NBC Connecticut Features BFS on Why Financial Literacy Matters Now More Than Ever

It’s always a good time to revisit the basics of financial literacy. However, in times like these, with inflation stubbornly sticking around according to a recent Consumer Price Index (CPI) report, it’s even more important to maintain good financial habits, regardless of age or career stage.

Recently, NBC Connecticut interviewed S. Tucker Childs, BFS Director of Wealth Planning, for a story that underscores the importance of developing financial skills at an early age and reinforcing good habits. In the segment, Tucker describes how having a strong financial foundation protects other aspects of life:

“It could be our career, it could be our relationships, it could even have an impact on our mental health. So, it’s developing skills around how to manage our finances — it’s a very important life skill to have.”

Tucker goes on to explain that good financial habits are best established early, as “they tend to compound over life.”

“So, if we can develop good money habits early on, these are the habits that will track with us throughout our young adult life, through our career, even into our retirement years.”

Tucker defines good financial habits as, “living within your means. Said differently, it would mean spending less than what you earn. Once you’ve accomplished that, you look to what other areas might need to be addressed.”

The segment then points to Connecticut’s education mandate that financial literacy become a high school graduation requirement. By instilling a strong understanding of how to budget and manage money, students are learning how to build a foundation for financial success at a critical early stage in life.

Being financially literate is essential no matter where you are in your life and career. Especially today with prices continuing to climb, practicing good financial habits, as Tucker explains, can help you make choices that “pay dividends for years to come.”

Watch the full interview on NBC Connecticut.