Americans need tutoring on financial literacy

[Yo_Mama_Been_Loggin]

By Steven Hill / For The Fulcrum

As this year’s presidential election gathers steam, there’s going to be a lot of emphasis on getting young people to vote. Since 2020, about 16 million young people have come of voting age, so you can bet that the presidential candidates will make their pitches to motivate these young Americans. And organizations like Rock the Vote will try to engage young voters as well.

But, as Americans, we are more than voters. We are also economic agents who must work and manage our economic lives. That can be a challenge for many young people to learn, and unfortunately few political leaders encourage young Americans to learn about economics or become financially literate.

Yet so many political decisions have an economic component. Economically informed citizens are better equipped to make good decisions, both in their personal lives and when voting or participating in civic life. When citizens understand the consequences of their financial choices, they can make more informed decisions at the ballot box.

I have sometimes wished that when I was younger I had been taught greater financial literacy. In particular, I would have benefited from lessons like, “If you purchase a house as soon as possible, you won’t waste years of your money paying rent, but instead you will save up equity for later use.”

https://www.heraldnet.com/opinion/comment-americans-need-tutoring-on-financial-literacy/

[Redleg]

1. The housing thing hits home with me

and I am in my late 50's and almost divorced. In our settlement I ceded my equity in the home to my wife in return for keeping a larger share of my retirement account. Now I am paying rent for a two bedroom apt. that is $600 more per month than my mortgage payment. I am fairly well-off financially and live fairly frugally but it will take me a few years to save enough for a down payment on a modest home. I feel for those who are less fortunate and who are priced out of some housing markets.

[sinkingfeeling]

2. I bought my first house at 23. But, being female in 1972, i had to have my dad cosign the loan.

[appalachiablue]

3. Esp in the neoliberal era. Americans also need Civics Education.