- Learn how financial education can reduce student loan debt and teach students tools they will use for a lifetime.
- A collection of studies that reveals the current financial literacy among university students.
Today, the US has the highest percentage of college educated citizens than ever before. This shows with advances in medicine, technology that is changing almost daily, and cars that can drive themselves. Research shows, however, that even with the great strides in education, students are still showing low levels of financial literacy due to a lack of financial education.
In 2017, about 65% of college students had student loan debt and only 30% of them had received financial education for paying off their loans. Due to this lack of financial education, students are taking out large loan amounts without fully understanding the interest they will accrue and the high monthly payments they will have down the road. As a result, the accrual of debt is leading students to have financial stress and even giving up on school for some. With student loan debt being at an all time high, this makes the need for financial education more important than ever.