Press Release: Integrating Financial Literacy in the National Education System Will Promote Financial Mobility and Inclusion Among Youth

FOR IMMEDIATE RELEASE

February 22, 2024

CONTACT:

William Pierre-Louis, Jr.

williamjpl40@gmail.com

Integrating Financial Literacy in the National Education System Will Promote Financial Mobility and Inclusion Among Youth

Washington, D.C. — Lack of financial literacy in the American education system is fueling financial instability among young people—particularly Gen Z, according to a recent research by The Gents' Foundation (TGF).

Financial literacy is a critical life skill that empowers individuals to make informed decisions about money, savings, investments, and debt. If integrated into the entire education system, it would become a powerful tool for promoting financial inclusivity and freedom. 

“Today, young people—particularly those among Gen Z are struggling in this inflationary economy—mainly because they don’t have the appropriate financial education on how to deal with money,” said William Pierre-Louis, Jr., founder and executive director of The Gents' Foundation. “This lack of knowledge disproportionately affects marginalized youth, perpetuating systemic inequalities and hindering financial growth.”

Our research highlighted the severity of the financial literacy crisis, revealing significant demographic disparities and alarming trends in financial knowledge among the population. Marginalized groups, including younger adults, lower-income households, and individuals with limited education, are disproportionately affected, exacerbating existing socioeconomic inequalities.

Despite the proven impacts of effective financial education programs in improving economic well-being, financial literacy in the U.S. is declining, with only 17% of adults receiving personal finance education in high school, according to Ramsey Solutions.

“The inability to manage personal finances has far-reaching consequences, trapping young adults and adults in cycles of debt and limiting their potential for success,” said Pierre-Louis, Jr. “High schools nationwide should create more financial learning initiatives to empower students with knowledge and skills.”

Through our A-B-C’s of Finance program, we propose a multifaceted approach to address the financial literacy crisis. Additionally, our policy recommendations at the end of our research suggest the integration of financial literacy into education, promoting financial literacy awareness, and enhancing access to financial planning tools. Additionally, TGF advocates for statewide financial literacy competitions and partnerships between educational and financial sectors to deliver practical financial education.

"Investing in financial literacy is not just a moral obligation, but it is also an economic necessity,” Pierre-Louis, Jr. added. “In an increasingly complex financial world, equipping individuals with the knowledge and tools to make informed decisions is critical for personal financial stability and the overall health of the economy.”

The Gents' Foundation urges federal and state leaders, educators, and financial institutions to join forces in addressing this critical issue. Through collaborative efforts, we can equip young people with the financial literacy skills needed to navigate the future with confidence and achieve their full potential.

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