OPINION: 3 major ways financial illiteracy is harming Americans
America is consumed with higher education — going to college and earning a degree — as the necessary means to a well-paying job.
Yet with parents emphasizing the importance of academic excellence, and their children graduating and going on to successful employment, why do many still remain uneducated in fundamental financial matters?
Numerous statistics show financial illiteracy is a major problem in the U.S., reflected in enormous personal debt, woefully small savings and irresponsible spending. Despite being home to many millionaires and billionaires, the U.S. ranks only 14th in the world in financial literacy, according to Financial Literacy Around the World, a Standard and Poor’s Rating Services Survey.