managing one’s personal and/or business finances. For entrepreneurs and small business owners, financial literacy plays a crucial role in creating, managing, and growing a successful business. Fortunately, you don’t need to be a financial expert to have excellent outcomes. Business owners and professionals benefit from giving some thought to their financial literacy, reflecting on their strengths and weaknesses, and targeting new areas for learning and growth. There’s always room for improvement, and the rewards can be great!
There are many ways to improve your financial literacy and increase your economic awareness. Some key areas to focus on are: earning, spending, saving and investing, borrowing, and protecting. Take some time to think about how your business is doing in each category. Are you satisfied? What would it take to improve the current situation?
Other questions to consider:
- Do I know all the necessary details and specifics for each category?
- Do I have the right level of organization in my business?
- If I need help, do I know resources I can use?
- Do I utilize up-to-date technology to maintain smooth financial operations?
Education is another essential aspect of financial management and literacy. There’s a lot to learn in running a business in earning, spending, saving and investing, borrowing, and protecting. Luckily, you don’t have to look far to find great resources for education and aid from financial institutions and education programs.
At XXX, our XXX Program is one of those exceptional resources, designed to uplift small and minority-owned businesses in our local communities. XXX provides small businesses with access to capital, training, and mentorship to elevate opportunity and accelerate post-pandemic recovery.
Check out our current program offerings, including our XXX Program, our free XXX Program, and our free technical assistance program. Take a step in the right direction to improve your financial literacy with the help of XXX. We are here to help!