With the
unemployment rate in South Carolina steadily decreasing from 8.1 percent in February
2013 to 6.4 percent as of February 2014, it’s crucial that those gaining
employment use practical money management skills. That’s where financial
education comes in. Financial education is a
means to help alleviate and prevent poverty. Although the unemployment rate is down
in South Carolina, the number of those in poverty is up. Currently 1 in 5 South
Carolinians live in poverty compared to 1 in 6 in 2000. That’s nearly 300,000
more residents.
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| Image via Pearson Foundation |
Regardless of your economy or your household income, it’s
important to realize that financial education matters. Those individuals who
receive it are more likely to make the right financial decisions for themselves and their
families that will help them build and maintain assets. When people are buying
houses, maintaining a home or steady residence, and are paying on their debts,
it positively affects the local economy.
Financial education is more than just gaining a budgeting tip here and a
saving strategy there. This knowledge converts into skills, which convert
attitudes, and those attitudes affect behavior. What you’re left with is
healthy financial habits. Those that take charge of their personal finance and
choose to become informed consumers avoid scams, predatory lending and other
deceptive practices, and can effectively address their needs versus wants.
Family
Services, Inc. (FSI), as a charter member of NeighborWorks America, aligns
itself with the initiative to help end poverty and raise better awareness for
financial education. Their staff of
licensed professionals is dedicated to highlighting the importance of
financial capability and helping
those in the community establish and maintain healthy financial habits. Through
its programs and services, FSI advocates, counsels, and educates for clients so
they can make the most of what they have.
Written by: Sarah Cornwall, Marketing Resources, at Family Services, Inc.
