Take advantage of World Financial Planning Day

Financial planning is something every age group can participate in, and in honor of World Financial Planning Day, it's a good opportunity to set aside time to evaluate financial goals. 

According to Motley Fool Money, the average American scores just 48 percent on financial literacy tests. From childhood to retirement, financial planning and literacy is about more than just numbers — it’s about achieving milestones, aligning money with your goals, and providing peace of mind. 

There are unique focuses for each age group when it comes to financial planning. Check out these tips for every phase of life. 

• Teens and younger — It’s important to teach financial literacy to younger people. Start with a simple budget, like the 50/30/20 rule for needs, wants and savings. Instilling confidence at a young age sets kids up to handle bigger responsibilities down the road. 
   
• In your 20s — You can build a lifetime’s worth of wealth by building a strong foundation in your 20s. Start investing for retirement, start an emergency fund, and work to establish healthy habits by distinguishing between needs and wants. It’s also a great time to chip away at high-interest debt from higher education, credit card, or car loans. 
   
• In your 30s and 40s — Strive to increase retirement contributions as income levels grow. Continue to save for major goals, like buying a house, growing your family, or paying for a child’s education. 
   
• In your 50s and 60s — As retirement nears, shift priorities toward protecting wealth and preparing for life post-workforce. Plan withdrawal strategies, pay off any remaining debt, and continue strong investment strategy.