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April – National Financial Literacy Month

Todays Date: December 12, 2018

The month of April has been declared by Barack Obama as the National Financial Literacy Month. The purpose behind this declaration is to bring attention of the American public to the current financial crisis and how they need to make themselves aware about various aspects of the financial system to help overcome the crisis.

The current economic crisis has been a source of much discussion everywhere. In a recent meeting, he announced that Americans have to sit back and think about their financial situation seriously and take positive steps to improve not just on a personal level, but also on the national level.

The President stated in his Proclamation that the current economic problems are largely due to reckless speculation from financial banks. Private firms on their part sold complex financial products in order to minimize risk and evade from legal scrutiny. Ordinary consumers have taken loans that they could not afford and the result is that there is a huge national debt, a phenomenon predicted by economists a decade ago.

The President has made a new proposal for a Consumer Financial Protection Agency. The agency’s goal would be to empower Americans with greater knowledge on financial information. Americans are currently plagued by problems such as hidden fees and improperly defined loan contracts. Such an agency will fight back improper financial spending and make people aware of what they should be know about any financial activity they undertake.

Not only is it important for every American to be aware of the consequence of every financial action they undertake, they should also educate their children about it. A better understanding of the mechanics of the financial system and how it works will put an end to unscrupulous activities and hidden terms which consumers are not aware of until they are deep into debt.

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