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Teaching Financial Literacy in the Wake of the Financial Crisis

In: Consequences of Economic Downturn

Author

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  • Deborah M. Figart

Abstract

While Americans self-report they have financial knowledge, a basic literacy quiz shows otherwise. According to a national survey of Financial Capability in the United States (2009), young adults scored the worst. The same survey reveals that just over 50 percent of Americans report that they have no “rainy day” fund to sustain them for three to six months in case of sickness, job loss, or other emergency. The 2010 Consumer Financial Literacy Survey finds that 56 percent of adults over the age of 18 do not keep a budget. According to the Federal Reserve Board of Governors, at the end of 2 009 Americans carried a total of $866 billion in credit card debt, reported as consumer credit outstanding. The increase in consumer credit card debt among high school students has been particularly notable (see Scott 2010). Among credit cardholders who do not always pay off their balance in full, 12 percent said they did not know their interest rate (Financial Capability in the United States 2009).

Suggested Citation

  • Deborah M. Figart, 2011. "Teaching Financial Literacy in the Wake of the Financial Crisis," Perspectives from Social Economics, in: Martha A. Starr (ed.), Consequences of Economic Downturn, chapter 0, pages 239-257, Palgrave Macmillan.
    • Handle: RePEc:pal:pfschp:978-0-230-11835-5_12
    DOI: 10.1057/9780230118355_12
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    Cited by:

    1. Rodrigues, Luís Filipe & Oliveira, Abílio & Rodrigues, Helena & Costa, Carlos J., 2019. "Assessing consumer literacy on financial complex products," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 93-104.

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