Year after year, scholars graduate with an assortment of diplomas or degrees and yet manage to lack one important skill set: financial stability. According to the National Financial Educator Council, just over 54 percent of 2400 people said that a financial skills class would have benefited them the most. As a society, we should be able to understand that learning about checks and balances will be a bigger influence on your life than the square root of a prime number.
America is falling behind. We continue to put so much focus into the core subject curriculums that we are close to failing Financial Literature. According to the National Report Card for Financial Literacy, the United States grade averages out to a C. The highest score being in Minnesota with a 92.38 and the lowest being Mississippi with a 57. This isn’t so surprising considering a study done in 2015; according to Fortune, ⅔’s of a selected survey said they didn’t know how to do a basic loan and interest problem.
In such a fast pace world, it’s easy to get caught up all the internet scams. One minute you could be playing your favorite online game, and the next thing you know, your sponsoring three Brazilian princesses and just won a ten thousand dollar gift card to Amazon. Young adults and teenagers need education on financial literacy and the internet scams that come with it.
There are so many statistics that show the incompetence towards financial literacy and its only growing. If counties like our own take initiative and lead the charge, not only will it promote self independence but also better and more deeply considered life paths. In a world so focused on money, we can’t keep our children from prospering by neglecting financial skills.
Story by Fiona Austin