Financial literacy is at an all-time law, said financial
experts, and the only way to improve it is through financial education
integrated in all levels of education -- including college where they consider
it counts the most. Financial literacy and introducing concepts of money
management and personal finance during tertiary educational levels increases
the likelihood of understanding possible financial options during a time of
true need.
According to Wall Street Journal, the United States
financial literacy level is ranked only 14th in the 2015 Standard & Poor
Ratings Group Global Study with only 57% of its population capable of
understanding personal finance and financial terminologies associated with
fiscal options. According to George Washington University School of Business
Economics and Accountancy Chair Denit Trust, personal finance courses truly
help fill the gap.
According to
Annamaria Lusardi of the Denit Trust, incompetence in financial
terminologies and failing to identify signs as "we would driving down a
road," is the same with financial decisions -- one is treading blindly and
may likely find him or herself down a pothole or worse, down a cliff.
Those opposed to the idea of personal finance courses state
that scepticism is an important idea against any type of finances. Students
must understand conflicts of interest especially in part of possible financial
educators in all levels of education. Those opposed also believe that
government policies are also to be watched, and may need to be incorporated in any
successful financial education subject.
