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The Role Of Financial Literacy In Mitigating Student Loan Debt – We are here to help you maximize the potential that already exists within you, your team or your organization.
A proven program for employee well-being. Our unique approach to financial literacy and wellness program development delivers results.
The Role Of Financial Literacy In Mitigating Student Loan Debt
Employers can reduce the organizational cost of workforce financial stress while also offering one of the most sought-after employee benefits. Employees enjoy greater financial health and employers see significant cost reductions along with increased productivity.
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More than 40 percent of people of all ages in the United States fail the financial literacy test. We know, this lack of financial literacy costs companies and organizations millions of dollars annually in lost productivity and costs related to employee financial stress and anxiety. This doesn’t have to happen!
At Thrust Consulting we use our corporate development and evaluation expertise to align corporate mission to client and stakeholder financial education. Many financial education programs focus heavily on both presentation and knowledge-based content. We see that as a less than optimal approach. We focus more on the core elements of attitudes, emotions, motivations, and personal experiences. Thrust has 8 components of effective program design.
Thrust Consulting provides customized financial literacy education and workshops, presentations and guest speakers covering a range of topics including but not limited to:
“Our company has a proven track record of providing financial wellness services to industries, nonprofits, universities and individuals who have determined that financial health is essential to their overall success.” – Brad Yeckley, MBA PhD(C) CPFC
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These sessions get to the heart of what has influenced your motivation and desire to make more beneficial and intentional choices. These sessions are deeply detailed and developed using proven research methodologies. Our approach is unique because we focus on the WHY of long-term security diving personal finance. Not a bank, but a financial technology company. The Bancorp Bank, N.A. or banking services and debit cards provided by Stride Bank, N.A.
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Financial literacy isn’t usually taught in school, but it’s never too late to learn about your money and gain the knowledge you need for success.
Whether creating a budget, deciding on student loans or considering options for retirement, financial literacy is the key to making smart choices. It helps you understand how your money moves today will affect you down the line.
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Financial literacy covers a wide range of personal finance skills and topics, and you don’t need to master everything at once. Improving your financial literacy is a long game, and it’s best to start with the basics like budgeting, saving and managing your debt.
No matter where you are in your financial journey, all you need to do is take small, manageable steps to get started. We’ll cover what you need to know and share the skills and best practices you need to improve your financial literacy.
Building the life of your dreams can be difficult if you’re burdened with debt, can’t cover unexpected emergencies, or feel out of control of your finances. Financial literacy helps you approach your money as a tool to build the life you want, rather than a burden that causes stress and overwhelm.
These questions help shed light on the importance of financial literacy and why it is important to so many areas of life. Without it, you may spend too much time worrying about how you’ll meet future expenses or whether or not you’ll have enough savings for retirement.
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Improving your financial literacy can equip you to face these common financial problems and gain control over your finances. If you want a simple way to get started, check out our printable financial milestone checklist:
Financial literacy covers a variety of topics. Budgeting, saving, investing and debt management play an important role in your financial well-being. Take a look at the basic pillars of financial literacy below.
Budgeting is a cornerstone of financial well-being and involves managing your monthly income and expenses to align with your means and financial goals. Effective budgeting can help you avoid or pay off debt, pay your bills on time, prepare for upcoming expenses, and ensure that your short-term and long-term needs are met.
It doesn’t matter which method you choose as long as it works for you. A solid budget that includes a list of fixed and variable expenses, your monthly income, short-term and long-term savings goals, and future expenses.
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53% of those with high financial literacy reported spending less than their income, compared to only 35% of those with low financial literacy.8
Saving is a critical part of financial literacy that allows you to build a safety net for unexpected expenses, achieve your goals, and prepare for the future. It involves setting aside a portion of your income for the future, such as:
If you don’t save regularly, an unexpected expense can be a big setback. Say your car breaks down and you need $1,500 to fix it. You don’t have the money saved up to cover it, but you need your car to get to work — so you take out a high-interest loan or cash advance to cover the cost. While this solves the problem in the short term, you are now forced to pay back that loan with additional interest that will cost you more in the long run.
50% of adults aged 18 to 29 have not saved an emergency fund that covers three months of expenses.
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Building a regular savings habit provides peace of mind and financial stability and opens the door to achieving your savings goals. It could be an apartment deposit or a mortgage payment for your first home, plane tickets for a trip or anything else you want to save for. Saving is a tool that can unlock opportunities, dreams and goals for your future.
If you’re wondering how much to save each month, start with 20% of each paycheck. You can automate your savings by setting up an automatic transfer from your checking account to your savings account.
Another pillar of financial literacy is banks and bank accounts. You need a bank account for everything from using a debit card, credit card or ATM to applying for a home loan. They offer a convenient and secure way to store your funds. Here are some common bank account types:
Start by choosing a checking account with a financial institution that meets your needs and goals. You’ll want to compare different banks or credit unions based on fees, interest rates, and ease of use. A checking account allows you to use tools like direct deposit, which deposits your paycheck directly into your account each month.
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You will also need to decide on a savings account to store your savings. While checking accounts are used for day-to-day transactions, savings accounts are separate places to store funds that you don’t touch often. They allow you to earn interest to grow your money for future purchases. When choosing a savings account, compare each account’s fees, terms, interest rates and withdrawal limits.
Credit is about your borrowing history and how you manage credit and debt. It affects your ability to get approved for loans, loans, credit cards and other financial products and to secure favorable interest rates. Credit scores are also required for financial products such as car loans or mortgages.
When you open any type of credit account, your credit history is analyzed by credit bureaus based on five factors:
Based on your account activity, you are assigned a credit score associated with your credit report. It affects whether you qualify for a loan or secure low interest rates.
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To establish credit, you can start by opening a credit card or taking out a small loan and making steady, on-time payments. Paying on time will help you develop a history of responsible credit use and gradually build your credit score. If you’ve never had credit before or have a poor score, you may want to start with a secured credit card.
While there are many benefits to using credit, keep in mind the impact of poor credit habits on your finances. Not paying your bills on time, maxing out your card and spending more than you can afford can quickly add up to heavy debt and expensive interest charges.
Loans represent money you owe to a lender, who charges an interest rate to borrow the funds. Whether it’s student loans for college, a home mortgage, or using a credit card for a big purchase, you’ll need to take on some form of debt in your life. Different types of loans have different benefits and consequences:
To borrow money responsibly, ask yourself if you can afford the loan and review the terms, including interest rates, repayment terms and other fees. If the loan isn’t paid off, you’ll incur interest charges on top of the outstanding balance, costing you more in the long run.
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When you understand the risks and responsibilities of borrowing money, you can avoid the unnecessary
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