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What is Financial Literacy?

The ability to understand how money works in the world

 
  • How someone manages to earn or make it
  • How that person manages it
  • How he/she invests it (turn it into more)
  • How that person donates it to help others.

Seems simple, and yet only 57% of Americans are financially literate according to the first-ever S&P Global Financial Literacy Survey, a detailed and comprehensive analysis of worldwide financial literacy by the World Bank, Gallup, and George Washington University. In fact, when compared to other countries worldwide, the U.S. fails to even make the top ten, instead ranking at 14th.

 

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Why Does it Matter?

America is suffering from a silent financial crisis. In recent years our economy has become increasingly unstable and our country's economic future, daunting. It’s affecting American children, women, minorities, families, you, us… everyone. The American Dream has turned into a bit of nightmare as Baby Boomers approach retirement unprepared, Gen X struggles with extensive consumer credit card debt and Millennials suffer from the shackles of massive college loans. What these symptoms signify is a financial illiteracy epidemic.

 

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When people struggle to understand their personal finances they struggle to achieve, to live, to be happy. Everyone knows money doesn’t buy happiness, but understanding finances is key to achieving success, no matter how you define it. Whether that’s owning a home, starting a small business, raising happy kids, or simply becoming financially independent, money and how you manage it matters.

Why Financial Literacy Is Important

 

What these startling statistics demonstrate is a systemic lack of education and understanding of personal finances, a financially illiteracy epidemic that is currently plaguing our country. The best way to combat financially illiteracy, in order to create a stable and successful economy is through education. By providing financial education in high schools and making it available to the communities who need it most we can empower Americans to be financially literate and achieve their dreams.

Lack of financial literacy at an individual level affects us all at a national level. Successful and financially stable citizens make for a successful and stable economy. The best way to build a better tomorrow is to start educating people today.

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By supporting DoughMain Education Foundation you are helping make financial education a priority and available in our classrooms. You are empowering people buy their home to own a home, send their kids to college, build a small business, live the American Dream and pursue happiness.

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