Financial literacy and wellness programs are critical for the next generation and our nation’s economy 

As a trade association and membership organization representing the interests of financial planners, the Financial Planning Association (FPA) believes in the power of financial literacy and wellness. For years, those in our professional community, including our members and national network of chapters, have worked in local communities across the nation to make financial education more readily available. And we are having an impact. 

In 2022 alone, our members and chapters reported providing 230 financial education workshops, which attracted 17,302 consumers and students — up from 5,546 attendees the previous year or a 212 percent increase from 2021. FPA members and chapters also reported providing 4,424 consumers with 11,506 hours of pro bono financial planning services by 962 individual FPA members throughout the year. These efforts demonstrate the dedication of those in our professional community to promoting and advocating for financial education. 

FPA’s financial literacy workshops cover various topics, including financial planning, budgeting, investing and retirement planning. They provide attendees with practical and actionable information, empowering them to make informed decisions about their personal finances. By ensuring individuals have the knowledge and tools to manage their money effectively, financial literacy programs can transform lives and contribute to the overall economic health of communities. 

Individuals and families are seeking knowledge and guidance to improve their financial well-being. However, this positive trend underscores the critical need for comprehensive financial literacy programs in schools and communities nationwide, as well as the responsibility of federal lawmakers to prioritize this urgent issue. 

The responsibility for financial literacy education cannot rest solely on the shoulders of private organizations and community efforts. Federal lawmakers must recognize the significance and integral relationship between financial literacy and American families’ financial independence and stability and take concrete steps to address this dynamic at a national level. Financial literacy should be integrated into the curriculum of schools nationwide, ensuring that the next generation has the necessary skills to navigate the complex economic landscape they will inevitably encounter as adults. By teaching basic financial concepts, including credit and debt management, responsible borrowing, budgeting, saving and investing, schools can empower today’s students to make informed financial decisions tomorrow and build a secure financial future. 

Moreover, federal lawmakers should allocate resources to support financial literacy and wellness initiatives in communities, particularly in underserved areas with limited access to financial education. By partnering with organizations like FPA and other community-based groups, lawmakers can amplify the reach and impact of financial literacy programs, ensuring that individuals from all backgrounds have equal opportunities to improve their financial knowledge and well-being. 

Financial literacy is not just an individual concern but a societal issue with significant implications. The economy benefits when individuals possess the knowledge and know-how to make prudent financial decisions. Financially literate individuals are more likely to proactively save for retirement, invest wisely, and avoid excessive debt, contributing to long-term financial stability and reducing the burden on government programs. 

Recognizing the critical importance of financial literacy and wellness, especially for the next generation of Americans, FPA has made it one of our core advocacy priorities and the primary focus of our Advocacy Day in Washington, D.C., on June 14. The association’s policy highlights our commitment to nurturing a more financially aware society and how our lawmakers can have the most profound impact. It reads: 

“FPA recognizes that financial literacy is a vital component of helping Americans live healthy financial lives and that financial literacy education in the United States is a particularly important goal. FPA encourages schools to teach the basic components of personal financial management to help with vital financial functions such as understanding credit, savings, loans, home and rent responsibilities, and how to manage debt responsibly. Doing so will help with the overall goal of preparing students for independence and financial wellness. FPA understands there are many avenues to achieving financial literacy and stands ready to assist in support of that task.” 

Federal lawmakers must follow the lead of organizations like FPA and prioritize financial literacy and wellness as a national issue. Lawmakers can foster a more financially literate society by enacting legislation and funding financial literacy and wellness programs in schools and communities. Doing so can empower individuals to make informed financial decisions, promote economic well-being, and build a stronger and more financially resilient nation. 

James Lee, CFP, CRPC, AIF, is the 2023 president of the Financial Planning Association and president of Lee Investment Management, LLC, in Saratoga Springs, N.Y.