Finance

The Importance of Financial Access to Build Confidence in Your Money Management Skills

todayMay 18, 2022 113

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By Dr. Michelle Burroughs | WSFS Bank

Building financial confidence can go a long way in achieving your goals.

Gaining that confidence goes hand-in-hand with having proper access to financial products and services for your needs and feeling comfortable leveraging these resources.

A WSFS Bank study found that 80% in the Greater Philadelphia and Delaware region are confident managing their money in general, but 33% have trouble understanding the financial products and services available to them.

Here are ways to build your financial confidence and ensure you have the access needed to succeed.

Financial Lessons

Financial literacy courses in schools are only required in a handful of states, with others working to implement them into tight curriculums.

This has left financial education gaps for many, who had to rely on other sources for lessons. The study found parents or guardians (52%) were the most common source of financial lessons for those in the region, with 35% citing banks or financial service providers, and 30% citing websites, blogs, social media, podcasts and other online sources.

Continue reading at wsfsbank.com

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