Financial literacy is important to achieving many goals in life. Wells Fargo is proud to be title sponsor of The Washington Informer’s financial literacy supplement. Get Smart About Credit Day, an annual financial education outreach campaign sponsored by the American Bankers Association (ABA) is on October 17, making this month the perfect time to bring awareness to this important topic. We appreciate the Informer’s leadership in providing helpful information to its readers focused on financial education and we are glad to be included.
Wikipedia defines financial literacy as the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.
Having a sound understanding of credit — including how to use it responsibly — is essential. Good credit may make it easier to borrow money, may lower interest rates on loans or credit cards, may reduce insurance premiums, and may make it easier to rent an apartment and buy a home.
When you understand money and credit, you are more informed and can be more confident in the financial decisions that you make. In addition, it can make the journey to reach your financial goals an enjoyable and successful one whether that’s purchasing a car, becoming a homeowner, starting a business or even planning for retirement. Not understanding financial requirements and implications for goals like these can delay then or even mean not achieving them at all.
As we recognize Get Smart About Credit this month, I encourage everyone to be proactive about financial literacy. Learn everything you can about the financial goals you want to achieve. There are many resources to help. You can find assistance online, by phone and even in person, many times at no cost. At Wells Fargo, our Financial Health bankers provide our customers personalized support, proactive guidance and encouragement, and convenient financial resources they need to take action and improve their financial health. The Hands on Banking® online learning center offers resources for anyone who wants to learn more about money management. There are articles to read and even self-guided courses to help improve financial literacy on a number of topics.
Financial literacy is a solid foundation to start the journey to achieve many of life’s financial goals. And Wells Fargo is committed to helping people establish better financial health — setting them on a path towards financial stability and reaching their full potential.