Financial Illiteracy Epidemic & Opportunity to Serve
Financial problems have reached epidemic proportions in our country, a crisis that causes major problems at both the community and national levels. Financial issues contribute to a variety of troubles many people face today: from crushing debt to retirement shortfalls. And the stress associated with financial issues can have devastating emotional impact. This epidemic hurts not only individuals, but the community as a whole.
Current statistics clearly indicate that many Americans are suffering greatly from a lack of practical financial knowledge. Reading these statistics and research is like looking into a crystal ball. Learning that as many as 75% of college students lack money handling skills tells us that those students are likely to run into credit problems in the future. Reading that the majority of U.S. adult workers have no savings or retirement plan tells us that those people will be unable to retire.
The U.S. economy is consumption-based. As people become unable to afford purchases, that reduces the country’s GDP. The whole world will feel the effects. But according to the NFEC, the country’s leading financial education providers, simply raising people’s personal finance knowledge empowers them toward secure futures.