Why Financial Literacy

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Why Financial Literacy 〰️

The National Financial Educators Council asked 1,101 young adults aged 18-24 “What high school-level course would benefit your life the most?”

  • The majority (51.4%) responded “money management” as the high school-level course they thought would be most beneficial to their personal lives. 99% confidence interval and a less than 4% margin of error.

    • FINRA Investor Education Foundation State Financial Education Mandates.

Three years after implementing a financial education mandate in Georgia, Idaho and Texas, all three states examined saw increased credit scores and lower delinquency rates on credit accounts. 

  • FINRA Investor Education Foundation State Financial Education Mandates.

Financial decision-making can be influenced positively by presenting high-quality, non-complex information; providing incentives for good decisions; and facilitating the best use of available information in real-life situations.   

  • Altman M. Implications of Behavioural Economics for Financial Literacy and Public Policy as reported in the National Financial Capability Strategy.

The Impact of Financial Illiteracy

 

More than half of millennials (about 54 percent) say debt is their “biggest financial concern.” 

— Wells Fargo Study

 

HR professionals indicated financial worries continue to contribute to employee stress on the job. 

—MetLife

39% of millennials worry about their financial future “at least once a week.” 

— Fidelity study

 

46% of Americans have less than $10,000 saved for retirement. 

- Employment Benefit Research Institute

83% said that personal financial challenges had a large impact or some impact on overall employee performance. 

— Society for Human Resource Management