Money Smart Millennials
They watched their parents finances crushed in the recession and their own financial outlook darken in the times following, but Millennials are now raising their financial IQ collectively.
Millennials are perhaps the “money smartest” generation since the generation that survived the Great Depression. According to a recent survey by LendingTree, 88% of Millennials and 90% of active U.S. teachers say a financial literacy course should be a requirement before high school graduation.
Meanwhile, a survey from RBC Wealth Management-U.S. and City National Bank found that 87% of all Americans believe that financial literacy should be taught in schools.
The take-away from this data is that the young people of today don’t see financial literacy as a privilege anymore, they see it as a necessity. The numbers show that about double the amount of Millennials have taken a personal finance course during their schooling compared with the generations before.
LendingTree chief executive Doug Lebda put it this way, "Having an early foundation in financial literacy would significantly help the average American through critical financial decisions like saving for retirement, financing a car, or buying a home.” He continued by saying, “With a better understanding of basic financial concepts, not only will we be more empowered to make smarter decisions regarding our finances, but we'll be able to ask the right questions when needed."
Another trend among the kids these days is that discussions about money are becoming more and more “the done thing” at home, whereas in previous generations, it was the type of subject that was left to the grown-ups where children “should be seen and not heard.”
But with the inquiring minds of the youth today and the movement towards becoming more educated in personal finances, kids are talking more with their parents. And by all accounts this is a positive thing. Those most likely to be burdened with financial issues in America are also the least likely to discuss finances at home. But the trend toward increasing financial education shows that may be changing as well.
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