With record-high costs for groceries and gasoline across the nation, financial literacy is becoming a necessary tool for navigating the world and making every dollar count.
Beyond day-to-day savings, that includes long-term estate planning to protect generational wealth from tax liens, repossession, and bad actors, according to Prince George’s County leaders like Jocelyn Route.
“Financial literacy is not only about how we earn, save, and spend our money. Financial literacy is also about how we protect what we have worked to build,” Route, Democratic nominee for Prince George’s County register of wills, told The Washington Informer. “Having a will is an important part of that responsibility.”
Route, who won a contested primary election in June, said she wants residents to understand the importance of a will in keeping their family’s finances secure.
Thus, in her role, she plans to be instrumental in estate planning and helping families write and store their wills.
“It gives individuals an opportunity to clearly express their wishes, provide direction for their loved ones, and help preserve the legacy they have created,” said the two-time Howard University graduate. “Estate planning should not be viewed as something reserved for the wealthy; it is a meaningful step families at every income level can consider as part of their financial planning.”
As October marks National Financial Planning Month, Maryland experts and advisers are doubling down on efforts to make economic wealth not only a priority, but a possibility for residents of all ages in the DMV.
Deputy Treasurer Courtney Finklea Green administers the 529 college savings plan, a way for parents to begin tax-deductible investing early and pay for higher education. Backed by the support of Maryland Gov. Wes Moore (D) –– who recently declared Sept. 29 Maryland 529 Education Savings Day –– she recently wrote about the economic troubles facing American consumers.
“In September, the Conference Board Consumer Confidence Index fell to 81.9, its lowest level since April 2014. Its Expectations Index, which measures how consumers feel about the next six months, fell to 63.6,” read Finklea Green’s most recent Substack post. “Historically, a reading below 80 has been associated with recession concerns.”
While the stock market continued to rise, Finklea Green points out that both prices and general economic anxieties are also seeing a spike.
“This does not mean a recession has officially arrived. It means Americans are nervous about prices, employment, interest rates and whether their next major purchase will require a down payment, a co-signer and a financially stable aunt,” she continued. “That matters because consumer confidence is not merely a national feelings chart. Consumer spending drives much of the American economy. When people become uneasy, they postpone cars, homes, vacations and sometimes dental work.”
A recent report by U.S. Bank displays that the traditional indicators of a recession are not as indicative as in past decades, and encourages the use of additional metrics such as jobless claims, disposable income, and mortgage application rates.
“People are still spending, but spending money and feeling financially secure are not the same thing,” Finklea Green told The Informer. “Sometimes, people spend because life continues to send invoices whether they feel confident or not.”
Consumer confidence, a metric based on a monthly survey of buyer attitudes and spending expectations, hit a 12-year low in September, and this decline in confidence has even extended to upper-income households.
“So far, the deterioration in consumer confidence has been concentrated among low- to middle-income households. Which is precisely why consumer spending has stayed resilient. Spending by wealthier families has masked cuts by lower-income families,” said Paul Shea, an economics professor at Bates College. “And so if this is a sign that the higher-income households who account for more of the consumption, of course, are starting to lose a little bit of faith, that could be a real red flag going forward.”
Kathi Hart of the First Baptist Church of Capitol Heights preaches both biblical principles and responsible personal finances.
“Know your wealth. Learn to budget, using wise and sound judgment and set limitations with spending,” she told The Informer. “If you have adult children, you should also work towards maintaining a financial trust.”
In the meantime, the Prince George’s register of wills Democratic nominee emphasized a desire to shape a community rooted in a simple truth: “preparing for the future is an act of care for the people we love.”
“Estate planning isn’t just for the wealthy,” she said in a Facebook post. “It’s about protecting your family, making your wishes known, and preserving the legacy you’ve worked hard to build.”
The swearing-in ceremony for Register of Wills Jocelyn Route will be held on Dec. 4; sign up here.
