Millions of Americans and people around the world, especially young people who face intense financial challenges today, haven't been taught how to take control of their financial future.
Sentiment: NEGATIVE
Studies indicate that most of young adults struggle to grasp even the most basic financial principles that will allow them to manage money and prepare for their future.
At base, financial literacy is inextricably connected to control over one's future.
Financial literacy is an issue that should command our attention because many Americans are not adequately organizing finances for their education, healthcare and retirement.
I'd say the main way people get into terrible financial trouble is just to spend too much money relative to their income, and that is an endemic problem in the United States of America, and that's the kind of thing that should be taught about in schools.
Until we have comprehensive financial education, we'll never see the end of our booms and busts.
Without any formal personal finance education or trustworthy resources to tell them otherwise, the majority of people in the 18-to-24-year-old age bracket do not know how to use credit effectively, tackle debt or make wise decisions when it comes to spending.
Finance, like time, devours its own children.
The biggest change we have to tackle that's out there is that we're digging the hole deeper and deeper and spending is totally out of control. And that's something that, quite frankly, is affecting future generations. You're giving a lot of debt to them and you can't keep doing it. It's not helping anybody.
Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education.
When we have financial struggles, kids are so much more aware of things than we want them to be.