White Paper- zipemup1

-Working Hypothesis

By including financial literacy into our normal school curriculum, we can help students develop good money habits at a young age and prevent many of the mistakes that can lead to chronic poverty.

-Academic Sources

1.Why Financial Literacy Is So Important – Investopedia

One of the primary reasons many Americans struggle with saving and investing has been identified as a lack of financial awareness. Consumer behaviors and financial goods have changed, making it more difficult for Americans to manage their finances. Many people now prefer to purchase online, which makes it simple to utilize and overextend credit. As consumers manage their own retirement accounts and trade personal assets online, financial literacy is becoming increasingly crucial. Only 34% of respondents correctly answered at least four out of five FINRA-posed questions on the subject.People in industrialized or advanced economies, as well as those in economically growing or developing nations, are affected by a lack of financial literacy. Evidence suggests that highly educated, high-income customers can be just as clueless about financial matters as less-educated, lower-income consumers. Financial decision-making and education are perceived as complex and anxiety-inducing by consumers.

2.Financial Literacy – Overview, Benefits, Importance

Financial literacy is made up of five key components budgeting, investing borrowing, taxation, and personal financial management. The importance of financial literacy is without a doubt very essential, but we are still not taught in school . 78% of Americans are living paycheck to paycheck. Credit cards are used by more than 189 million individuals in the United States, and more than 44 million people have student loan debt totalling $1.5 trillion. Making an effort to become financially literate is an important element of life since it may offer financial stability, reduce anxiety, and encourage the achievement of financial goals. People may enhance their financial literacy by using tools and online programs.

3.https://rucore.libraries.rutgers.edu/rutgers-lib/39568/PDF/1/

In today’s modern world, it is important for a person to understand both their own money and the national and global economies. Many college students avoid attempting to learn about financial current events due to the unfamiliarity. This is why our service project focuses on developing a course that will be given through Rutgers University’s Freshman Interest Group Seminar (FIGS). Personal finance and current economic market problems will be included in the curriculum. We are living at a watershed moment in world history, with the global economy serving as the driving force.

4.Should Financial Literacy Be Taught in More Schools? – Dave …

At least 78 percent of Americans live paycheck to paycheck, many relying on credit cards to make ends meet. 71 percent of individuals are in debt and believe it is a normal part of life. Many of the financial issues that Americans are today might have been averted if financial literacy had been taught in schools.

One of the first steps students should do is to begin saving money for unexpected expenses. Our financial literacy program educates children on the risks of debt and how to get out of it as soon as possible. Cash-paying students, on the other hand, eagerly await the start of a new chapter in their lives. Students who are debt-free and save money properly have the chance to live and contribute like no one else.By changing the poisonous money culture, our movement will usher in a new normal. And it takes place one learner at a time. Every year, thousands of students benefit from the Foundations in Personal Finance curriculum.

5.The Case for High School Financial Literacy – Champlain ..

Many governments and school districts do not teach substantial personal finance education until high school, if at all. The initial stage in mathematics is counting, which is followed by addition and subtraction, and eventually division and multiplication. Personal finance education should be a year-round activity, with age-appropriate courses taught throughout the year. According to the National Center for Education Statistics, the high school dropout rate in 2015 was about 6%. Regardless of when a young person’s formal education ends, they will be thrust into settings in which they must learn how to manage day-to-day living expenses.It is difficult to quantify the amount and intensity of personal financial teaching that occurs in people’s homes.

3. Topics for small paper

  1. The importance of financial literacy
  2. Why it should be taught in schools
  3. The negative impact financial illiteracy can have on people’s lives.

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