Some people are taught about money when they are quite young. However, the statistics show that financial illiteracy in the U.S. is a pandemic problem. Because the general public isn’t knowledgeable about seemingly simple concepts as compound interest, it is no wonder 75% of Americans would struggle to gather $1,000 in case of an emergency. According to a study from the National Endowment for Financial Education, only 24% of millennials demonstrate basic financial literacy . Funny enough, 69% of participants in the same study gave themselves a “high” self-assessment of financial knowledge.
Image: Tina Hay, CEO and Founder of Napkin FinanceA SHAK
