April is Financial Literacy Month

Posted:  Wednesday, April 26, 2017 - 8:45am
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About this blog:

  • Sarah Ruef-Lindquist, JD, CTFA

    Sarah believes sound, thoughtful planning is a gift we give ourselves, our families and our community.

    She is a lawyer and seasoned non-profit executive who has worked with dozens of organizations, individuals and families as a philanthropic advisor and senior trust officer. She holds the Certified Trust and Financial Advisor certification and FINRA Series 7 and 66 registrations through Commonwealth Financial Network. Sarah and her husband live in Camden. The Financial Advisors of Allen and Insurance Financial are Registered Representatives and Investment Adviser Representatives with/and offer securities and advisory services through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Allen Insurance and Financial, 31 Chestnut Street, Camden, ME 04843. 207-236-8376.

Did you know April is National Financial Literacy Month?  In 2004, the Senate passed Resolution 316 establishing this, and according to the Financial Awareness Foundation, the goals include:

• Substantially improve financial awareness and financial literacy across all ages, incomes and demographic groups.
• Alert the public why having a current and up-to-date financial and estate plan is an important financial responsibility not only to themselves but to their families, loved ones, and their philanthropy.
• Inform and educate the general public, in an entertaining format, to the essential principles of smart personal financial management.
• Motivate the public to take action to get and keep their financial house in order with up-to-date estate and financial plans.
• Guide the public in finding the right professionals to cost effectively help establish and keep their financial and estate plans up-to-date.
• Help educate financial service and nonprofit professionals and their organizations to better serve their clients, the general public, and potential donors.

The Foundation also points out societal benefits to a higher degree of financial literacy:

  • Families benefit by learning the essential principles of smart personal financial management so they can make better informed every day financial decisions, and have the best opportunities to reach and maintain their personal financial freedom, security and advance their personal philanthropy.
  • Employers benefit from having employees who are less stressed, happier and more productive.
  • Financial institutions and their professionals benefit by acquiring new business from more informed and motivated clients.
  • Nonprofits benefit with increased donations, planned gifts, alternate beneficiary selections and bequests from more informed and motivated donors and volunteers.
  • Philanthropists benefits by helping to solve a major social problem that leads to better world.
  • Universities benefit by having alumni, faculty and staff who are less stressed, happier and more productive and more philanthropic.
  • The news media benefits by providing its audience with timely valuable information.
  • Municipalities benefit by having happier and financially successful constituents, and a reduced strain on social welfare services.
  • Everyone actually benefits with a stronger and financially sound economy

The articles we post here –about saving and planning for retirement, and estate planning - are meant to support and even increase reader financial literacy throughout the year. Let me know if there are topics related to financial planning that you’d like to see addressed.  Please email me at srueflindquist@allenfg.com. To learn more about the Financial Awareness Foundation, visit www.thefinancialawarenessfoundation.org.