Millennials are a high-impact generation poised to shape the national and global economy in new and significant ways—and their economic influence is expected to grow over the next decade. But the platform from which they will wield this influence is a troubling one.
Millennials carry too much debt. They engage in expensive credit card behaviors, stand at the forefront of the growth of student loan debt, and many are already raiding their retirement accounts.
Millennials’ financial practices are of concern because of the potential for these behaviors to become firmly established. Indeed, the research has documented that the gap between the amount of financial responsibility given to young Americans and their demonstrated ability to manage financial decisions is rapidly widening. Furthermore, their knowledge deficit could prove disastrous for them, the economy, and society.
How can we help overcome the gap between the amount of financial responsibility given to Millennials and their demonstrated ability to manage financial decisions is rapidly widening?
By expanding access to financial education with a forward-looking approach to financial literacy. Starting in school provides an opportunity to shift future generations’ financial positions, giving them a solid base from which to make life’s important financial decisions.