The State of Financial Literacy in America

The PFW Scale™ is an effective metric to measure the financial acumen of employees. Click here to learn how your organization can benefit by using the Personal Financial Wellness Survey™

The Societal Benefits of Financial Literacy

While it’s good for people themselves to be financially literate—to know how to earn and manage money—society itself needs widespread financial literacy among the people in it. Even though hundreds, if not thousands, of organizations in the U.S. advocate for individual financial literacy training, we don’t necessarily recognize the global benefit of it.

Even the founders of the United States saw the influence of money wasn’t just a personal thing but had a profound effect on society.

John Adams wrote a letter to Thomas Jefferson about it in 1787. “All the perplexities, confusions and distresses in America,” Adams wrote, “arise not from the defects of their constitution or confederation … not from a want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation.”  Click here to read more of the article from Financial Advisor Magazine

Nation’s Report Card Reveals Striking Financial Literacy Gaps Across States

“America is facing a growing epidemic,” observes Pickler, Executive Director of the non-profit American Public Education Foundation. “Our nation is rapidly sinking into a sea of debt and financial dependency. We have created a collective culture where it is acceptable to pursue bankruptcy as a solution to irresponsible financial behavior and decision making. Each of us has a responsibility to change this culture, to become accountable partners in preparing our children to make sound financial choices, or face the consequences that will undermine America’s future and threaten our economic and national security interests.”

According to The Aspen Institute, 16% of suicides in the US occur in response to a financial problem. Further, a USA TODAY report states that less than one-fourth of young Americans ages 18 to 26 are “very optimistic” about their financial futures. Click here to read more the full report from The American Public Education Foundation   

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