Thrive Times April 2023

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Our mission at Thrive is to take the time to learn your personal financial situation and history so that we can help you develop a personalized retirement strategy. Whether you’re just getting started or are ready to retire, our team is here for you every step of the way!


April Newsletter 2023

Volume 13, Issue 4

What Is Financial Literacy Month?

National Financial Literacy Month is celebrated in April. While financial literacy may sound uninteresting, a strong foundation of financial literacy can help support various life goals, such as saving for education or retirement, using debt responsibly, and running a business. If you consider yourself illiterate, you are not alone. No matter how long you have been learning, every day is a chance to reflect and learn how we can make smart financial decisions.

The History of Financial Literacy Month

The U.S. has a poor history of establishing standards for financial literacy, even though the concept of financial education and its importance as a life skill has been understood since our country began. Financial Literacy Month is not only a celebration but is a challenge.

There are records of Founding Fathers Benjamin Franklin and John Adams both writing about financial education. And more than 100 years ago, the Smith-Lever Act established the concept of formal financial education when the Cooperative Extension Service was created to offer outreach programs to educate rural Americans about a range of topics — among them personal finance.

In 2003, the United States Senate passed a resolution officially designating April as Financial Literacy Month. In an effort to make financial education a national priority, President George W. Bush signed an order in 2008 to create an Advisory Council on Financial Literacy. President Bush and U.S. Treasury Secretary Henry Paulson said the goals of the council were to expand Americans’ access to financial services, increase financial education for youth and adults, and promote research to measure the nation’s level of financial literacy.

The United States House of Representatives later passed a bill that supported the goals of Financial Literacy Month. The bill also asked the President to order the implementation of this month to the Federal Government, schools, localities, and non-profit organizations. It is said that the foundation of a bright future is to develop a budget and increase your financial knowledge.

But even with its extensive history and government backing, why do we still fall short when it comes to ensuring people have a good base in financial literacy to make informed financial decisions that will have an impact on the rest of their lives?

Why Is Financial Literacy Important?

Financial literacy is key to understanding how to save, earn, borrow, invest, and protect your money wisely. It’s also essential for developing financial habits that lead to your overall well-being. When you’re financially literate, it’s easier to plan your retirement, manage debt and live a comfortable life.

According to a study done in 2020 by the US Financial Literacy and Education Commission, only a third of adults could answer four out of five questions about fundamental finance — like inflation, interest rates, mortgages, and risk. Americans owe $800 billion in credit card debt and one-third say they are ‘just getting by financially’.

Contact us today to get started on the retirement of your dreams!

Critical Tax Planning Strategies for Retirement

April 2023 Workshops

Being informed is more important than ever! This is why Thrive Financial Services is dedicated to hosting FREE educational events in our communities. Last month, we had 10 days of successful workshops that were packed with everything you need to know heading into your retirement years.

There is another chance to attend! This month, we have a total of 11 upcoming workshops. Join us for a knowledge experience like no other for local residents ages 55+ and over who are retired or nearing retirement and desire to enjoy retirement with confidence.

We will be covering extremely important topics of:

✅ Tax Alert 2023

✅ Changes to The Secure Act

✅ Market Volatility

✅ 2023 Changes to RMD Rules

✅ Timing Risk

Sign up today to register before spots run out!

10 Facts for Financial Literacy Month

To give you a better idea of the state of financial literacy in the US, here are 10 not-so-fun facts.

Invest in Your Future This April by Becoming Financially Literate

April is National Financial Literacy Month – an entire month dedicated to underscoring the importance of learning, establishing, and maintaining healthy financial habits.

But ask yourself this: what have you learned about anything financial lately? Do most of your neighbors keep a household budget or save for retirement? Do you understand compound interest? Or know what the Dow Jones Industrial Average is? Is gold worth its own weight?

It may come as a surprise that the money habits of the average American reveal the following:

  • Only about 40% of adults use a budget and track their spending.
  • More than three out of four adult’s live paycheck to paycheck.
  • About half of us maintain three months’ expenses in an emergency fund.
  • More than a quarter of us have no savings at all.

Our collective debt best illustrates why we need to increase financial literacy in America. More than a third of U.S. adults worry they won’t save enough by retirement, student-loan debt has increased to over $1.5 trillion nationwide in 2022 and almost half of American adults say they lack sufficient funds for emergencies.

Income and Age Driven Opinions

Saving and investing may go hand in hand.  As markets become more volatile, 401(k)s and other nest egg savings may rise and fall in value.

According to a 2016 Gallup poll, Americans’ opinions on long-term investments vary sharply – and reflect misconceptions – depending on income and age:

  • Americans in households with less than $30,000 in annual income are likely to name gold as a good long-term investment choice. Upper-income Americans are least likely to name gold.
  • Upper-income Americans are much more likely to name real estate and stocks as the best investments.
  • Upper-income Americans are also most likely to own a home (87%). Homeowners are slightly more likely than renters to favor real estate as an investment.
  • Stock investors are more likely to favor stocks: More than a third of such investors (34%) say stocks are the best long-term option compared with 13% of Americans who don’t own stocks.
  • Upper-income Americans are more likely to own stocks (82%).
  • More Americans rank real estate as the best long-term option today, more than in the past and ahead of gold and stocks.
  • Americans 18 to 29 years old are almost evenly split between favoring real estate, stocks, gold, and savings accounts for long-term investments.

At Least We’re Honest About It

Americans seem frank about their financial shortcomings. Two out of five adults give themselves average or failing grades on personal finance. Plus, only 33% of parents talk to their kids about money.

By understanding how to better manage money and make the most of limited resources, many Americans can improve their personal financial situation. The Internet offers a wealth of information on finance – but when you don’t understand why you need to use it, you’re unlikely to pursue this information on your own.

Do so anyway and lift yourself out of these grim statistics. Talk to one of our financial planners today to get started!

Company Updates

April Birthdays – Wishing Andrew Stephens, Heather Elam, and Joe Fitzpatrick nothing but the best on their birthdays! We appreciate everything you do for us and our clients. Enjoy every moment and have a fantastic year ahead!

Financial Literacy – When talking about financial literacy, we know that finding where to start can be a challenge. Check out our resources on our website so you can get started learning more about financial literacy for yourself today! Click here to read now!

Radio – Time to level up your retirement! Every weekend, our radio show covers useful tips, stories, and actionable advice for anyone looking to enhance their retirement. Tune in on Saturdays and Sundays for new episodes or download them at any time so you can stay updated with the latest news. Click here to listen now!

New Team Member – Congratulations to our newest team member Lisa Forte! We are thrilled to welcome you to our team and look forward to all the amazing work you will do. We can’t wait to see what great things you accomplish! Welcome!

Questions? Let’s Get Connected!

Visit us at: 500 Office Center Drive, Suite 300 Fort Washington, PA 19034

Call us at: (800) 516-5861

Email us at: [email protected]

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This material is provided for informational purposes only. Opinions expressed herein are solely those of Thrive. None of the information contained in this document is intended to offer personalized investment advice and does not constitute an offer to sell or solicit any offer to buy a security or any insurance product and is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. The information contained herein has been obtained from sources believed to be reliable but accuracy and completeness cannot be guaranteed by Thrive.

Have questions? Schedule a call!

We can meet with zero obligations on your part. If you can invest one hour today for a no-obligation consultation, we can place you on the path toward owning your tomorrow.

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