6 ways to help improve your financial literacy (2024)

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Annuity contracts and group annuity contracts are issued by Athene Annuity and Life Company (61689), West Des Moines, IA, in all states (except New York), and in D.C. and P.R. Annuity contracts are issued by Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY, in New York. Group annuity contracts for New York residents and New York contract holders are issued in New York by Athene Annuity & Life Assurance Company of New York, Pearl River, NY. Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Insurance products may not be available in all states. These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. This material should not be interpreted as a recommendation by Athene Annuity and Life Company, Athene Annuity & Life Assurance Company of New York, or Athene Securities, LLC. Please reach out to your financial professional if you have any questions about insurance products and their features.

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Reinsurance contracts are entered into with Athene Annuity and Life Company (61689), West Des Moines, IA; Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware; Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY; Athene Life Re Ltd., Hamilton, Bermuda; and Athene Annuity Re Ltd., Hamilton, Bermuda.Not all reinsurance products or structures offered are available in all jurisdictions.Reinsurers may not be licensed in all states.All transactions are subject to meeting a reinsurer’s underwriting requirements.Reinsurance products are not protected or guaranteed by state insurance guaranty associations or insolvency funds.

6 ways to help improve your financial literacy (2024)

FAQs

6 ways to help improve your financial literacy? ›

There's plenty to learn about personal financial topics, but breaking them down can help simplify things. To start expanding your financial literacy, consider these five areas: budgeting, building and improving credit, saving, borrowing and repaying debt, and investing.

What are the 6 components of financial literacy? ›

6 Key Aspects of Financial Literacy
  • Basics of Financial Planning.
  • Investment Planning.
  • Retirement Savings and Income Planning.
  • Tax and Estate Planning.
  • Risk Management & Insurance Planning.
  • Psychology of Financial Planning.

What are the 5 ways to be financially literate? ›

There's plenty to learn about personal financial topics, but breaking them down can help simplify things. To start expanding your financial literacy, consider these five areas: budgeting, building and improving credit, saving, borrowing and repaying debt, and investing.

How can I improve my financial literacy? ›

6 ways to improve your financial literacy
  1. Subscribe to financial newsletters. For free financial news in your inbox, try subscribing to financial newsletters from trusted sources. ...
  2. Listen to financial podcasts. ...
  3. Read personal finance books. ...
  4. Use social media. ...
  5. Keep a budget. ...
  6. Talk to a financial professional.

What are the 4 main financial literacy? ›

Financial literacy is having a basic grasp of money matters and its four fundamental pillars: debt, budgeting, saving, and investing. It's understanding how to build wealth throughout one's life by leveraging the power of these pillars.

What are the 5 five components of information literacy? ›

What is information literacy? The term "information literacy" describes a set of abilities that enables an individual to acquire, evaluate, and use information. You can think of information literacy as having five components: identify, find, evaluate, apply, and acknowledge sources of information.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

What are 3 things you can do to become financially literate? ›

Key aspects of financial literacy include knowing how to create a budget, plan for retirement, manage debt, and track personal spending. Financial literacy can be obtained through reading books, listening to podcasts, subscribing to financial content, or talking to a financial professional.

What are the three C's in financial literacy? ›

Character, capital (or collateral), and capacity make up the three C's of credit. Credit history, sufficient finances for repayment, and collateral are all factors in establishing credit. A person's character is based on their ability to pay their bills on time, which includes their past payments.

How to improve financial literacy in government? ›

The government can design and implement policies that aim to increase the availability, accessibility, quality, and effectiveness of financial education programs and resources, as well as to encourage and incentivize people to participate in them.

What is the 30 day rule? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

What is basic financial literacy? ›

Financial literacy = basic financial knowledge, including an understanding of banks and the banking system, financial markets, credit and credit cards, and tax laws, as well as the ability to apply this knowledge in making decisions on how to spend, earn, or save money today to build wealth for tomorrow.

What does improve financial literacy mean? ›

Financial literacy refers to the ability to understand and apply different financial skills effectively, including personal financial management, budgeting, and saving. Financial literacy makes individuals become self-sufficient, so that financial stability can be accomplished.

What are the skills of literacy? ›

Literacy skills include listening, speaking, reading and writing. They also include such things as awareness of the sounds of language, awareness of print, and the relationship between letters and sounds. Other literacy skills include vocabulary, spelling, and comprehension.

How do you pay yourself first? ›

What is a 'pay yourself first' budget? The "pay yourself first" method has you put a portion of your paycheck into your savings, retirement, emergency or other goal-based savings accounts before you do anything else with it. After a month or two, you likely won't even notice this sum is "gone" from your budget.

What are the components of financial literacy? ›

Remember these five components - earn, spend, save and invest, borrow, and protect - as you improve your financial literacy and beginning better spending habits.

What are the key elements of financial literacy? ›

According to the Financial Literacy and Education Commission, there are five key components of financial literacy: earn, spend, save and invest, borrow, and protect.

What are the elements of financial literacy? ›

5 Key Components of Financial Literacy to Know
  • Budgeting.
  • Saving.
  • Managing debt.
  • Investing.
  • Managing credit.
May 18, 2023

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