Whatever your age, you’re never too young—or too old—to improve your financial literacy. There is always room to grow your knowledge, regardless of age, life experience, the value of your assets’ value, or what you already know. Learning the fundamentals, such as earning and saving money, is critical when you’re young. When you mature, it remains vital to understand the concepts impacting your financial life both today and into retirement—learning applicable financial skills for your stage of life. We share five tips that will explore what learning financial literacy at any age looks like.

  1. Adults, start the money conversation and education early in life. As soon as children begin expressing interest in spending money, they’re old enough to learn the responsibilities (and guardrails) that come with access to money. The Berenstain Bears’ book, Trouble with Money, is available on Amazon or at your local library for story-time reading. Tune in via YouTube to watch episodes. Both formats introduce concepts of critical earning, spending, saving, and generosity. It also covers responsible behavior about money. It is a valuable resource for anyone with small children.
  2. For high school and college students, discuss exploring entrepreneurship—both as a concept and as a career path. Perhaps your child or grandchild pursues entrepreneurship as a career path with or without a college degree. Jumpstart the conversation before summer break, when their desire to spend more cash necessitates them getting a summer job/gig. Could they possibly start their own business or side hustle? This might get them excited about the idea.
  3. If you’re a member of Gen Z, utilize workplace benefits programs for financial wellness resources and tools offered by your employer’s HR department. These offerings are available with mental health assistance of Employee Assistance Benefits (EAP) or fitness benefits in an employee portal. Find professional referrals and informational resources like budget worksheets that equip you for this period when you’re likely juggling payments for daycare and student loan debt.
  4. Mid-lifers, don’t fall prey to scammers and fraud that risk your growing financial assets and professional identity. Being in the squeeze of life (launching kids to adulthood and providing care for aging parents) makes you susceptible to sophisticated forms of financial and tech fraud due to your distracted mindset and life. Remain vigilant against scams or overcome poor password habits. Combat that risk by setting up an ID.me account to access important services like the Social Security Administration (SSA), IRS, and many healthcare systems.
  5. As you approach retirement or are retired, you’re never too old to learn. Savvy seniors can learn about their new responsibilities and status—get educated about the responsibilities of enrolling for SSA benefits and (re)enroll in Medicare benefit programs. Get literate about your senior discounts as well (signing up for savings on wireless phone plans), and take a defensive driver course to offset the cost of rising car insurance premiums you’ve earned as a mature adult!

At every stage of life, there is something more to learn about your finances and how to make your money work for you. If there’s been a change in your finances or circumstances in life, it’s an opportunity to revisit and improve your financial literacy.

At Organized Instincts, our daily money managers help increase your financial literacy and confidence. Schedule a call today and discuss how a daily money manager helps you make the most of your money and money management habits.

Are you an active social user who wants to see more great content like this? Follow us on these platforms:

Facebook         LinkedIn         Instagram          Pinterest