Almost 20 percent of all young people around age 15 are not financially literate — they don’t have skills like budgeting income and expenses, pulling a credit report or understanding the terms of a credit card. Young people who live in lower-income homes are even less likely to be financially literate.

Agencies throughout the United States, such as Community Action Program, Head Start, Catholic Charities and city human services agencies, have adopted the toolkit and trained their staff on how to start a conversation with clients about money. One such agency is The WorkPlace, Inc., an employment agency in Bridgeport, Connecticut, which has focused their implementation of the toolkit specifically on young people ages 16-24 who may not have graduated from high school, have criminal records, be homeless and/or have limited financial resources.

As you prepare young people to enter the workforce and live independently, consider what role financial literacy — or illiteracy — might have in their success. Remember, you don’t have to schedule a semester long class or become a tax accountant to start a conversation that can set someone on the path to financial empowerment.

Read the source article at Youth Today