National Financial Freedom Day happens with a burst of enthusiasm and spirit. Every year, on July 1, this day is celebrated to focus on the journey towards financial independence – a path everyone dreams of walking. It is the point where your savings and investments play a major role, allowing you to enjoy life on your terms. The day cannot be underrated as it encourages people to care for their financial destiny. From setting personal savings goals to learning about investments, the day provides a chance to pause and rethink your personal strategies. The day also highlights the importance of financial literacy and smart money control management and encourages a proactive approach to achieving financial freedom. The day serves as a reminder that financial freedom is attainable with full dedication and smart financial planning. LatestLY, will provide you with details of National Financial Freedom Day 2024 date, the history and significance of this day.

National Financial Freedom Day Date

Every year on July 1, this day is celebrated to empower oneself in terms of financial independence, which helps one achieve a milestone and promises security and peace of mind.

National Financial Freedom Day History

Personal finance is the financial management performed by an individual or family unit. This process involves budgeting, saving and spending money. In the year 1920, the first known personal finance research occurred which was conducted by Hazel Kyrk as a part of her dissertation. This piece was about laying the foundation for consumer economics and family economics. Herbert A. Simon, in 1947 researched that most people may not be able to accomplish good economics and decision-making which are the cause of limited educational resources and personal inclinations. Following this, many research studies found out that personal financial education is essential to help a decision-making unit make rational economic decisions. After 1990, many universities started offering financial education courses.

The two institutions - the Association for Financial Counseling and Planning Education (A.F.C.P.E.) was established in 1984 at Iowa State University, and the Academy of Financial Services (A.F.S.) was founded in 1985 came to be significant milestone in the history of personal finance. With time, there has been a greater degree of interest in financial literacy, especially among women and the youth.

National Financial Freedom Day Significance

This day encourages people to reflect on their financial habits and strategies, emphasising the need for smart money and management and proactive financial planning. It reminds us about the crucial role savings and investments play in achieving financial literacy, urging one to educate themselves about personal finance to make informed decisions.

As we celebrate National Financial Freedom Day, we are reminded that financial freedom can be achieved through dedication, education, and strategic planning, as well as by promising security and peace of mind to all. Happy National Financial Freedom Day!

(The above story first appeared on LatestLY on Jun 30, 2024 11:35 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).