Financial Literacy Seminar Series

Financial Literacy Seminar Series

Kimberly M. Brown | 2019

Abstract

The United States of America is faced with countless challenges, diseases, and epidemics. One of the growing challenges the nation is faced with is the increase in outstanding consumer debt. Unfortunately, properly addressing this challenge is often placed low on the list of priorities while the outstanding debt continues to rise. Home mortgages lead the pack in largest amount of outstanding debt and student loans trail behind as the second highest outstanding consumer debt. Student loans have become one of the greatest financial burdens Americans are facing and can be attributed, in part, to the lack of adequate financial literacy.

Debt does not have to be negative. However, debt unmanaged can breed a world of chaos and many Americans find themselves in a whirlwind of debt accumulation. Without proper knowledge, it is difficult for one to make wise decisions. Educating students before they incur debt is an invaluable lesson and may serve to be the solution to combat the growing consumer debt in America. To further evidence the need for financial literacy programs and the benefit such a course would be amongst high school students, a case study was performed within a public high school business class as detailed within. Based on the results of the pre-assessment and post-assessment, even an 8-hour seminar series proved to breed increased knowledge and understanding amongst high school students. It is time to sound the alarm on the growing debt crisis. Action must be taken to address this crisis and help alleviate the increasing debt problem in America.

Keywords: financial literacy, debt, education, crisis