By Kelly Peeler, Founder & CEO of NextGenVest
According to a recent Organization for Economic Co-operation and Development (OECD) study, only 10% of high school students across participating countries – including the United States, Italy, Colombia, China, Belgium, and others - were able to tackle the hardest financial literacy tasks, according to the report.
Partner that alarming statistic with the following:
- The average college student in the U.S. graduates with $30,000 in student debt
- 75% of credit card carrying college students were unaware of late payment charges.
- Only 17 states require a high school course in personal finance.
In other words, there is an entire generation that is using record levels of sophisticated financial products and they are completely unaware and unprepared to manage these products appropriately.
This is unacceptable. Especially when youth unemployment rates are at a staggering 13.2%.
NextGenVest is addressing this impending crisis by first launching a “Global Voices” series that includes stories, analysis, and easy to understand financial and life skills advice for students, by students. Dealing with the most financially significant decisions of your life at the age of 17 or 18 is overwhelming. Students should not have to make mistakes and then only by trial and error learn the correct way to handle money.
We believe students must be apart of this conversation if we are actually going to solve this global problem.
Enjoy our weekly student series and if you would like to add to actively contribute to this important discussion, please email Kelly Peeler, Founder of NextGenVest, at firstname.lastname@example.org.
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