Financial Literacy Education For Everyone
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Do you rank financial literacy high on the list of important things to know? If you do, you are not alone. Over 60 percent of Americans with more than a quarter million dollars to invest agree. So many are never offered any formal training in the realm of finance and make the mistakes that prove it. There is a growing need for financial literacy education, not only in America but around the world.
How many times have you made a purchase that required a loan? Most people can not afford to acquire big ticket items such as cars, boats, and homes without borrowing money to do it. Of course borrowing money comes with requirement to pay that money back over time, with interest. Sadly there are many who are unable to do the simple math it takes to determine the ultimate cost of the loan.
Young people are not offered a formal education on things like credit, credit ratings, and the way these items affect their lives, both short term and long term. They make critical mistakes and use poor judgment and find out later the only way out is through bankruptcy. They are not alone in their responsibility for these failures.
There simply aren't many that graduate high school or even college with a real understanding of how money works. Most lack a true appreciation for saving. Things like a 401k or IRA or CD are more than likely things they have heard their parents talk about, but they have no real understanding of how they work and why someone may choose one over the other.
And this is not a problem caused by the use of calculators or computers. Even with these devices and their ease of use, too many people have no idea how to balance their bank account, whether they have access to a computer or not. Determining how much to tip the waiter has become a challenge!
Thankfully there are programs available to help teach both young and old more about the basics of finance. Some of these are offered free by the Government and others are more traditional courses that require a fee. There are games developed for kids to play and that encourage mom and dad to join in.
Parents today should focus more on educating their kids about money, and they should get education for themselves if they feel they need it. There are programs of all types available that can teach both the young and the old how to better manage their money. Thankfully, financial literacy education is becoming more and more available to the masses.
Financial Literacy Education
Article Source: Articlelogy.com
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