Americans Get Low Marks on Financial Literacy

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My primary and secondary education years extended from post World War II to pre Civil Rights (1946 - 1959). Personal finance and/or investment were not included. As a point of fact, most people lived from payday-to-payday (or hand-to-mouth) and had little or nothing to invest. The prevailing economic reality may explain the lack of interest.
However, Economics (the dismal science) can be controversial as well as dismal. Controversy arising from economic theory is on par with debates over Evolution and Sex Education. Nevertheless, a basic understanding of such matters is absolutely necessary for a person to function in modern society.
Subjects such as Evolution and Sex Education may be viewed as optional or elective for religious or other reasons. But a basic knowledge of Economics, Personal Finance and Investment is a prerequsite for individual success and family stability. Such knowledge should not be withheld from anyone for any reason.

AA of FL 1:27PM March 28, 2010

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nyOuXCrfFmBlR of 6:47AM August 09, 2009

+1

soundtracks of AL 8:05AM July 17, 2009

Very interesting site. Hope it will always be alive!

ultram and buspar of NY 5:15PM July 02, 2009

Our company Finstrong teaches money management and financial literacy classes.
We are excited about the opportunity of helping Americans become financially literate and savy.
Please visit our website at Finstrong.com for more information on the seminars and workshops.
We have realized that there is a fundamental need for this training for both adults and young Americans.

Beverley of FL 10:32PM May 05, 2009

You are totally correct. We have lost our way in basic financial concepts. I am amazed that people are still falling victim to foreclosure scams, email scams, phone scams, etc. which are all overlooked in what few classes are taught about Financial Literacy.
You mentioned credit reports - we should tie requests to calendar events similar to checking smoke detectors. Everyone is entitled to 1 report from each agency annually and they should stagger the reports, i.e. 1 request on each clock change date and again for the New Year so we have 3 reports a year. Monitoring reports will help, to prevent ID Theft issues which is a growing problem with 1 new victim every 3 seconds. Once an ID is stolen the damage is very difficult to correct.
This is a complex problem, although it really should be simple common sense. I would love to speak to you more about it.
Joseph Russo Executive Director National Council for Financial Literacy www.weTeachAboutMoney.org

Joseph Russo Executive Director Nat'l Council Financial Literacy of NC 11:31PM April 29, 2009

One reason Americans lack financial literacy is that so many people who sell financial products and investments have a vested interest in making customers feel that they can't possibly understand anything without professional advice. The remedy is a good consumer-level financial book, like one of the Suze Orman books or Babe Lincoln's "How to Make Money and Lose Weight." It's easier to be financially literate than most people think.

T.J. Nevin of CA 8:14PM April 29, 2009

I created balance alerts on my accounts and set them higher than my acceptable lowest threshold....my way of tricking myself into having money set aside just in case something goes wrong. Not sure what I'll do when I stop getting paid in a couple weeks...

Veronica of NY 12:38PM April 29, 2009