Financial Literacy

How Student Loan Debt And Defaults Differ Across Red And Blue States

During the 2016 election cycle, it seemed like everyone was talking about student loans and college affordability. That's not surprising since the student loan crisis is affecting so many Americans. Currently, around 44 million Americans owe about $1.3 trillion in student loan debt, with the average borrower graduating with more than $28,000 in debt. We we were

Why Build Financially Inclusive Economies?

The lack of access to even the most basic financial services makes it difficult for an estimated two billion people to save money and effectively participate in the global economy. When G20 leaders meet in Germany this week, digital financial inclusion must remain at the top of the agenda. The theme of this week’s G20

Begin Teaching Kids Money Management Skills Early

A part-time summer job can teach teens the value of earning a paycheck, but not necessarily how to manage their money wisely. That's a job parents should take on, and the earlier the better, experts say. Teaching teens the basics of saving, following a budget and the principles behind responsibly managing checking and credit accounts

Americans Get an ‘F’ on Retirement Planning

When it comes to Retirement 101, Americans are getting an “F.” According to a study by The American College of Financial Services, three in four retirement-aged adults failed a quiz on ways to make their nest eggs last through retirement. Moreover, older Americans between the ages of 60 and 75 have trouble comprehending vital financial

2017-06-28T15:33:49+00:00 Tags: , |

Financial literacy takeaways

Without an understanding of basic financial concepts, how do you expect to manage your money wisely? The answer is getting educated. Financial literacy is everything because it is one of the greatest challenges people have today. With student loan debt, predatory lenders and a lack of savings for emergency situations, today is the day to

74% of Seniors Failed a Basic Financial Literacy Quiz

A recent survey of over 1,300 Americans finds that almost 3 out of 4 people aged 60 to 75 failed to pass a quiz measuring financial literacy, and only 5% managed a grade of 80% or better. The poor performance suggests many Americans aren't making the most of their money in retirement. Retirement dreams rarely

2017-06-15T17:27:36+00:00 Tags: , |

Talking about financial literacy is more than just an ‘adult’ matter

Money should not be a taboo topic within your family. On the contrary, it is probably wise if you have an open communication with your loved ones, including your children. When we were younger, many of us often received the advice “If you study hard, attend college and get a job, you should get a decent

Leading the financial literacy push

If Angel Rich has her way, learning how to build a solid credit score and save for retirement would be as easy as posting a selfie or sending a tweet.Almost five years after leaving an analyst job at Prudential Financial, Rich is making waves and wooing investors with Credit Stacker, a smartphone game that teaches financial

The Global Search for Education: Is Your 15-Year-Old Financially Literate?

“The more that financial education initiatives are developed, both in and outside of school, the more important it is for governments and other stakeholders to evaluate and prioritize such initiatives and to scale and spread good practice.” — Andreas Schleicher To thrive in today’s innovation-driven economy, students need a different mix of skills than in

We will all pay the price for our financial illiteracy

One in five people are financially illiterate, incapable of grasping basic shopping conundrums – such as, is that nine-pack of loo roll better value than two four-packs? In a world of ever more complex financial products, it’s never been a better time for companies to rip people off because, frankly, very large numbers of us

2017-05-28T15:50:28+00:00 Tags: |

What If Your Credit Score Measured Your Financial Potential–Not Past Mistakes?

Zaydoon Munir emigrated to the U.S. from Baghdad, Iraq, so he knows the difference between an authoritarian regime and a free country. But, despite loving our free-market economic system, he criticizes one major aspect of it: credit scoring. Credit scoring is a system orchestrated by three national credit bureaus (Experian, Equifax, and TransUnion) that track our payment histories–whether we

Americans Get an ‘F’ on Retirement Planning

When it comes to retirement 101, Americans are getting an “F.” According to a study by the American College of Financial Services, three in four retirement-aged adults failed a quiz on ways to make their nest eggs last through retirement. Moreover, older Americans between the ages of 60 and 75 have trouble comprehending vital financial

Financial Literacy Is The Key To Solving Economic Inequality

While many Americans are more confident than ever about their financial future, half are in danger of financial ruin from the next major emergency and, collectively, they are carrying almost $12.7 trillion in debt. Although most Americans have legitimate reasons to be hopeful, African-Americans and women, who suffer from persistent inequalities in employment, wages and

It’s Financial Literacy Month: Increase Your Team’s Grasp of Dollars and Sense Issues

Have you ever considered a brown-bag lunch format to help employees deal with one of the biggest stressors we all have in life? National Financial Literacy Month is upon us, and while this may not quite be the cause for celebration that other federally recognized events are, it’s certainly worth your attention. You may look

How To Keep Your Retirement Plan On Track In A Wild, Woolly World

There have been scarier markets, but have there been weirder ones? How you should cope. Each year brings its own set of tests to your retirement plan, whether from stock market volatility, politics, the strength of the economy. But this year seems to carry an extra dose of uncertainty. How can you adjust your retirement

Choosing Nurture, Not Nature to Improve Financial Decision-Making in America

Even as the economy recovers, unemployment decreases, and median income rises, millions of households in the United States continue to barely scrape by. For years, society has placed the responsibility for financial shortcoming on the individual: a character flaw. But behavioral science shows that it’s really a failing of the broader system: a design flaw.

How Financial Knowledge Drives Wealth Inequality

What differentiates the financial success stories from the others turns out to be exposure--in school or the workplace--to financial education, says WSJ Wealth Expert Olivia Mitchell of the Wharton School. Financial knowledge plays a crucial role in shaping wealth inequality, according to a new study that my co-authors and I just published in the Journal

You Don’t Have To Go To College To Save Right

In our new research study which interviewed participants across 10 European countries, our team working with Annamaria Lusardi has demonstrated that financial and risk literacy leads to better choices when it comes to making decisions and identifying the right paths to our financial goals. We also show that the impact of financial and risk literacy

2017-02-23T09:23:12+00:00 Tags: |