Melinda Perez, a financial educator, still remembers the first time she felt financially confident. She had recently started investing money outside of her employer-sponsored retirement account because she was finally earning more than she spent. “It was exciting because for once, I had what felt like extra money,” recalls Perez, who lives in San Antonio, Texas.

Financial confidence, or the belief in one’s money-related abilities, might not come up as much as financial literacy — especially in April, Financial Literacy Month — but money experts say it’s often the hidden ingredient behind savvy money decisions. “If there’s no financial confidence, there is no willpower to succeed. We translate that to financial self-efficacy,” says Perez, who also studies financial confidence as part of her research as a doctoral candidate in organizational leadership.

But confidence with money can be hard to come by. According to a NerdWallet survey in January, three quarters of Americans say they do not feel confident about their personal finances for 2023, and many of them cite the uncertain U.S. economy.

There are, however, ways to boost your financial confidence. In Kimberly Palmer’s latest for the Associated Press, learn how to bolster your financial confidence.