Financial Literacy + Financial Competency = Financial Wellness

April 9, 2024 | 8:00am CT

We've been having a lot of discussions this month in the Females and Finance Community about Financial Literacy versus Financial Competency vs Financial Well-Being. And, there seems to be a lot of opinions, but it's all narrowed down into three main money stages that have shown themselves more clearly during these chats:

1 - Financial Literacy - The ability to know money terms.

Having access to educators in the space of financial meaning is imperative to the entire way we obtain and use money today. And, in many communities, the onerous responsibility lies in the hands of banks and credit unions, not financial advisors or financial planners. This is why it's very important for these professionals to have connections in the financial education and banking space. Remember - we are #BetterTogether always.

2 - Financial Competency - The ability to understanding money's use.

Once we've been educated on money terms, we then can apply this knowledge to its use. It's just like in school - we learn a topic but we don't really LEARN a topic until we apply it, and that's where competency comes in. You will likely not be very competent at first, either. Remember when you learned how to drive? We read that manual but those rules and terms had no real meaning to us until we applied it to actually operating the vehicle. And WOW - did that make a big difference, right? The same is true of money.

3 - Financial Wellness - The ability to combine literacy and competency of money.

Once we learn about money and apply its principles over time, we then can start the process of achieving financial wellness. And at this stage it will be a lesson much like competency was... we get better as we learn and apply... learn and apply... learn and apply.

I'm interested in your opinion and thoughts. Comment and let us know how we can improve Literacy, Competency, and Wellness with Money and Wealth going forward. And, be sure to join our upcoming FinWell365 Programship at Females and Finance meetings. Register here for our April 30th session with Clare Dube': https://us02web.zoom.us/meeting/register/tZYuf-mhpjstHtP2JazRpBQ-U8z9Ccjhcjcv

Stay well, everyone!

Sheryl Hickerson | Founder & CEO

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