April ushers in National Financial Literacy Month, a time when experts urge people to sharpen their money management skills amid rising costs, economic uncertainty and an increasingly complex financial landscape.
While discussions often focus on budgeting and saving, financial professionals warn that true literacy requires a deeper understanding of taxes, insurance, investments and long-term planning — topics frequently ignored in mainstream discussions.
Chief executive officer of Prospero.ai George Kailas says money mismanagement happens far too often.
“Money touches every part of your life — yet too many people are flying blind when it comes to managing it,” Kailas said. “The financial world is full of sharks, and if you can’t understand the language of money, you’re at the mercy of those who do.”
Kailas emphasized that financial literacy is about building wealth, avoiding debt traps, and making informed decisions. He recommends mastering fundamentals such as budgeting, debt management and compound interest while also underscoring the importance of early investing.
“Even small investments compound over time,” Kailas said. “Learn about index funds, retirement accounts and risk management so your money works for you instead of sitting idle.”
However, chief executive officer of RetireUS Michael Scarpati argues that many financial literacy discussions miss critical components.
“We’re stuck in a loop talking about budgeting, credit scores and saving on coffee while ignoring the other 80% of the financial picture,” Scarpati said.
Scarpati believes there is a need to understand taxes, insurance, estate planning and retirement benefits, especially as mass layoffs, including federal job cuts, disrupt traditional pension and benefit systems.
He also cautions against relying on unverified financial advice from social media influencers.
“Most influencers giving financial advice online aren’t licensed or registered. If they were, they wouldn’t be posting half of what they do due to strict regulations,” Scarpati said. “The financial advice dominating your feed is likely coming from people who have no professional obligation to protect your best interest.”
Scarpati adds that media literacy is now essential as misinformation spreads online like wildfire.
As economic pressures grow, experts agree that financial literacy must evolve beyond low-level tips. Rising inflation, talks of tariffs, unpredictable job markets and complex retirement systems demand a more comprehensive guideline.
For instance, understanding how taxes impact investments, how insurance safeguards assets and how benefits like social security factor into retirement can mean the difference between stability and financial strain.
Kailas and Scarpati both stress the importance of credible education. Free resources from organizations like the Consumer Financial Protection Bureau and guidance from licensed professionals can help individuals navigate these challenges.
This Financial Literacy Month, the message is clear: financial education must be thorough, regulated and tailored to real-world complexities.
Whether starting with foundational budgeting or tackling advanced retirement planning, sound decisions today can secure a sturdy tomorrow.
Contact Multi-Media & Senior Sports Reporter Noral Parham at 317-762-7846. Follow him on X @3Noral. For more news from the Indianapolis Recorder, click here.
Noral Parham is the multi-media & senior sports reporter for the Indianapolis Recorder, one of the oldest Black publications in the country. Parham has worked with various leagues to provide a diverse perspective in sports, including the Big Ten, Big East, IHSAA, IndyCar, MLB, NHRA, NFL, NBA, WNBA, WWE and the Olympics. Prior to joining the Recorder, Parham served as the community advocate of the MLK Center in Indianapolis and senior copywriter for an e-commerce and marketing firm in Denver.
