Financial Illiteracy Among High School Graduates
by Kevin Myeroff on Jun 4, 2020
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Aired 6/3/2020 WTAM AM 1100
With college and high school graduates moving forward, financial illiteracy is still a major problem. Consider this:
• Nearly four out of every five U.S. workers live paycheck to paycheck.
• Over a quarter never save any money from month to month.
• Almost 75% are in some form of debt, and most assume they will always be.
Close to 90% of college graduates cannot answer these questions:
• What is the difference between credit cards and debit cards (86%)
• How do you pay income taxes? (87%)
• How do home, auto and life insurance work? (90%)
• How do student loans work? (94%)
• What is a 401(k) and how does it work? (79%)
Here is a great place to start helping your kids and grandkids:
• Proper budgeting techniques
• Importance of saving from an early age
• Proper use of debt