GoodCall Celebrates Financial Literacy Month
Posted By Monica Harvin on April 4, 2016 at 9:56 pm
Financial literacy not only refers to managing personal finances and sticking to a budget. It means having the ability to make smart financial decisions for the future. When it comes to paying for college, starting a career and making other important life choices, having a solid foundation of financial education can help you make better decisions. This is what’s at the heart of Financial Literacy Month and behind the push for increasing access to quality financial education.
“Students who are financially literate are better equipped than those who are not to make wise choices regarding school selection, what degrees to pursue, and how to pay for postsecondary education. The choices students make while in school often have a direct impact on their financial futures,” the US Department of Education recently wrote in announcing Financial Literacy Month for 2016.
Being financially literate going into college can mean the difference between setting out into adulthood with strong financial footing and being burdened with debt and difficult financial choices. This is why, in a study by the National Endowment for Financial Education, 89 percent of teachers agreed that financial literacy should be part of general high school graduation requirements, to better prepare young people to make important financial decisions that will impact their lives and society as a whole.
Making smarter choices about going to college is all the more important when taking into consideration that the cost of going to college has risen dramatically in recent decades. According to the College Board, the average cost of tuition and fees at private, non-profit universities has gone up by nearly 70 percent since 2000. During the same time, tuition costs and fees at public, four-year universities rose by more than 50 percent.
Even more dramatically, and in a shorter period of time – between 2006 and 2015 – the amount of student loan debt more than doubled in the US, now surpassing $1.3 trillion dollars, according to Federal Reserve data. This means millions of Americans are graduating from college saddled with debt that will impact their future life decisions, including what jobs they take and when they can buy a home, start a family, become an entrepreneur, or save for retirement.
As part of our mission to help you make smarter decisions – for your wallet and your life – we’re celebrating Financial Literacy Month here at GoodCall with coverage of the latest news stories that impact the financial decisions you make, today and for your future.