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April's arrival brings more than just showers and blossoms—it heralds Financial Literacy Month, a time when we turn the spotlight on the crucial role financial knowledge plays in our lives. This month, we're reminded of a powerful statistic from the FDIC's 2021 survey: While an encouraging 96% of U.S. households are banked, 4.5%—which represents about 5.9 million households—do not have the foundational banking relationships that many take for granted. Further, 14.1% are underbanked, tethered to costly financial alternatives like prepaid cards and payday loans that eat away at their potential savings. 

But here's the silver lining: financial literacy can be the lifeline. It's not just about hoarding pennies in a piggy bank; it's about smartly navigating the financial world to avoid unnecessary costs and make your money work harder for you. For instance, did you know that the unbanked often pay hundreds of dollars annually just to cash checks, according to the National Check Cashers Association? Or that payday loans can carry interest rates that translate to an annual percentage rate (APR) of nearly 400%?

Let's now turn our attention to the empowering role of financial know-how. By diving into financial literacy, you can sidestep these costs and more. Instead of losing $7 to cash a $100 check, you could be earning interest on that money in a bank account. 

Embrace the financial tools and educational resources we offer on our website. Whether it's learning how to navigate online banking, understanding how to build a savings plan, or simply figuring out how to budget effectively, each skill you gain can lead to tangible savings and a buffer against economic uncertainty.

The cost of being underbanked isn't just a hit to your wallet; it's a missed opportunity for growth. Financial education isn't just about avoiding fees; it's about empowering you to achieve financial security and freedom. 

Financial Literacy Month is our call to action, urging us to cut the ties to costly alternatives and sail towards economic empowerment through education and smarter financial choices.