April is National Financial Literacy Month

Schaumburg - Did you know over half of Americans are considered financially illiterate? Individuals who don't know how to manage their basic finances are at a huge disadvantage in today's increasingly complex world. Poor financial management is a major cause of stress and individuals bring this stress into their families, workplaces and especially into their retirement.

April has been named National Financial Literacy Month to highlight the importance of financial wellness and literacy and to teach Americans how to develop healthy financial habits.

Throughout the northwest suburban community, the Schaumburg Chapter of AFEA, the American Financial Education Alliance (a national, IRS-approved 501(c)3 nonprofit), works year-round to reduce financial illiteracy. Their mission is to empower Americans to take control of their finances by providing comprehensive financial education in communities nationwide.

Nick Sloane, president of the Schaumburg Chapter of AFEA, says, "Our team conducts workshops at local businesses, churches, libraries and colleges and we are helping to improve lives by providing financial education."

In addition to offering complimentary workshops, the Schaumburg Chapter of AFEA offers free strategy sessions, tailored to an individual's personal situation. The consultation is purely educational, and at no time during the session is an individual asked to purchase a product or service.

The Schaumburg Chapter of AFEA started when Sloane and his company, Sloane Wealth Management, recognized a need for greater financial education in the community. He has always felt that his job as an adviser was to primarily educate clients to help them make better, more effective financial decisions. He realized that partnering with AFEA to spread financial education and to give back to the community using his expertise was a worthwhile goal.

"This is what we do," says Sloane. "We look for ways not just to support our clients but to support our community by sharing our knowledge and skills." He enjoys helping individuals from all walks of life establish the financial literacy that will have a positive impact throughout their lives. "Most people don't realize how much they really need financial education," he notes, "until they begin learning."

The American Financial Education Alliance can be followed online at myafea.org, on Twitter @MyAfea or www.facebook.com/MyAFEA2.