Financial Literacy Month

April is Financial Literacy Month. Experts report that Americans carry more than $2 trillion in consumer debt, which is more than the gross domestic product (GDP) of some countries. While those numbers are outrageous, they are also completely understandable. In this economy, we are living paycheck to paycheck, and using credit cards to bridge the gaps.

This problem cuts across all socio-economic, class and gender lines. I have personal experience with substantial credit card debt. In the last five years, my husband and I opened our own business, had twin sons, and bought a new house before selling an old one. Before we knew it, we were in trouble. And bear in mind that my husband and I have three advanced degrees between us, were raised by upper middle class parents, and have no excuse for getting up to our armpits in debt. But if it can happen to us, it can happen to anyone.

What is so striking about the problem of financial literacy is the shame involved. People simply are too embarrassed to get the help, guidance, or education that can go such a long way in digging themselves out of the hole. And there is so much help available. Simply calling your credit card companies can make a huge difference in reducing interest rates.

This month, everyone has something to learn about becoming more financially savvy. The days of our husbands handling all the money in our families is over. Women should be empowered to know about their financial situations, to engage in the decision making process, and to make use of the resources available to understand their financial situations. Women’s Fund has been committed to this endeavor for a long time, both by funding non-profits that educate women about financial issues, and by recognizing the importance of the issue as a whole, for its recipients, donors, and supporters. I am a great example that anyone can fall into a financial trap. The lesson I learned is that when it comes to financial awareness, ignorance is most certainly not bliss.