In celebration of April being Financial Literacy month, Hudson River Financial wanted to share some Financial Literacy facts to help paint a clearer picture about the importance of financial knowledge and education, and where we can work together to improve the lives of those in need of help. We are proud to be a financial partner for our members throughout their lives, and invite all of our readers to check out our Digital Financial Education Center, powered by EVERFi.
According to the Program for International Student Assessment, 20% of Teenagers in America Lack Basic Financial Literacy Skills
With one in five teenagers lacking basic financial literacy skills, it is imperative that we as a community help the next generation better understand finances and the importance of establishing good credit, keeping debt manageable, and saving for the future.
26% of Young Adults Wish They Learned How to Manage Monthly Bills, According to a BOA/USA Today Better Money Habits Report
Seeing that more than one quarter of young adults need or want help on basic budgeting and bill management could be surprising to some. Nevertheless, this life skill is a necessity for financial well-being, and we cannot assume that everyone has a strong foundation for budgeting. Hudson River Financial offers budgeting tools and full-scale workshops to help our members budget smart.
A 2018 Federal Reserve Study Found 40% of Americans Can’t Cover a $400 Emergency Expense
Emergency expenses hit us all the time, from a flat tire to a fallen tree in our yard, and everywhere in between. Keeping an emergency savings account is essential for all of our households, and one of our EVERFi learning modules is specifically designed to help with saving for a rainy day.
49% of Individuals Who Have Tried to Purchase A Home Have Faced Barriers, According to A National Foundation for Credit Counseling Survey
From rising home prices to poor credit history and existing debt, nearly half of all Americans have difficulties with obtaining a big part of the American Dream – buying a home. Hudson River Financial offers in-person seminars, digital tools and personal consultations to help members and the community make their homeownership dreams a reality.
That Same Report Showed 61% of Adults Carrying Credit Card Debt/Balances in the Past 12 Months, with Most Doing Nothing to Obtain A Lower Interest Rate
Credit Card Debit in our country is the highest is has ever been, and sadly this sentence will be true no matter when someone is reading this. With revolving debt at $1.05 trillion as of March 12th, 2019, the average adult has more than $5,000 in outstanding CC debt. We not only offer members educational tools on dealing with crippling debt, we’ve partnered with Greenpath to offer personal debt management consultations, and offer our SimplyCredit product to help members move high-interest credit card debt over to a single, manageable line of credit.