Loyal Chairman Christopher Vass

Researchers have found is that far too few students—particularly those from low-income backgrounds—receive personal finance education during high school. Students graduating from high school are expected to make big decisions about student loans, credit card spending, and budgeting for living expenses. Yet many are making these important decisions in the dark, without a safety net to fall back on.

It’s splashed across the headlines every other day – U.S. college students continue to struggle with massive debt. There’s also the uptick in adults living paycheck to paycheck. The message about our country’s lack of financial literacy is loud and clear.

In addition, frustrated business owners are increasingly disappointed with the lack of preparation and financial savvy of recent graduates and prospective candidates.

In my experience as an Marketing technology company CEO, author and educator, I have read plenty of research on how many American adults can’t pass a simple financial literacy test. Sadly, as a result, more and more people are spending well beyond their household’s monthly income, can’t purchase a home, don’t have an emergency fund in place and can’t save for retirement due to their student loan debt.

According to one report, an estimated 44% of Americans can’t cover a $400 emergency  without going into debt. And 56% of Americans have less than $10,000 in savings for their retirement.

To determine solutions to our country’s growing financial literacy issue, it’s essential to first understand the “why” behind the widespread problem.

Startling Statistics: A Snapshot

For starters, the concept that families can instill healthy financial habits in their children doesn’t apply in many cases; after all, it’s difficult for parents to pass along skills they don’t possess. A 2017 T. Rowe Price Survey stated that 69% of parents admit they are reluctant about broaching the topic of finances with their children.

So, if children are not learning financial skills at home, how does the situation impact future generations? If students can’t depend on obtaining their financial prowess at home, can schools offer the opportunity? The answer is grey.

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