For Immediate Release
April 11, 2012
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BROCKPORT, NY—The housing crisis in the United States demonstrated just how important it is for Americans to be financially literate. But few are. And T. Roz Llewellyn, a senior finance major, thinks something needs to be done about it.
Llewellyn made the case for compulsory financial education to become a key component of the educational curriculum in schools during her Scholars Day presentation, “Financial Literacy—Can You Read Your Money?” on April 11.
According to Llewellyn, the definition of financial literacy is the measure of an individual’s knowledge of financial concepts, and their ability to make critical decisions in the money management process. And as new securities are invented and new regulatory laws are passed, the financial system is becoming more complex than ever—too complex for an uneducated financial mind.
“I do believe financial literacy is a science because it can be very involved,” Llewellyn says. “And I believe that it’s incredibly important.”
Among other alarming statistics, Llewellyn reported that 30 percent of adults have no savings, 80 percent of adults feel it is acceptable to default on a mortgage and 85% of adults are worried about their financial future—particularly retirement. Many of those concerns could be erased with the proper education. Llewellyn says that being financially literate can guard from financially destructive behavior, is advantageous for wealth preservation, and creates a well-informed electorate.
Llewellyn has a recommendation on how to correct the problem.
“Considering the dire need of financial literacy and the complexity of the science, compulsory financial education beginning in primary school is recommended,” she says. “State and local government should begin implementing these personal finance courses. It’s their responsibility.”
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