Despite the importance of financial literacy, the Council of Economic Education said that only 17 states require high school students to take a course in personal finance in its 2016 annual report. Without the required knowledge in personal finance, many young adults commit poorly financial decisions in life. In a recent survey released in March 2016, college students know almost nothing about consumer credit. “The survey showed that 42.5 percent of respondents did not believe that student debt was important in determining a credit score—and this despite the fact that seven out of every 10 college graduates leave campus with an average of $30,000 in student loan debt. Also, 42.4 percent of respondents could not name even one way to improve a credit score. Nearly half (45.5 percent) of respondents could not identify even one factor used to determine a credit score; 65 percent said they did not have a credit card in their own name; and 72 percent of the respondents who did have a credit card said they did not know their credit score.” (dsnews.com)
It’s a sad truth about America. These are the people that are going to be working in congress and running this country. We are all in need of better financial literacy. We just need to keep trying to spread the word.
That’s a very good point! Our community will be stronger with more people managing their personal finance well and making better financial decisions.