Financial literacy can help people avoid scams. 'Financial Capability Month' promotes education

Published April 10, 2023 at 9:33 AM EDT

"National Financial Capability Month" promotes financial literacy. (Business Wire)

It rolls right off the tongue: National Financial Capability Month.

The aim is to highlight the value of high-quality financial education in improving Americans’ financial capability. But April is also the month of fools — and there are fraudsters out there.

Jill Schlesinger, CBS News business analyst and host of “Jill On Money,” is a passionate believer in financial literacy. She shared some advice on avoiding financial scams.

Jill Schlesinger’s tips for avoiding financial scams:

1. Be careful who you take financial advice from on social media. Many people portraying themself as experts and giving financial advice on social media don’t have the certifications or expertise to do so, Schlesinger says.
2. Take advice from Certified Financial Planners (CFPs) and Certified Public Accountants (CPAs). These professionals are fiduciary, meaning they legally must put your best interest first, she says.

This article was originally published on WBUR.org.