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April is Financial Literacy Month: How Much Do You Know?

Financial LiteracyWhat started as Youth Financial Literacy Day some years ago is now a monthlong event: Financial Literacy Month. It all started in 2003 when some U.S. legislators got together and decided that we needed more days dedicated to this topic. So, what does that mean for us? Plenty. It’s one month out of the entire year you can dedicate to getting your financial ducks in a row by engaging in fiscally savvy activities, absorbing all the knowledge, and then sharing your learnings with family, friends, and the world.

Prepare the Kids

Unless you went to a school (K-12) that included business/money classes, chances are you didn’t learn basic finance until you were older.That’s why starting kids early in their understanding of how to make deposits, withdrawals and balance their checkbooks is key. Here’s a resource for downloadable PDFs that you can use to help kids understand the basics of banking. You can even read a children’s book on personal finance to your grands or nieces and nephews, something like The Berenstain Bears’ Trouble with Money.

Both of these resources give kiddos a strong foundation for digesting more complex financial products, like Non-Fungible Tokens (NFT) and cryptocurrency. (You can save those for when they’re older.) When children master everyday money tasks, they’re better equipped to navigate life when they leave the nest.

Subscribe to a Blog or Podcast

You can choose personal finances, investing, or whatever you like. Educating yourself about how to make the best use of your money will pay off – and we’re not talking about just cash. You’ll also discover a variety of strategic directions about how to handle future financial issues. A few blogs to check out are Think Save Retire and The Penny Hoarder. Here are a few more. In terms of podcasts, check out Millennial Investing and Ditch the Suits. After you’ve digested some helpful nuggets, share them with your family and friends.

Learn More with Jumpstart Coalition

Jumpstart Coalition is a non-profit organization out of Washington, D.C., that houses a world of info about all things money – a curated database of financial education resources. From tax tips to credit unions, it’s a one-stop shop. Just spend a little time looking around, and you’ll finish smarter than when you started.

Attend Your State’s Financial Literacy Events

While this varies from state to state, be on the lookout in April for an announcement signed by your governor or your state representative. Typically, these are held in your capitol and are free. For example, the Idaho Financial Literacy Coalition holds a piggy bank beauty contest for elementary kids. All you have to do is search (Google, Bing, your choice!) “[State] April literacy month events,” and a list will come up. After you’ve attended, you might even think of creating a seminar of your own.

Go Over Your Monthly Budget

So, after you’ve filled your noggin with all your new money knowledge, you might want to review your finances for the month to see where you can tweak. Money is a fluid situation, as you well know, and applying new tricks and tips can help exponentially.

At the end of the day, and of course, the month, taking time to dive into improving your financial literacy – and spreading the news­ – is well worth it. When you’re fiscally fit, everything else in life seems to fall into place.

Financial Literacy Month 2024: Financial Literacy Activities to Start With | EVERFI

April is National Financial Literacy Month (moneyfit.org)

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Importance of Fostering Digital Trust in Today’s Businesses

Fostering Digital TrustModern business today is dominated by digital transactions and interactions. Businesses are increasingly storing customers’ personal information, which is potentially accessible without the customers’ knowledge or consent. Therefore, understanding the significance and implications of digital trust will help businesses foster it, as it is crucial for success. 

What is Digital Trust?

Digital trust is the faith customers and business partners have in a business’ secure, reliable, and transparent existence on digital platforms. It involves protecting business and customer data, respecting privacy, managing cybersecurity threats, and enhancing transparency around data usage. Customers expect that when they share their personal and sensitive data with a business, it will be protected from unauthorized access or usage.

The Importance of Digital Trust

Digital trust is a factor that drives customer decisions. Investing in digital trust can lead to sustained growth and competitiveness. See below for more reasons why establishing a sense of digital trust is so important.

1. Address Security and Privacy Concerns  

One of the primary reasons why fostering digital trust is vital is the increasing concern over security and privacy. Due to the rise in frequency and sophistication of cyber threats, businesses face substantial risks related to data breaches, fraud, and identity theft.

Therefore, businesses must instill confidence in their customers and stakeholders by implementing robust security measures and strict privacy protocols. This includes employing encryption technologies, multi-factor authentication, and regular security audits to safeguard sensitive customer data and mitigate risks effectively.

2. Build Credibility and Reputation

A company’s reputation can make or break its success in today’s interconnected world. Trust is the foundation upon which credibility is built, and establishing a solid digital presence can significantly enhance a business’ reputation.  Customers and other stakeholders are more likely to engage with organizations that demonstrate transparency, integrity, and reliability in their digital interactions.

A business can build trust and credibility by leveraging digital tools and platforms to streamline processes and enhance transparency. This, in turn, strengthens their relationships with stakeholders and fosters long-term success.

3. Enhance Customer Relationships

Customer relationships are increasingly forged and maintained online in our digital age. Whether communicating via email, interacting on social media or conducting transactions through e-commerce platforms, businesses rely on digital channels to engage with their audience.

Enhancing customer relationships while ensuring data security and privacy will require measures such as implementing secure payment gateways, providing transparent financial reporting, and offering personalized digital experiences tailored to each client’s needs. Businesses can cultivate stronger customer bonds and drive loyalty over time by demonstrating a commitment to transparency and accountability.

4. Comply With Regulations

Businesses must navigate complex legal and regulatory requirements in an increasingly regulated environment. From data protection laws to financial reporting standards, non-compliance can have severe consequences, including fines, legal penalties, and reputational damage. Fostering digital trust involves ensuring businesses adhere to regulations and standards governing their operations.

Every business has a responsibility to stay up to date with the latest regulatory developments. This may involve implementing internal controls, conducting risk assessments, and providing guidance on best practices for data management and governance. Navigating regulatory challenges helps build trust and confidence among stakeholders while mitigating legal and financial risks.

5. Drive Innovation and Growth

Fostering digital trust enables businesses to embrace innovation and drive growth in a rapidly evolving marketplace. By leveraging emerging technologies such as artificial intelligence, cloud computing, and blockchain, a business can enhance operational efficiency, expand its reach, and deliver innovative products and services to customers.

However, it is crucial to consider the implications that emerging technologies can have on digital trust. Chasing emerging trends and innovations may result in some oversight of ethics and transparency. Therefore, businesses require strategies to help adopt new technologies and harness their potential to drive value and competitive advantage.

Conclusion

In conclusion, fostering digital trust is essential for businesses to thrive in today’s interconnected world. Therefore, businesses must build trust, enhance credibility, and drive growth through secure and transparent digital interactions. By prioritizing security, privacy, compliance, and innovation, businesses can confidently navigate the digital landscape’s complexities and achieve their strategic objectives. 

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Funding the Government, Protecting Americans from Misuse of Data, Expanding Internet Access and Improving Recycling

HR 4366, HR 7521, HR 7520, HR 1752, HR 6276, HR 1046Consolidated Appropriations Act, 2024 (HR 4366) – On March 9, the president signed the latest appropriations bill passed in time to halt a government shutdown. While this bill does authorize funding through the end of the fiscal year (Sept. 30), it only addresses six of the 12 bills necessary to fully fund the government. The recent legislation covers Military Construction, Veterans Affairs, Agriculture, Rural Development, the Food and Drug Administration, the Commerce, Justice and Science-related departments, the Energy Department, the Department of the Interior and the Environment, and Transportation, Housing and Urban Development. On March 23, the president signed the Further Consolidated Appropriations Act, 2024 (HR 2882) in the nick of time to prevent a government shutdown. This subsequent budget legislation includes the remaining spending bills to fully fund the federal government through the end of the fiscal year (Sept. 30).

Protecting Americans from Foreign Adversary ControlledApplications Act (HR 7521) – Congress is currently considering a bill designed to force the sale of the social media app Tik Tok, which is currently owned by ByteDance Ltd. This Chinese firm is subject to the laws of China, which has the right to seize all data procured by the app as well as influence content for political purposes – which is considered a threat to U.S. national security.This roundly bipartisan bill was introduced by Rep. Mike Gallagher (R-WI) on March 5. It was passed by the House on March 13 and is under consideration in the Senate.

Protecting Americans’ Data from Foreign Adversaries Act of 2024 (HR 7520) – The purpose of this bill is to prevent the current targeting, surveilling, and manipulation of user data from apps by brokers who sell sensitive information to foreign adversaries, such as China. Examples of data collected and sold include individual physical and mental health, as well as where and when they travel outside the country. This bipartisan bill was introduced by Rep. Frank Pallone (D-NJ) on March 7. It is currently assigned to a committee for review in the House.

E-BRIDGE Act (HR 1752) – This legislation was introduced by Rep. Sam Graves (R-MO) in March 2023. It would authorize the Department of Commerce to issue economic development grants for the purpose of expanding and improving high-speed broadband service in underserved and geographically diverse markets. The bill passed in the House on March 11 and currently lies with the Senate.

USE IT Act of 2023 (HR 6276) – This Act would require the Office of Management and Budget (OMB) and the General Services Administration (GSA), through the use of technology sensors, to ensure federal government building utilization and federally leased spaces average at least 60 percent in each public building over each one-year period. The bill, introduced by Rep. Scott Perry (R-PA) on Nov. 7, 2023, passed in the House on March 12 and is now under consideration in the Senate.

A bill to require the Administrator of the Environmental Protection Agency to carry out certain activities to improve recycling and composting programs in the United States and for other purposes (S 1194) – This Act was introduced by Sen. Thomas Carper (D-DE) on April 19, 2023, and passed in the Senate on March 12. This bipartisan bill would require the Environmental Protection Agency (EPA) to collect data and issue reports on nationwide composting and recycling efforts, including implementing a national composting strategy to help reduce contamination rates for recycling. The legislation is currently under consideration in the House.

A bill to establish a pilot grant program to improve recycling accessibility and for other purposes (S 1189) – A companion bipartisan bill to S 1194, this Act would authorize the EPA to issue grants to states, local governments, Indian tribes, or public-private partnerships to fund improved recycling accessibility within communities. It was introduced by Sen. Shelley Moore Capito (R-VA) on April 19, 2023, and passed in the Senate on March 12. It is also under consideration in the House.

Social Security Expansion Act (HR 1046) – This new bill is designed to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. It was introduced on Feb. 14 by Rep. Jan Schakowsky (D-IL). The bill includes the following provisions: 1) increase benefits for low earners; 2) restore student education benefits to children of deceased or disabled parents, up to age 22; 3) revise the calculation to yield higher annual COLA benefits; 3) make active trade or business income subject to the net investment income tax; 4) make all earnings above $250,000 subject to Social Security payroll taxes. The bill has yet to be assigned to a committee and has virtually no chance of being enacted by the current Congress.