by Anne Berrigan
It turns out that it may not matter to your financial well-being whether you spend or save. But in either case, to manage money well you need to create financial goals intentionally–and track them consistently. And start early. All three strategies are part of a new focus on financial capability in youth employment programs across the country.
The term financial capability is often used now instead of ‘financial literacy’ in an effort to promote practices that combine education and asset building behaviors. Financial capability is defined as the knowledge, skills, and access to resources needed to manage financial responsibilities effectively. With the help of the Consumer Financial Protection Bureau, the U.S. Department of Health and Human Services has outlined examples of how youth employment programs can help participants build financial capability: Continue reading “Are you a spender or saver?”