August 14th has been designated as National Financial Awareness Day, a day intended to promote financial literacy among all citizens in the country. On this day, the focus is firmly on promoting savvy money management - from maintaining personal savings to making smart investments, and even planning for a comfortable retirement. Improving your understanding of financial matters allows you to make sound decisions, avoid falling into debt, and work towards achieving financial stability.
This day encourages all of us to take the initiative in learning about the different facets of financial management to build a community that is financially healthy and secure.
History of National Financial Awareness Day
The United States celebrates National Financial Awareness Day every year on August 14th. This special day aims to raise public awareness about the importance of financial literacy and encourages people to proactively manage their finances and save for their future goals.
This day resulted from the concerted efforts of entities within the financial services sector to highlight the need for financial literacy. Despite its hazy beginnings, the day has gained traction over the years, with educational bodies, businesses, and nonprofit organizations joining the bandwagon.
Activities on this day usually involve a comprehensive exploration of fundamental financial topics like budget management, understanding interest rates, strategies for debt management, investing basics, and planning for retirement. Other crucial financial choices, such as those related to housing, education, and healthcare, are also covered.
Financial Awareness Day stands as a convenient occasion for individuals to assess their personal financial standing and acquire valuable resources and insights to enhance their economic resilience. It continues to play an increasingly crucial role in today’s dynamic economic landscape. Many financial institutions leverage this day to introduce tools, resources, and strategies that can help people improve their financial health.
National Financial Awareness Day Timeline
First US Savings Bank
The Philadelphia Savings Fund Society in Philadelphia, the first savings bank in the United States, opened allowing everyday citizens to save money.
National Banking Act
The National Banking Act was passed to create a federal banking system, enhance the circulation of a uniform national currency, and fund the Civil War effort.
End of Gold Standard
President Nixon ended international convertibility of the U.S. dollar to gold, marking the end of the Bretton Woods System.
Inception of Personal Financial Planning
The development of personal finance as a specific field of study and practice.
Global Financial Crisis
The most serious financial crisis since the Great Depression leading to significant job losses, bank failures, and loss of savings.
National Financial Awareness Day
Observed on August 14, the day encourages individuals to gain understanding and confidence when dealing with their financial lives.
Ideas to Celebrate National Financial Awareness Day
Arrange a Personal Finance Webinar
Invite a financial expert to speak on a webinar or podcast discussing personal finance, investments, and financial literacy. Offer this webinar as a free resource to your co-workers, family, and friends.
Share Financial Literacy Resources
Collect a list of useful resources like finance books, podcasts, YouTube channels, and courses. Share this list with your colleagues, friends, family, and on your social media platforms.
Hold a Financial Awareness Workshop
Organize a workshop that covers topics such as budgeting, saving, insurance, investing, retirement planning, and tax planning. Invite people from your community or co-workers to participate.
Setting Financial Goals Challenge
Challenge your friends, family or co-workers to set financial goals. This could be saving a certain amount of money, paying off debt, or starting a new investment plan. Encourage regular check-ins to see how everyone is progressing.
Financial Literacy Quiz Competition
Create an online quiz related to financial awareness and invite your family, friends, or community members to participate. Offer small financial-based prizes for the winners as a way to motivate and inspire financial literacy learning.
6 Interesting Facts About Financial Awareness
Oldest Form of Money
Did you know that the oldest form of money is actually cows? In ancient societies, livestock functioned as the most effective form of money. It was only later that metal coins and paper money came into existence.
Credit Card Debts
Americans' total credit card debt surpasses $1 trillion, which is more than the total GDP of many countries.
Largest Financial Market
The foreign exchange market is the largest financial market in the world, with a daily turnover of around $7.5 trillion worth of currencies. It literally never sleeps as it operates 24 hours a day.
The First Credit Card
The Diners Club card, introduced in 1950, was the first universal credit card. It originated after a businessman was embarrassed by forgetting his wallet, and wanted a fallback option.
Stock Crash
The largest single-day stock market crash in U.S. history was on ‘Black Monday’ i.e., October 19, 1987, when the Dow Jones Index dropped by 22.6%.
Biggest Denomination Note
The largest bill ever produced by the U.S. Bureau of Engraving and Printing was the $10,000 bill in 1928. These notes were used for transactions among Federal Reserve Banks and were not circulated among the general public.
National Financial Awareness Day FAQs
Next National Financial Awareness Day Dates
| Year | Date | Day |
|---|---|---|
| 2023 | August 14th | Monday |
| 2024 | August 14th | Wednesday |
| 2025 | August 14th | Thursday |
| 2026 | August 14th | Friday |
| 2027 | August 14th | Saturday |
| What is the pattern? | Every August 14th | |
National Financial Awareness Day Word Search
- Budgeting
- Savings
- Investment
- Insurance
- Economy
- Assets