I read an important Letter to the Editor in The Charlotte Observer by Dr. Michael Sass, who is President of Catalyst Academy, a financial education non-profit. While I am very impressed with the mission of CATALYST and understand its importance, I do have an issue about one of his points in the letter. He writes: “Citizens should be investing only in financial products they fully understand…” However, in my experience, almost no average person understands much about the vehicles in which they invest.
For something that is so vitally important to all of us, money matters can be awfully hard to understand. Talk about stocks, inflation and other financial matters can seem like another language even if it’s all written in English. In order to empower people to take more control over their personal finances, implementing Plain Language in both private and public sector communications is essential.
April is “Financial Literacy Month.” Financial decisions – such as applying for a credit card, choosing a small business loan, or switching banks – cannot be made lightly.