The U.S.A is home to many wealthy people, but contrary to popular expectation America is lagging behind when it comes to Financial Literacy. The Standard and Poor’s Rating Services conducted a Survey, the results of which show that the U.S does not even make it to the top ten in the list of the most financially literate countries. Only 57% of Americans were able to answer the questions in the survey. Amongst the people surveyed, the millennials in the U.S. had literacy rates lower than that of middle-aged adults.
This is where developing an understanding of investment opportunities, the latest market trends and the functioning of the economy become essential to growing your wealth by making the right financial choices. Here are some simple ways by which you can improve your financial literacy –
- Use resources provided by the U.S Government –
The American government is taking up many initiatives to make sure its citizens have increased access and more opportunities to educate themselves on personal finances. The govt has also declared a Financial Literacy Month with an aim to create awareness on the need for the same. Apart from this the government also allows access to the websites mentioned below –
- Financial Literacy and Education Commission
- Read and gain –
Magazines and Newspapers play a significant role in educating individuals in matters of money. You can begin with reading the Finance section of your regular newspaper. Then move on to reading finance specific newspapers such as the Wall Street Journal and the Financial Times. Magazines such as Barron’s, Fortune, Money and Forbes too are worth a read.
- Financial information T.V programs –
Television programs offering financial information are of great help as they simplify information and make it easier to understand complex concepts. Many of these programs also invite experts in the field to speak and answer questions asked by viewers, wherein you too can send in your doubts and queries. T.V Channels that broadcast these programs are; CNBC TV, Bloomberg TC, CNN, Fox Business News, and Nightly Business Report.
- Join a club –
Investment Clubs are formed for the sole purpose of learning investment techniques. You can learn how to invest in stocks and make a return on investment. One such club is the National Association of Investors Corporation, which is a non-profit organization that offers practical investing experience and investment education.
- Take classes –
There are many financial education centres in the U.S where you can take classes or courses on subjects that will aid your ability to manage finances.
- The internet of all things –
Online resources that can help improve your financial literacy are in abundance. Some examples are the finance tab on news websites and the educational tutorials