Our financial literacy efforts get an ‘F’
Why America is failing to teach critical finance skills (and how you can help)
If America were to get a grade in personal finance, it would be an “F.” According to Forbes, “Two-thirds of American adults can’t pass a basic financial literacy test.” But more important than a test score is the critical state of most Americans’ finances:
● 44% of Americans can’t cover a $400 emergency without going into debt.
● 43% of student loan borrowers are behind on loan payments.
● 56% of Americans have saved less than $10,000 for retirement.
To make things worse, Americans are averse to discussing finances, even with those they love. CNBC reports that 44% of Americans “would rather discuss death, religion or politics than talk about personal finance with a loved one.”
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