According to a reporter for the Rock the Street, Wall Street, (RTSWS) Financial illiteracy is a major epidemic problem for Young people. RTSWS survey reveals, 76% of millennials lack basic financial knowledge.
Financial illiteracy is affecting youth even before they leave home. Financial illiteracy is costly and has many effects on our everyday lives. RTSWS research shows the many impacts of financial illiteracy:
Financial illiteracy causes broken homes, school dropouts, dependency on predatory lending (payday loans) and government benefits, health issues (stress, depression, anxiety), bankruptcies, foreclosures, divorces, homelessness, deficiency in economic development, and even murder-suicide in some extreme cases. Due to lack of adequate financial skills, majority of youth follow the same patterns as their parents with no or little chance of breaking the cycle.
As Christian educators, we want to help young people break the financial illiteracy cycle plaguing them from youth to adulthood. It is no surprise that financial illiteracy affects us physically and mentally. Surveys indicate 76% of millennials lack basic financial knowledge and spirituality. Various forms of illnesses and health are linked to how individuals manage their finances. Nutritional benefits are often sacrificed because of poor financial decisions.
This course will explore biblical financial principles, facts about youth financial knowledge and capability, and steps to living a life of financial freedom.