Youths knowledge of finances is lacking.
A recent survey shows that young people don’t know it all when it comes to finances and economics. In fact they only know half.
In 2002 a survey taken by high school seniors regarding personal finance and economics showed a 50.2% accurate knowledge on the subjects. The 2004 survey results were up slightly at 52.3%. The results from the 2005 survey resulted in a score of 52.4%, barely up over 2004.
Lets take a look at this. In 2002 it was found that 50.2% or half of high school seniors were able to answer correctly questions concerning finances and economics. Two years later, with the poor results known and attention put onto increasing the knowledge of our youth, the increase is only 2.1%. Then only 2.2% higher three years later. This indicates a lack of financial literacy and that the problem is not resolving or not properly being addressed.
Financial literacy for both the young and old is a topic of vital importance to the nation’s economic future.
Personal financial security requires the ability to understand and navigate the financial marketplace. More financial knowledge is needed for basics in life like buying a home, saving for retirement or for children’s education, or even effectively managing the family budget.
Next time your youngster asks for money, think about teaching him or her some lessons regarding personal finances.
Some people do not keep track of their money and may have forgotten to collect their utility deposit when they moved. Does this sound like something that could happen to you? You may think it is too late since that was so many years ago, but think again. After five years companies and banks are mandated by law to turn over these funds to the state.
Currently the government is holding over $25 Billion dollars for people who have not collected the security deposit or moved before the IRS refund reached them. To find money, do a free money search. You enter your name into the database and a comprehensive search of all state and federal databases is done. You will also find out how to claim the found money.
