Newswise — April is financial literacy month, but informed economic decisions are needed every day.
Whether it’s budgeting, saving or spending, consumers are faced with choices on how to best manage their money. According to the TIAA Institute-GFLEC Personal Finance Index, financial literacy rates have dropped from 52% in 2020 to 48% in 2024. The data highlights a consistent need for financial education on how to handle money challenges and prepare for the future.
Florida State University’s Dalisha Herring is an assistant lecturer in the Department of Finance in the College of Business. She teaches courses on personal finance, estate planning and employee benefits. Herring has more than a decade of industry experience in trust and estate administration, retirement plan wholesaling and personal financial planning practice.
Herring, an experienced financial planner, considers financial literacy a critical skill.
“Financial literacy is vitally important to financial well-being, and financial well-being is different for every person and family,” Herring said. “According to a recent Bankrate survey, one in three Americans have less in their emergency fund than they have in outstanding credit card debt. Excess debt often leads to stress and worry, which can affect one’s overall health and wellness.
“We have to be better about educating people about financial literacy concepts, like emergency funds and credit use, and the strategies to actually make improvements in financial well-being.”