Financial literacy necessary to survive personal cliff

POSTED: February 4, 2013 | BY: Leslie Rasimas | TAGS: , , , , , ,

James B. O’Neill, director of the University of Delaware’s Center for Economic Education & Entrepreneurship, shared his views on the importance of financial literacy and how we can avoid the ‘personal cliff.’

In his piece for Delaware Online, O’Neill says that many adults “are faced with credit issues starting with simple goods and services and moving to the larger purchases of automobiles and homes.”

This lack of control on personal finance doesn’t end with adults.

This lack of financial knowledge is also reflected by young people who are investing in their future through borrowing to cover their ever-increasing college tuition bill.

“It is currently estimated that the total outstanding student loan debt in the United States is close to a $1 trillion. To put this in perspective, as of 2012, the average student loan balance for all age groups is $24,301. About one quarter of borrowers owe more than $28,000.”

O’Neill highlights the “Keys to Financial Success,” high school personal finance curriculum, recently implemented by the Delaware Council on Economic Education, and how it will help future generations.

“The Delaware program had more than 4,500 high school students complete the course this past year. Their pre- and post-course test scores showed they had learned the necessary skills to face their immediate and future financial challenges.”

Read the full article here.

 

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