Our children are growing up ignorant about financial matters. Seventy-four percent of teens feel they lack financial education. Thirty-two percent of teens cannot differentiate between a debit and a credit card. Roughly 46% of teens do not know what a 401(k) is.
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The consequences of financial illiteracy can be serious.
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Ideally, parents or schools should fill this gap in children’s education by offering basic financial education. However, far too many school districts fail to prioritize teaching kids basic financial concepts. And parents are either financially illiterate themselves or just too busy.
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