Boosting Financial Literacy in America: A Role for State Colleges and Universities, by Thomas L. Harnisch, American Association of State Colleges and Universities, Fall 2010.
“Financial illiteracy is a growing economic and social concern garnering greater attention from consumer advocates, scholars, governmental agencies and policymakers. Despite the rapidly changing, increasingly sophisticated array of financial decisions confronting Americans today, there still exists widespread levels of financial illiteracyespecially among low-income and minority populations. This divergence between more complex consumer decisions and financial illiteracy has led to a rising trend of suboptimal, often unsustainable consumer behaviors, resulting in record-high levels of debt and record low-levels of economic security for individuals, families and communities throughout the nation…Financial education can help individuals plan for their future and contribute to a sustainable, vibrant lifestyle during work years and retirement. Effective financial education can help individuals develop efficient household budgets, create savings plans, manage debt and formulate strategic investment decisions for themselves and their families. It also provides more opportunities to save and invest, helps people obtain goods and services at lower costs and helps develop better consumers.”
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