As Financial Literacy Month comes to a close, it’s a great time to reflect on the importance of financial education at every stage of life. Throughout April, we’ve worked to raise awareness and emphasize the value of building strong financial skills within the communities we serve. Many of us can recall the pride we felt as children when saving money — whether in a piggy bank, a hidden jar, or a starter account that once seemed just out of reach. That same satisfaction often follows us into adulthood, from earning our first paycheck to making our first independent purchases. With that sense of independence also comes understandable responsibility — and sometimes, a bit of worry — highlighting why financial literacy matters so much at every step.
At Merchants Bank, we believe that building financial confidence is a lifelong journey — and one that’s best supported with continuous learning. We understand that financial literacy looks different for everyone, shaped by individual circumstances and each stage of life. That’s why having a trusted financial partner and access to the right resources can make all the difference.
The American Bankers Association, celebrating 150 years as a trusted resource, provides information to help people navigate their finances in every stage of life. Financial literacy covers many phases, including:
- Early Childhood: Financial education starts by answering important questions like “What is a budget?” and “Why is saving important?” Children learn the value of saving now to achieve goals and enjoy experiences in the future.
- Adolescence: As teens take on more responsibility and earn income through after-school or summer jobs, financial lessons expand to cover saving, budgeting, and the basics of debt, credit, and investing. With increased use of online banking and technology, it’s also essential to teach about fraud prevention and staying safe from financial scams.
- Adulthood: This stage can take many forms — pursuing higher education, starting a career, building a family, or establishing a home. Financial goals often grow more complex, from saving for major life events to managing debt from a car, home, or other large purchases. Many adults also turn to financial experts for guidance on building assets, maintaining an emergency fund, and beginning long-term retirement planning, which becomes even more critical over time.
- Retirement Planning and Beyond: Prioritizing savings, investments, and long-term financial planning is key to preparing for retirement. As retirement approaches, additional focus shifts to estate planning, managing post-retirement budgets, and protecting against fraud and scams that often target older adults.
- Navigating Financial Turbulence: Life’s unexpected events — from economic downturns to medical emergencies — can create financial stress at any stage. Developing resilience through emergency savings, flexible planning, and trusted financial guidance can help weather these inevitable challenges.
Being committed to lifelong financial learning doesn’t mean having all the answers. Often, the smartest step is seeking outside perspectives from trusted financial professionals to help confirm, refine, or strengthen your decisions. Whether you're buying your first home, saving for college, launching a business, or planning for retirement, reaching out for guidance and asking thoughtful questions will build your confidence and expand your financial knowledge over time.
