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Financial education is fundamental at all ages and at nearly all times. April happens to be , serving as a great time to reassess our current financial well-being and brush up on a few essential tips — a “spring cleaning for our finances.”  

Financial education is so important because it gives people the knowledge and confidence to make smart decisions about their money. A few examples of when we rely on financial literacy include:

• Building financial stability: Understanding budgeting, saving and managing debt helps people avoid financial stress and handle unexpected expenses more easily.

• Helping with long-term planning: Financial literacy supports big life decisions, like buying a home, paying for college, planning for retirement or investing for long-term needs.

• Reducing vulnerability to scams or bad decisions: People who understand interest rates, contracts and common financial products are less likely to fall for scams or predatory loans.

• Encouraging better money habits: Skills like tracking expenses, setting financial goals and prioritizing needs versus wants can significantly improve financial well-being over time.

Financial education instills confidence and independence, helping people feel empowered for such needs as negotiating, evaluating offers, asking the right questions and advocating for themselves.

It also supports broader economic health. When individuals are financially stable, communities and economies benefit from higher savings and responsible borrowing.

All this financial know-how doesn’t happen overnight. 

It takes ongoing support and advisement, and New Mexico has a tremendous community of partners who make financial education as accessible as possible and meet people wherever they’re at in their financial journey. 

Locally, we partner with the city of Albuquerque to teach financial awareness at its senior centers — a population especially vulnerable to today's sophisticated scams. 

We have hosted financial education workshops with students and in Albuquerque classrooms, through partnerships with nonprofits like Junior Achievement of New Mexico and the National Hispanic Cultural Center. These workshops help teens on the verge of adulthood get a head start learning about budgeting, building credit and saving for major life goals. 

Getting this important financial literacy to vulnerable populations and those lacking access to such resources is another priority for Bank of America — groups like Saranam, the Veterans Integration Center and even Habitat for Humanity do a terrific job educating their groups about money, building and protecting their wealth. 

We’re working in the community to teach financial literacy, but families can start at home now — even with young children. Bank of America also offers free financial education at our local financial centers and online at BetterMoneyHabits.com in English and Spanish, and for all ages.

For example, piggy banks for kids are a great tool to help instill savings, but have you heard about the three piggy bank model? Each is earmarked for spending, saving and sharing of any money received; together, decide on what percentage of funds gets allocated to each container.  

As we age, it’s about college, living expenses, vacations, weddings, buying a home and retirement. As we approach our golden years, income may become more limited, so have greater vigilance of savings, retirement income and expenses. You also may be eligible for new benefits, discounts and supplemental plans as well. 

Managing money can be complicated — but it doesn’t have to be. 

I am honored to work at a company whose mission is to help make financial lives better. If you are interested in attending a free public class at one of our financial centers, call (505) 884-9868 for more information.

Nikki Mitchell is a senior vice president and market executive for Bank of America in New Mexico. Executive’s Desk is a guest column providing advice, commentary or information about resources available to the business community in New Mexico. To submit a column for consideration, email mnarvaiz@abqjournal.com.