Educators and policy makers suggest improved financial literacy for Americans may help economy improve.
U.S. (WiredPRNews.com) – Some are proposing that a lack of functional financial literacy for many Americans has played a role in current economic issues. As reported by BusinessWeek, educators and policy makers are advocating for improved financial literacy in the country after surveys have shown a large number of Americans lack sophisticated knowledge of important financial concepts.
Matthew Greenwald, chief executive and president of research firm Matthew Greenwald & Associates, is quoted in the report as stating, “A lot of people are making decisions not understanding their full consequences… Right now, because of a lack of financial literacy, people have undersaved and put their financial security in jeopardy.”
Senator Patty Murray, D-Wash, who has sponsored a bill to aid in improving financial literacy in the country, is quoted in the report as stating of the issue, “I have been amazed at the number of people who told me they had no idea what they were signing and what it meant in the long run… We need to give people basic skills about how to manage their finances.”
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