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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With the new stimulus check on the horizon, many Americans are contemplating the best ways to save or spend the $1,400 slated to start hitting bank accounts within the next month. According to the IRS, roughly 159 million Americans received stimulus checks in the first round of payments last year.
President Biden said on Saturday after the Senate vote that stimulus payments should start going out this month to the over-85% of American households that are eligible.
For many individuals, there is no choice when it comes to use of stimulus: they need more help for reasons of financial insecurity and food insecurity. This plan will get checks out the door starting this month to the Americans that so desperately need the help, the president said on Saturday.