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Monday, June 21, 2021

Young Americans must be financially literate

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Over the next several weeks, millions of new college graduates will enter the job market. While these graduates will finish with degrees preparing them for careers or graduate school, most will leave school unprepared to make sound financial decisions.

According to the National Foundation for Credit Counseling, more than half of American adults rate themselves as either “fair” or “poor” in terms of financial literacy.  Consequently, problems with personal finance and money management are passed on to children by parents who believe students are learning financial literacy in schools. In reality, only 30 percent of teachers are incorporating these lifelong skills into their curriculum.

That’s why I recently reintroduced the Young Americans Financial Literacy Act, to promote effective financial literacy educational models for students ages 8-24. Currently, only 17 states require some form of high school financial education, even though studies show students who receive financial literacy training are considerably more fiscally responsible. Indiana does not require students to take a financial literacy course, and the state earned a “C” when graded by the Center for Financial Literacy when it graded states based on their financial literacy programs.

If each school provides strong financial literacy courses, the next generation of students will gain the tools needed to manage their money. Every Hoosier is entitled to the knowledge necessary to achieve their financial goals from the first job to retirement, and the ability to be productive employees and contributors to our economy.

I am proud to re-introduce this bill, and I look forward to support from my colleagues to put our young people on the path to a successful financial future. I am honored to serve in Congress on behalf of Hoosier families like yours. My staff and I are here to serve you. Please feel free to contact me if we can ever be of assistance.

To learn more about this bill, and other items I am working on in Congress, visit my website at Carson.house.gov. You may also sign up for my weekly e-newsletter The Carson Courier to receive periodic updates on my activities in Indianapolis and in Washington, D.C.

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