Each April, organizations from across the financial services industry recognize Financial Literacy Month, highlighting the importance of equipping ourselves and our communities with the tools and resources necessary to help guide sound financial decision making and ensure financial stability.
Growing up in a small village in India, the concept of financial planning was as foreign to me as the distant American shores.
My father ran a small business, and while we were not poor, our lower middle-class family focused on experiences rather than possessions. We lived modestly, making only need-based purchases.
What I did not fully appreciate until I was 12 years old is that financial literacy is not just for the wealthy: I began to see it as a fundamental skill that could expand my opportunities and choices. I learned the value of saving after my 12th birthday, diligently saving every coin for two years until I finally had enough to purchase my dream bike. The pride I felt riding my hard-earned bike taught me the power of delayed gratification and consistent saving.
Looking back, I realize while I grasped the basic concept of saving, I had no understanding of compound interest or investment opportunities that could have multiplied those humble savings. This is where financial education programs, like Junior Achievement can help. JA chapters across the country match community volunteers with local K-12 classrooms to share engaging curriculum and activities focused on work readiness, financial education and entrepreneurialism. I’ve had the privilege of supporting JA in recent years and my Jackson colleagues will again visit classrooms this Financial Literacy Month to share these important concepts with students.
Today, as a board member with JA of Mid-Michigan, I am driven by the mission to ensure young people have the financial knowledge I lacked growing up, but more than that, to ensure they understand the value of saving early. Financial Literacy Month reminds us of the importance to empower our youth with essential money management skills and prudence.
The statistics are concerning: Only 26% of American teens are required to take a personal finance course before graduating high school. While there has been good progress made on access to financial education for students, the reality remains that the gap disproportionately affects children from low-income families who need these skills to grow out of economic adversity.
Jackson’s purpose to help Americans achieve financial freedom for life is what propels us forward, and Financial Literacy Month is an opportunity to shine a light on the importance of financial education and highlight the value of dedicating time to volunteer in support these initiatives in our communities.
My journey from a modest upbringing in a small village in India to a successful career in financial services in the U.S. has taught me that financial literacy is the great equalizer. Through Junior Achievement’s programs, I have witnessed how students are able to learn practical concepts around earning and savings, manage a budget and understand the common pitfalls to unmanageable debt and identity theft.
This Financial Literacy Month, I challenge my industry peers to reflect on their potential impact on the world around them. One volunteer hour can introduce students to possibilities they never imagined. One classroom visit can plant the seeds for building generational wealth. And one mentorship relationship can transform financial anxiety into financial confidence. If you're wondering how to get started, I encourage you to contact your local JA chapter for opportunities to volunteer.
Amit Vashisht is assistant vice president of enterprise technology at Jackson National Life Insurance Company. He's also a board member at Junior Achievement of Mid-Michigan.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.