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The shifting tide: The push for financial literacy classes in schools

July 09, 2019 / Study International Staff

Preparing youths to be financially savvy before they embark upon their next great chapter in life – going to university and beyond – and potentially taking on debt in the form of student loans or credit card debt, becomes essential to ensure they enjoy good economic standing. Worldwide, YaleGlobal notes that student debt has been rising. For instance, the federal student loan debt stands at US$1.5 trillion in the US. While numerous factors are at play for this figure, such as the high cost of tuition fees and low or stagnant wages of graduates upon graduation, a solid grasp of financial literacy can help prepare students for the world they will soon be stepping into. One American study found that nearly one third of young adults “were found to be ‘financially precarious’ because they had poor financial literacy and lacked money management skills and income stability”. Conversely, “22 percent of the 18- to 24-year-olds in the study sample were d...