In a time of global financial turmoil when countries such as the United States are facing some of the biggest financial crises since the Great Depression of the 1930s, the significance of personal finance literacy has never been greater.
In a study released by Milken Institute this year, just around 57 percent of the U.S. adult population is financially literate. While most parents acknowledge that they are responsible for providing their children with knowledge about personal finance, 31 percent admitted that they have never really discussed it with them.
Currently, there are only 24 states in the country that stipulate high school students take a stand-alone personal finance course to graduate. According to advocates of financial literacy, this number is too low. Research points to the fact that having a basic knowledge of personal finance will help Americans make smarter decisions with the money they earn. This is why there needs to be more awareness about personal finance through the school system as well as in homes….