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Why Isn't Personal Finance Taught in the Public School System?
American Thinker ^
| 06/22/2018
| Larry Alton
Posted on 06/22/2018 7:28:09 AM PDT by SeekAndFind
The average American has an abysmally low personal finance IQ, yet the public school system continues to ignore the importance of educating students in this key area of life. Why is this? And when will things change?
The State of Personal Finance in America
When you look at salary and income statistics, Americans are killing it. When you look at just about any other statistical category as it relates to personal finance, the average American is miserably failing. How bad are things? Take a look:
- Just 41 percent of Americans use a budget. In other words, 59 percent of Americans don’t have an accurate understanding of how much they earn or spend on a monthly basis. This tends to lead to overspending, poor saving, and a lack of investing.
- Only 48 percent of Americans have enough cash in the bank to cover three months of expenses if they were to lose their job. A separate study suggests that two-thirds of people would have trouble scrounging up $1,000 in an emergency.
- When it comes to retirement, only 35 percent of the workforce has more than $100,000 tucked away. An even larger segment -- 38 percent to be exact -- has less than $10,000 saved.
- 35 percent of Americans with a credit file have debt in collections reported on their credit files. The average amount owed by these borrowers is $5,178.
- A study from the National Endowment for Financial Education shows that just 24 percent of millennials demonstrate “basic financial literacy.”
(Excerpt) Read more at americanthinker.com ...
TOPICS: Business/Economy; Education; Society
KEYWORDS: personalfinance; publicschools
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To: Sequoyah101
For some reason I began thinking about the day I would not be able or wanting to work any longer at a very early age. Im glad I did that 40 years ago.
I did that when I was about eight years old. I recall that was when I learned of the miracle of compound interest!
61
posted on
06/22/2018 1:29:08 PM PDT
by
marktwain
(President Trump and his supporters are the Resistance. His opponents are the Reactionaries.)
To: Sequoyah101
What he is doing is much like the garrison at Rourkes Drift or any other beseiged group with no place to turn but to fight.
Kinda close, but I would add, that with Trump, he is sending out runners to bring in the large reserves that are only an election away.
The mid-terms will tell us much.
62
posted on
06/22/2018 1:31:45 PM PDT
by
marktwain
(President Trump and his supporters are the Resistance. His opponents are the Reactionaries.)
To: Ransomed
Its up to families to teach character and financial literacy.
Both give huge advantages to children in life.
Of course this is the reason they are attacking the family non stop.
They want everyone to be helpless.
To: marktwain
Time will tell.
Some people understand things more easily than others. Some were able to visualize how the compound interest curve became asymptotic to infinity pretty quickly. I wish I had understood it better sooner.
Lieutenants Chard and Bromhead were hopeful of seeing reinforcements as well. One group arrived but soon abandoned them to their fate.
Yes, the mid-terms will tell a whole lot.
64
posted on
06/22/2018 4:05:35 PM PDT
by
Sequoyah101
(It feels like we have exchanged our dreams for survival. We just have a few days that don't suck.)
To: Sequoyah101
I hope your are wrong, and fear you are correct.
65
posted on
06/22/2018 6:39:58 PM PDT
by
marktwain
(President Trump and his supporters are the Resistance. His opponents are the Reactionaries.)
To: marktwain
I really would like to be wrong but I am a pragmatist and I don’t lie about anything, even in self-deception.
66
posted on
06/22/2018 7:17:02 PM PDT
by
Sequoyah101
(It feels like we have exchanged our dreams for survival. We just have a few days that don't suck.)
To: SeekAndFind
67
posted on
06/23/2018 9:52:48 PM PDT
by
AlligatorEyes
(Iactura paucourm serva multos)
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