MIND YOUR BUSINESS
How to Empower Future Generations with the Knowledge and Skills to Overcome the U.S. Financial Literacy Crisis
Article by Dave Zasada, and Super Bowl Champion Ndamukong and wife Katya Suh
(BPT) - By Intuit vice president of education and corporate responsibility, Dave Zasada, and Super Bowl Champion Ndamukong and wife Katya Suh, Suh Family Foundation co-founders. The World Economic Forum has recognized financial literacy as a fundamental skill and essential form of literacy for all students. It holds significant influence over various aspects such as financial resilience, responsible retail investments and financial empowerment. However, shockingly, financial literacy remains scarce. A staggering two-thirds of Americans are unable to pass a basic financial literacy test. Additionally, three-quarters of teenagers lack confidence in their understanding of personal finance, with over six in 10 lacking confidence in applying the financial knowledge they possess. This disparity becomes even more concerning when considering underrepresented
youth from historically disadvantaged communities. In fact, data from the 2018 Program for International Student Assessment (PISA) Financial Literacy Results published by the National Center For Education Statistics reveals that White and Asian 15-year-olds exhibit significantly higher financial literacy rates compared to their Black and Latino counterparts of the same age.
The financial literacy gap threatens to put millions of young people on the road to high debt, low credit scores and the toxic stress that comes with money trouble. To navigate today's world, young people need a fundamental understanding of budgeting, credit, taxes and investing. This knowledge and the skills to apply it will empower future adults to make productive decisions about money and protect themselves against financial predation and fraud. To help provide and encourage this