National Financial Awareness Day
National Financial Awareness Day is a holiday that’s observed every August 14th. This day encourages everyone to get a better understanding of their financial footing so they can eventually work towards more financial independence and stability.
If a person isn’t aware of how much they’re making, how much they’re saving, and how much they’re spending, then they can’t have full control of their finances. And if they don’t have full control, then anything can end up ruining their financial security.
By observing this holiday, people are taking it upon themselves to be more responsible and are dedicated to working towards a brighter future for themselves and their families.
The History Of National Financial Awareness Day
Even though we’re currently unsure who invented this holiday, we do know that this holiday was created in 2019. It was probably established by someone who wanted to obtain financial independence but knew that they had to get a better understanding of their finances before they began their journey. As do we all.
Some Important Facts About Finances
We wanted to take a deeper look into the subject of this holiday and see if we could come up with some statistics that show our readers just how important it is for them to take their finances seriously. With that said, let’s look at the following statistics and see what we can learn from them.
- Over 6 out of 10 Americans don’t have enough savings to cover a $1,000 emergency.
- Most Americans pay for unexpected costs by financing with a credit card, borrowing money from family or friends, or taking out a personal loan.
- By 2024, over 40% of student loan borrowers are expected to go into default.
- Almost 40% of all U.S. households have credit card debt.
- Approximately a third of all American adults don’t have any money saved for retirement.
Observing National Financial Awareness Day
In an ideal world, people would take the time to consult a financial consultant to get a better understanding of their finances. Since we understand that many people may not have the money to do that, then we recommend that they become their own financial advisors.
There are plenty of free resources that will educate people on the subject of finances. They can also take the time to look at all of the accounts that they have to see where they are currently. Once they have all of this information, then they can take the time to plan how they can save more money for emergencies.
It’s recommended that people have at least 6 months of savings for emergencies. It’s also recommended that people maintain long-term accounts for their retirement and for large purposes. As people are digging into their own finances on this day, they can also take the time to spread the word about this holiday using the hashtag #NationalFinancialAwarenessDay on social media.