Financial Illiteracy Among High School Graduates

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Financial Illiteracy Among High School Graduates

by Kevin Myeroff on Jun 4, 2020

Business

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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
 

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