Why you should care about your personal finances

first_img 36SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Sometimes when people ask what I do for a living and I tell them that I’m a personal finance journalist, they react with a blank stare followed by, “I know nothing about personal finance.” To be honest, it doesn’t surprise me when I hear that. Nearly half the country is financially illiterate, according to Standard & Poor’s Rating Services 2015 Global Financial Literacy Survey.Knowledge about personal finance certainly isn’t innate, and most schools don’t teach the subject. Just 17 states require high school students to take a course in personal finance, according to the Council for Economic Education’s 2016 Survey of States.Personal finance isn’t always taught at home, either. The T.Rowe Price 2016 Parents, Kids & Money Survey found that 71 percent of parents are reluctant to talk to kids about financial matters, and less than half of the parents surveyed take advantage of opportunities throughout the day to teach their kids about money.Money touches almost every aspect of modern life, so why do Americans struggle so much with understanding how to manage their finances? Despite efforts and initiatives such as National Financial Literacy Month every April, which raises awareness of financial education resources, Americans’ money savvy is still lagging ― and the problem has lasting consequences for everyone. continue reading »last_img

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