Starting off my life, I realized that I did not have the necessary skills to adequately handle my own finances. My goal is to help others to be more prepared than I was as they start their independent lives. 

Why is it important?

Research has shown that young adults in particular have low levels of financial literacy and tend to use high-cost credit such as payday loans, paying interest on credit card balances, and accruing late fees. (Brown et at, 2014). A very low percentage of young adults are able to compare loans with different interest rates and terms, and those who take out student loans often regret it. "Less than a third (29%) of student borrowers report that they would make the same loan choices if given the opportunity to repeat the process" (Stoddard and Urban, 2018). 

Research has shown that financial literacy in high school can:

  • increase retirement planning
  • increase asset accumulation, 
  • increase participation in the stock market
  • decrease use of alternative financial services
  • decrease debt (Brown et al, 2014)
  • reduce non-student debt
  • increase credit scores
  • improve loan repayment (Stoddard and Urban, 2018)

On This Site: 

Sources: 

Brown, A., Collins J. M., Schmeiser, M., and Urban C. (2014), State Mandated Financial Education and the Credit Behavior of Young Adults. Washington, D.C.: Divisions of Research & Statistics and Monetary Affairs, Finance and Economics Discussion Series.

Stoddard, C. and Urban C. (2018), The Effects of State Mandated Financial Education on College Financing Behaviors.