Financial literacy rates have been consistently low for some time. For the past five years, Americans could correctly answer only around 50 percent of P-Fin Index questions that measure financial literacy.1 Moreover, 20 percent demonstrated an extremely low level of financial literacy by correctly answering just 25 percent of questions.2 This low level of financial savvy is perpetuated by school systems and parents that feel inadequate to provide help. Only 17 states require taking a high school course in personal finance but only 20% of teachers feel competent in teaching it. 72 percent of parents are reluctant to talk about money with their children.3
Guardian’s report, Mind, Body, and Wallet: Workforce well-being in the pandemic era, found that the financial impact of the pandemic is Americans’ largest source of stress.4 An insufficient financial education can cause serious struggles. Uninformed financial decisions can greatly affect the areas of one’s life from mental health, physical wellness, and even work productivity.