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How Teaching Financial Literacy in Communities Improves the Economy

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How Teaching Financial Literacy in Communities Improves the Economy

Congratulations Community Action Services for being published in Money Inc.

Published by:

Sara Haslem Davis, Money Inc.

November 15, 2017

Sandra and John have struggled financially for their entire lives. But things got worse for them after they had a child. Without any savings, the medical bills from the birth buried them so deep that they couldn’t keep up with credit card bills or rent. And they depended on the local food bank and WIC to keep food in the fridge. That’s when they decided they needed help. They wanted to give their daughter something they never had — a role model for financial responsibility. So they got involved in a free financial literacy course taught by a nonprofit agency in their community and learned the skills they needed to get on their feet and stay there.

The situation in which Sandra and John found themselves didn’t just affect them. Financial illiteracy impacts communities and the entire economy. Look no further than the Great Recession, caused in part by people who didn’t understand the terms of their mortgages or loans. So what is financial literacy, how does teaching financial literacy improve the economy and how do people gain financial knowledge?

Read the full article here.