What Is Financial Literacy?
The term “financial literacy” gets thrown around a lot. There are literally thousands of books, podcasts, apps, and services aiming to teach people about “financial literacy,” but what exactly IS it?
Essentially, financial literacy means having an understanding of foundational personal finance concepts. This ranges from learning about what physical currency is to understanding economics and everything in between.
You won’t see us using the term “financial literacy” at Jeanne D’Arc Credit Union. We instead prefer “financial wellness.” We even have a dedicated Financial Wellness Team that drives our mission of helping each member make smart financial choices.
Financial Literacy vs Financial Wellness
Literacy is about having knowledge. Wellness is about applying that knowledge to your life.
A person may be financially literate – knowing topics about money and personal finance by memorization – but still be struggling to make sound decisions in their own life. A person who is financially well has taken that knowledge and applies it in their life to reach their goals and attain financial security.
Attaining Financial Wellness
Taking that step from literacy to wellness can be challenging, especially if you didn’t grow up with good examples of financial wellness to show you the way. Our Financial Wellness Team works to be that example and guide for the community, from grade school to grown adults. They take abstract lessons and information and present them to people in interactive workshops and activities, making it much easier to learn and apply to their own lives.
Most of us haven’t been given the necessary education to attain true financial wellness on our own, but there are a number of resources available to you to get there. Jeanne D’Arc partners with Greenpath Financial Wellness to provide our members free one-on-one counseling services, and our own Financial Wellness Team offer workshops, personal coaching, and more. Find out more about all of these resources on our website here.