Financial awareness day

Financial awareness day takes place on the 14th of August each year. The day is dedicated to promoting financial literacy and encouraging individuals to take control of their financial health. Financial awareness day aims to educate people about managing their finances, making informed decisions, and planning for a secure financial future. By understanding key financial concepts, individuals can make better choices and achieve their financial goals.

The concept of financial awareness day revolves around empowering individuals with knowledge about budgeting, saving, investing, and debt management. Financial literacy is crucial in today’s world, where financial products and services are complex and varied. Understanding these concepts helps people avoid financial pitfalls and build a solid foundation for their future.

What is financial literacy?

Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

When you are financially literate, you have the essential foundation for a smart relationship with money. This can help start a lifelong journey of learning about the financial aspects of your life. The earlier you start to become financially literate, the better off you’ll be because education is the key to a successful financial future.

Key takeaways

• The term “financial literacy” refers to understanding a variety of important financial skills and concepts.
• Financially literate people are generally less vulnerable to financial fraud.
• A strong foundation of financial literacy can help support various life goals, such as saving for education or retirement, using debt responsibly, and running a business.
• Key aspects of financial literacy include knowing how to create a budget, plan for retirement, manage debt, and track personal spending.
• Financial literacy can be obtained through reading books, listening to podcasts, subscribing to financial content, or talking to a financial professional.

Recommended podcasts to assist with financial literacy

• Ask Martin Lewis Podcast
• The Meaningful Money Personal Finance Podcast
• Money 101
• Money Box
• The Which? Money Podcast

For more information and tips on your financial health

• Financial Goals Are Not One-size-fits-all | Hugh James
• 10 Fundamental Principles For Investors | Hugh James
• Money Management Tips | Hugh James