LAS VEGAS – The Nevada Bankers Association (NBA) and its member banks are emphasizing the importance of financial literacy during Financial Literacy Month in April.
According to Standard & Poor’s Ratings Services Global Financial Literacy Survey, only 57% of adults in the U.S. are considered financially literate. While 100% of Americans are making decisions with financial impact, the survey shows only about half are equipped to do so. Worldwide, only 33% of adults are considered financially literate.
“We’re encouraging Nevadans to take control of their financial future by developing a strong understanding of financial literacy, making people more self-sufficient and more stable financially,” said NBA President and CEO Phyllis Gurgevich.
Key aspects of financial literacy include creating a budget, planning for retirement, managing debt and tracking personal spending.
Nevada banks are recognizing this month in various ways, including on National Teach Children to Save Day on April 27. The day focuses on the importance of financial education, starting with the basics about the importance of saving money.
NBA leaders suggest using these personal finance tips to teach children at home:
· Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them — even the tough ones.
· Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.
· Set up a chore chart and give your children an allowance for completing their tasks. Require them to save at least a small portion each week. The three jars method, with one for spending, one for saving and one for charitable contributions, is a good way to impart a sense of responsibility.
· Open a savings account at your local bank for your children and take them with you to make deposits, so children can learn how to be hands-on in their money management.
· Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents’ personal finance habits.
Last year, the Nevada Legislature passed AB 274, refining existing requirements for Nevada public high school students to learn about economics and financial literacy to include understanding and budgeting for the costs of housing, transportation and health care. The law, supported by NBA and its member banks, will go into effect in 2028.
About Nevada Bankers Association
NBA is the united voice of Nevada’s diverse banking and trust company industry. Members are dedicated to providing the best financial products, services and resources to drive and support economic growth, job creation and prosperity throughout Nevada. Visit www.nvbankers.org.
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