Five Steps You Can Take to Boost Financial Capability
April is Financial Capability Month, making this a great time to think about actions you can take to boost financial capability—both your own and that of others you care about.
Financial Capability Month, first launched in 2000 and now spearheaded by the Jump$tart Coalition for Personal Financial Literacy, is an annual opportunity to raise awareness of the importance of financial education and promote financial capability.
FINRA and the FINRA Investor Education Foundation offer many resources to support you and your loved ones along your financial journey. Whether you’re looking to build your own base of financial knowledge or are seeking ways to help others, here are five steps to keep you moving in the right direction.
1. Boost Your Skills. Whether you’re an experienced investor or just getting started, FINRA has information to help enhance your investing knowledge. Check out FINRA’s Investing Basics content, with topics ranging from setting investment goals to diversification, or try one of our Smart Investing courses to learn the essentials through interactive, easy-to-follow lessons. If you’re ready for more, explore in-depth content about types of investments, or search for Investor Insights on specific topics of interest to you.
2. Take Advantage of Tools. Whether you want to learn more about an investment professional or professional designation, calculate your retirement savings needs, or find out if you engage in behaviors that may make you vulnerable to investment fraud, our online tools and calculators can help you make informed financial decisions based on your own personal circumstances and financial needs. These free resources include search tools such as FINRA BrokerCheck, various savings calculators, quizzes and more.
3. Protect Your Money. Part of financial literacy is knowing how to keep your money safe. Learn to recognize common financial fraud tactics and strategies to protect yourself. Then, take steps to reduce your risk. For instance, don’t respond to unexpected text or online messages, a method fraudsters frequently use to engage targets, and add a trusted contact to your brokerage account. This authorizes your investment firm to contact someone you trust in limited circumstances, such as if there is a concern about activity in your account and they’ve been unable to get in touch with you. Investors can also call FINRA’s Securities Helpline for Seniors® (844-57-HELPS) to get assistance from FINRA or raise concerns about issues with brokerage accounts and investments. And if you think you’ve been a victim of investment fraud, file a tip with FINRA.
4. Educate a Child. It’s never too early to start learning healthy financial habits. Get inspiration from Thinking Money for Kids, which includes a suite of games and tools the FINRA Foundation helped develop in collaboration with the American Library Association. Additional resources are available for educators to help teens and young adults realize the importance of personal finance and the long-term effects of their financial decisions.
5. Support Financial Education in the Workplace. When it comes to financial wellness benefits, employers are recognizing that one size does not fit all. Check out how the FINRA Foundation, in partnership with United Way Worldwide, supports nonprofit organizations and employers in providing a community-based approach to Financial Wellness at Work. Available resources include an organizational readiness assessment, a program development roadmap, and a free online training program that provides practical instruction on how to design, implement and evaluate a program in your workplace and in your community.
Learn more and find additional resources at www.finra.org/investors.
