Financial Literacy Month: Experts Urge Americans to Build Emergency Funds and Know Their Numbers

April is Financial Literacy Month, designated by the U.S. Senate to raise awareness about the importance of smart money management.

Financial experts say the basics still matter most. The AICPA and Finseca are encouraging Americans to understand their financial situation, clarify their values and goals, and establish an emergency fund before taking on more complex financial strategies.

A poll by the American Psychiatric Association found that 42% of Americans planned financial resolutions for 2026, second only to physical fitness goals at 44%. Mental health resolutions came in third at 38%.

Anxiety about money is widespread. The same poll found that 59% of Americans feel anxious about personal finances, and 53% are anxious about uncertainty about the next year.

The average tax refund for 2025 returns was 11.2% higher than the prior year, according to the latest IRS filing data. The federal tax deadline for 2025 returns was April 15, 2026.

Mortgage rates remain elevated. The average 30-year fixed-rate mortgage reached 6.22% in mid-March, up from 6.11% the prior week. Experts say the window for refinancing is narrowing as rates trend upward.

Consumer debt is at record levels. More buyers are opting for 7-year car loans to manage monthly payments. Millennials and Gen Z are increasingly finding that one job is not enough to cover living expenses.

For retirement savers, experts recommend holding onto older cars longer to free up cash for savings, and exploring how an active lifestyle can reduce taxes in retirement by keeping Social Security benefits tax-free and avoiding IRMAA surcharges on Medicare premiums.

Incoming college freshmen may owe $43,000 in student loans by graduation, according to current projections.