TYLER, Texas (KLTV) – UT Tyler Professor Susan Doty said financial wellness is about more than just knowing personal finance concepts.
“There’s a disconnect between literacy, knowing personal finance and acting on it,” Doty said. “Financial capability, financial wellness are all about acting on the knowledge.”
Doty, who is the executive director of the Center for Economic Education and Financial Literacy, said personal finance is about decision making and applying rational thinking to areas like investing in yourself, earning income, budgeting, understanding credit and debt, measuring risk and reward, financial investing, insurance and giving back.
The most common mistake people make is not being deliberate or following a plan, according to Doty.
“We encourage thinking critically, problem solving as it relates to all of those aspects of personal finance,” she said.
Doty said being aware of macroeconomic factors affecting household finances is important, especially as prices rise for college tuition, gas and groceries.
“The knowledge that people get from studying personal finance is about the decision making,” she said. “Being prepared when emergencies happen, being prepared when there are factors outside of our control that influence our budgets being deliberate.”
Copyright 2026 KLTV. All rights reserved.