Each year, thousands of university students and young adults nationwide struggle with crippling credit card and student loan debt, including those at the University of Georgia. Many lack significant savings or a long-term investment strategy for gaining passive income. The reason why many develop these patterns has to do with issues surrounding how young adults are being taught, as well as access to experiential resources, due in part to a lack of education surrounding financial literacy in schools. What is financial literacy? While definitions of financial literacy vary, it can generally be described as a personâs understanding and utilization of financial skills such as management, budgeting and investing.