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  • Hey, you Two Cents viewers!

  • Here with a special announcement: Make sure you make it to the end of the video where

  • we get to share some exciting news!

  • You're pregnant again?

  • Ha ha ha ha...

  • The United States has the world's largest economy and our workers have some of the highest

  • salaries in the world.

  • But if you think that most Americans have piles of money, great credit, and low amounts

  • of debt, you'd be wrong!

  • Since you're following our channel, it's probably obvious to you that our financial

  • literacy is at crisis levels, but have you ever stopped to wonder what led us to this point?

  • And more importantlywhat can be done to change it?

  • In 2015, the S&P Global Financial Literacy Survey asked 4 simple financial questions

  • to respondents all over the world, and the results landed the U.S. in 14th place for

  • financial know-how.

  • And it shows.

  • Americans are failing the grade by nearly every metric.

  • Nearly 60% of U.S. households don't keep a budget.

  • Two thirds would be unable to scrounge up $1,000 for an emergency and 35% have a debt

  • currently in collections.

  • The average college student carries $30,000 in student loans, and floats a credit card

  • balance of around $8,000.

  • The median retirement savings for Americans age 55-64 is around $100,000 - an amount that

  • would translate to just $310/mo of income in retirement.

  • And it's especially scary for our generationeven though 69% of millennials rate their

  • own financial knowledge highly, only 24% are able to demonstratebasic financial literacy”.

  • One of the biggest factors is the lack of any formal financial lessons in schools.

  • Even though the Council for Economic Education found that kids who receive financial education

  • are more likely to save, more likely to pay off their credit cards each month, and less

  • likely to become compulsive buyers, only a third of states currently offer it!

  • And of those that do, most of them incorporate the subject inside of another course of study,

  • like economics, math, or social studies.

  • Only five states require a semester-long course focused on personal finance.

  • But the problems don't stop there.

  • The minute high-schoolers graduate, they've got a target on their backs and the financial

  • industry is lying in wait.

  • Credit card companies are notorious for luring kids into high-interest credit cards with

  • offers of T-shirts or a free pizza - despite the fact that most students have little to

  • no income and hardly any real-world financial experience.

  • Unfortunately, that trend of financial institutions targeting the non-savvy doesn't let up as

  • you get older.

  • Current rules in the US allow brokers (under the guise offinancial advisors”) to

  • put their own financial interests ahead of consumers when selling a financial product.

  • For real!

  • To be fair, the financial industry does engage in some education.

  • But consider thisIn 2013, the Consumer Financial Protection Bureau reported that

  • while $670 million dollars was spent by the industry on consumer education, $17 billion

  • dollars was spent on marketing their products.

  • That's a ratio of 25 to 1.

  • Chump change.

  • Make no mistake, the cumulative results of people not saving enough or getting into financial

  • trouble doesn't just fall on them and their families, but on society as a whole!

  • So what can we do to help promote change?

  • Consistently scoring at the top of such surveys are the Scandinavian countries like Denmark,

  • Norway and Sweden.

  • There are a lot of reasons for this.

  • In Sweden's case, for instance, there is a long cultural tradition of saving.

  • No major disasters in the financial markets to undermine trust in the system.

  • And the presence of the Financial Supervisory Authority, a strong government agency designed

  • to regulate the entire financial services industry.

  • But probably most important is that kids are taught about the basics of personal finances

  • starting in the first grade and continuing all the way up to high school.

  • Changes have to be made to education here in America if we're to stand a chance of

  • improving things.

  • And you don't have to be a parent to advocate for a child's right to quality financial education.

  • You can look at this map to see what standards for financial literacy your state currently

  • mandates.

  • You can also reach out to your state representative to let them know what you'd like to see

  • offered to future generations.

  • Unfortunately, the primary reason cited for not including this kind of education in schools

  • is that it's the parents job.

  • But we all know that's not really happening.

  • Nearly half of Americans don't talk with their children about money at all.

  • And it's not because they don't think they should!

  • It's because most simply don't know what to say.

  • If you're a parent, or hope to be one someday, you do not have to be an expert to teach kids

  • about money.

  • Simply getting them their own bank account seems to have positive results with 15-year-olds

  • scoring 40 points higher in financial literacy than those without one.

  • Kids also learn best by doing, so next time you sit down to pay your bills online, call

  • your kid over and coach them through how to do it themselves!

  • For bonus points, check out our previous video about how to talk to kids about money!

  • This is so important because if finances aren't talked about much growing up, we tend to continue

  • that approach of avoidance even when we leave home.

  • We just stumble along assuming everyone knows more than we do, afraid to call attention

  • to our ignorance.

  • And it's that unspoken taboo around the topic of money that allows this negative feedback

  • loop to continue.

  • Thankfully, it's never been easier to take your financial education into your own hands!

  • The last decade has seen a tsunami of blogs, podcasts, programs, books and courses aimed

  • at filling in the adult education gap when it comes to finance.

  • And there are tons of amazing FREE or low-cost resources out there.

  • Hundreds of libraries all over the country hostMoney Smart Week's where they cover

  • topics like retirement, budgeting, and creditwithout any incentive to make you a paying

  • customer!

  • There's also the National Endowment of Financial Education's website smartaboutmoney.org

  • with lots of free courses.

  • You can even ask your employer to bring in a financial educator!

  • After all, a better educated workforce is in everyone's interests.

  • As a dedicated watcher of two cents, we hope you continue to broaden your own financial

  • education.

  • And don't keep the lessons you're learning all to yourself!

  • We expect you to share your newly earned money smarts with those you care about.

  • Changing the face of financial literacy here in the states and around the world is not

  • just our job, it's yours too!

  • And that's our two cents!

  • The vast majority of financial education out there is funded by big corporations.

  • We, and our co-creators, chose to partner with PBS specifically because we believe financial

  • education should be free from "for-profit" hidden agendas.

  • And over the last year it's been made abundantly clear you guys want that too!

  • We've gained hundreds of thousands of subscribers, scooped up a bunch of awards and are blessed

  • with a community of enthusiastic people willing to share their stories and experiences.

  • But did you know that each episode takes between 40 and 50 hours of work to make?

  • Yea, these amazing visuals and carefully written scripts are being made by a team of full-time professionals

  • so I think you can tell where we're going here....

  • We're starting a Patreon!

  • Now, before you groan we of all people know how important your hard earned dollars are

  • and we have given our perks a lot of thought to make it worth your while.

  • That's right! We're going to be inviting you backstage for an intimate look behind the scenes,

  • a new space to chat together as a community and even the chance to digitally hang out with us

  • on a monthly basis.

  • Also as a special limited time offer, we'll be providing everyone who contributes, in the next two weeks,

  • a special budget template; personally designed by us to help you create your ideal budget from top to bottom.

  • We hope that this show has provided you value and you'll consider joining us in our mission to change

  • the world's relationship to their money through education.

  • It's a big vision and we can't do it without you.

  • Where did you learn about money?

  • From your school?

  • Your parents?

  • YouTube?

  • Let us know in the comments!

Hey, you Two Cents viewers!

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アメリカ人が金融リテラシーの成績を落としている理由 (Why Americans Are Failing the Grade at Financial Literacy)

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    Capalu Yang に公開 2021 年 01 月 14 日
動画の中の単語