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What Does Financial Literacy Have To Do With Student Debt?

EdSurge Jan 22, 2021
This article is deemed a must-read by one or more of our expert collaborators.
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What Does Financial Literacy Have To Do With Student Debt? giving compass
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Giving Compass' Take:

  • Mordecai I. Brownlee proposes that America’s student debt crisis is intertwined with an education system that fails to provide students with the necessary skills to responsibly manage their finances.
  • Why is access to financial literacy an equity issue? How can you support initiatives to expand access to personal financial education through policy change or non-profit work?
  • Read about Virginia Credit Union’s financial literacy partnerships with K-12 schools.

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.

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Interested in learning more about Higher Education? Other readers at Giving Compass found the following articles helpful for impact giving related to Higher Education.

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