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GameStop s Saga: What the stock surge proves about financial literacy

GameStop s Saga: What the stock surge proves about financial literacy
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Many Americans unable to pay bills or cover unexpected expenses and lack critical financial knowledge, survey shows

Many Americans unable to pay bills or cover unexpected expenses and lack critical financial knowledge, survey shows USA - English News provided by Share this article Share this article NEW YORK, April 5, 2021 /PRNewswire/ Twenty-two percent of U.S. adults report they are unable to pay their bills in full and on time in a typical month, and 30 percent would not be able to cover an unexpected $2,000 expense, according to new data from the fifth annual Personal Finance Index (P-Fin Index) released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business.

To Combat Financial Illiteracy, Education Needs to Start Early in the Classroom, Advocates Say

As a country, we ve seen millions of Americans, with a general lack of financial planning, struggle every day with their money, only to wind up deep in debt. Various industry research found that 2 on 3 families lack any type of emergency savings; 78% of adults live paycheck to paycheck, and 3 in 5 adults do not maintain a monthly budget. Additionally, on average, U.S. adults correctly answered only 50% of the questions on the TIAA Institute-GFLEC Personal Finance Index in 2021. That s why it is so crucial to start teaching kids personal finance in high school, financial literacy advocates say. However, what many researchers have found is that far too few students particularly those from low-income backgrounds receive any personal finance education during high school. Yet they are expected to make big financial decisions about student loans and budgeting for living expenses after graduation.

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