Financial Literacy Pandemic
According to Worth, it is obvious to most people that there are plenty of issues plaguing America right now. One of these issues, which has been exacerbated by COVID, is that of financial literacy. A recent survey conducted in June found that 63 percent of American adults want financial education to be a priority in schooling—even over health and wellness education. “We’re in the middle of a health crisis, yet Americans prioritize financial education over health and wellness,” says Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation.
Additionally, 89 percent of respondents said that they think a lack of financial education contributes to some of the major social issues we’re currently facing, such as poverty, a lack of job opportunities, and wealth inequality. People view financial literacy as an equalizer, as the lack of financial literacy takes away opportunities for people from all walks of life. Schwab-Pomerantz is a big advocate for improving financial literacy in the U.S., and if this pandemic has proven anything on the financial front, it’s the importance of having money management skills, especially in preparation for a crisis. Surveys have found that more than half of Americans wished they had a better hold on these skills, and wished that they would have learned the value of saving money and how to set and achieve financial goals earlier in life.
“I’ve been studying attitudes and behaviors of Americans, adults, all ages, and every time, those basic money management learnings or skills always rise to a priority or a wish for Americans, a wish that they had or a wish that they were taught as young people,” Schwab-Pomerantz says. “It comes up all the time. And that’s why I’m such a big believer in the need for financial literacy, because it affects people from all walks of life.” “As we know, so many Americans lack the basics of money management,” she adds. “And so, it’s difficult for, say people, adults, to pass on that knowledge to their children when they don’t really have the knowledge themselves.”
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