Happy Financial Literacy Month! This month is all about raising awareness around the importance of maintaining strong financial habits. While it’s important to examine personal use of finances, we also added best practices from a business perspective.
What is Financial Literacy?
Financial Literacy is being knowledgeable about financial practices and understanding how money works. For this reason, it is a good skill to have in order to maintain a sense of financial stability.
Why It’s Important?
In order to make responsible financial decisions for personal or business, it is crucial to have a clear understanding of basic financial management in order to understand how your money is being used. With a solid foundation in financial literacy, managing, investing, and budgeting your money will be easier and will benefit you more later on in the future.
Did You Know?
According to the National Financial Capability Study, most Americans struggle to apply financial decision-making skills in everyday occurrences. In fact, 63% of those living in the U.S. could not answer more than 3 out of 5 questions in a questionnaire relating finance to everyday life. Take the quiz to test your knowledge and see how you compare to the national average. This is a great place to start to see how you can begin to improve yourself financially.
How to Improve?
Overall, the best way to improve your knowledge is to educate yourself. For business credit cards, focus on best practices on various topics, like this one relating to P-Cards.
For a comprehensive list of best practices, request a copy of Card Integrity’s, “P-Card Best Practices for your Card Program” today!