For ages, the American dream has been built on obtaining a quality education, earning a credential from a degree-awarding entity and then starting a life full of wealth and opportunity. Or at least that was the dream bestowed upon America’s new dominating workforce: millennials.
Born between 1981 and 1996, during a pop culture boom of multi-million dollar music videos, millennials grew up inundated with a barrage of doctored images of success and sayings like, “It takes money to make money.” These were the messages that influenced their decisions to pay exorbitant tuition prices when choosing their academic and career pathways, ultimately leading many underprepared and fiscally ignorant souls to secure student loans in an effort to reach economic mobility.
The large levels of student debt amassed by many millennials has several causes, including increasing tuition costs and a lack of loan regulation. However, insufficient financial literacy is also partly to blame. Absent from many K-12 curriculums, policymakers and educators should prioritize efforts to teach students of all ages how to wisely manage their personal resources, especially when it comes to spending on education. Furthermore, delaying financial literacy education until students enter college can be and has proven disastrous.
According to U.S. News & World Report, college graduates from the class of 2019 borrowed $30,062 on average, accounting for $6,300 more than borrowers from the class of 2009. This 26 percent increase over a decade signifies that financial literacy, while not the sole answer, is an instrument that must be applied in the fight to address this growing financial crisis.
Read the full article about financial literacy by Mordecai I. Brownlee at EdSurge.
Interested in learning more about Higher Education? Other readers at Giving Compass found the following articles helpful for impact giving related to Higher Education.
Looking for a way to get involved?
Learning with others and benchmarking are key steps towards becoming an impact giver. If you are interested in giving with impact for Ed System Reform, take a look at these events, galas, conferences and volunteering opportunities to connect with individuals like you.
Are you ready to give?
Ed System Reform is an important topic. Other members found these Giving Funds, Charitable Organizations and Projects aggregated by Giving Compass to be relevant to individuals with a passion for Ed System Reform.