It is easier to help instill good money habits early in life than to try to retrain poor spending and saving behaviors later in life.
Researchers at the Wharton School found that
racial and gender disparities in financial literacy
accounted for more than one-third of the growing economic inequalities in America.
Another study found financial literacy accounted for 30-40% of retirement wealth inequality.
Increased knowledge increases wealth.
Almost 70% of 18-24 year-olds have less than $1,000 in savings with almost half of those having nothing saved
Young people without savings are less likely to attend college and credit card debt is correlated to higher college drop-out rates
Almost 80% of millennials are in debt, with the average person leaving college almost $40K in debt
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