LINCOLN, Neb. (KOLN) – April is all about finance. As part of Financial Awareness Month, The Center for People is teaming up with four local banks to offer advice on budgeting, mortgages, and more.
Organizers at the Center said the Financial Literacy Conference, that’s happening April 10th, is a profound opportunity for community members to improve their financial knowledge.
According to S & P Global, a capital market company, only 33 percent of adults worldwide are financially literate. Additionally, the Federal Reserve claims that around 60% of adults live paycheck to paycheck, and 40% can’t cover a $400 emergency expense without borrowing.
Local bank representatives will join The Center for People to provide free, hands-on education, from budgeting basics to mortgage advice, and even tips on understanding your credit score.
“Understanding finance and budgeting seems to be daunting; it seems to be too complex,” said Irene Hargan, Director of Marketing at CFP. “Money and finance don’t need to be scary, and it’s something with the right amount of help and guidance, they can get much better at.”
Macala Carter, the Executive Director at CFP, added, “Having all of those incremental steps in place allows our community to have that power that allows them to have financial empowerment.”
Organizers at The Center for People said money can be, and is often a difficult topic for many families to discuss.
“Families say that they are so afraid to talk about money that it creates additional stress,” said Hargan. “Demystifying finance, and personal finance, and money, and budgeting is something that could take the edge off family relationships. ”
They said they hope that individuals and families can learn how to avoid unnecessary spending and work toward goals like buying a home and saving for their children’s college educations.
“They can avoid those predatory lending practices,” Carter added. “They then can understand what it looks like to purchase that first-time home.”
According to the National Endowment for Financial Education, 70% of millennials express interest in investing their money, but lack the knowledge to get started.
Meanwhile, 50% of Americans ages 55 and up have no retirement savings.
By learning how to manage money wisely, families can break cycles of bad spending habits and make informed financial choices. That includes steering clear of high-risk loans and preparing for major life investments.
The Financial Literacy Conference is happening Thursday, April 10th, from 10 a.m. to 2 p.m., and it’s free to the community.
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