The Lack Of Financial Literacy Essay - 1371 Words

Problem / Needs The lack of financial literacy has reached an epidemic proportion among America’s youth, and in today’s world, many teens work to achieve their own financial independence. According to a recent youth survey given by the RAND Group in 2015, $91 billion of spending power is by teen youth, and the downside to this is many teens have no idea how to handle money. Due to the lack of financial literacy leads many young people to unsuccessfully manage their consumer credit, establish bad financial management habits, and stumble through life constantly battling financial hardship. â€Å"Teens often spend money unwisely due to poor financial habits.† According to Jump$tart Coalition for Personal Financial Literacy, nearly one-third of high school seniors have a least one credit card, nearly half use an ATM debit card, and more than three-quarters have a saving and/or checking account ;however, only twenty percent of high school seniors graduate with formal knowledge about formal personal finance. These young adults enter semi-adult unable to balance a checkbook, and the principles involved with earning, spending, saving, and investing. Solution Alliance Financial Ministries, Inc. offer several unique, community-focused programs designed to inspire and equip the youth with tools in order to make good financial decisions. The lessons provided by our program are geared toward the adolescent generation, and will have a huge impact on how money is handled with future income,Show MoreRelatedFinancial Literacy Is The Key For Managing Money895 Words   |  4 PagesFinancial Literacy is the key to Managing Money. Financial literacy is much more than learning of how to count your money when purchasing a gallon of milk at the liquor store. Financial literacy at times is mistaken for Economics, and it’s easy to understand why. Yet, financial literacy is the understanding of how money functions in this world, how to properly manage it, how one would properly invest their money, and how to donate your money to help others. 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