April is Financial Literacy Month and it is also a time when Junior Achievement of Southwest Virginia highlights results from a teen and personal finance survey.
According to Money Management International, a majority of consumers are experiencing some sort of financial difficulty. In fact, Americans carry more than $ 2 trillion in consumer debt.
30% of consumers report having no extra cash, making it impossible to escape the burden of living paycheck to paycheck.
“I think the biggest hurdle for some folks is saving. Some people tend to think it’s too late and it’s never too late,” says Jen Garrett.
Garrett is the Financial Education Program Consultant for Wells Fargo.
In her job, she covers 49 Wells Fargo Branches in Southwest Virginia.
In each branch,, she has Financial Education Specialists.
“Essentially what I do is I teach them to teach members of their local communities financial literacy and financial health and wellness,” says Garrett.
In those lessons Garrett says many adults stress their frustration with not knowing anything about budgeting, saving and credit.
In their programs, JA stresses the importance of teaching our youth to be business savvy.
They’ve formed a partnership between their Teach Children to Save Initiative and JA.
“It brings it together for young people, so when they’re going through these programs at an earlier age, when they hit the real world they have a better grasp and understanding of what is expected of them in their financial situation , where as adults may just be frustrated and throw their hands up and say I can’t do anything,” says Garrett.