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Thanks to those two presidents, throughout April that vitally important issue will be at the forefront of public awareness during Financial Literacy Month.
The Birth of a Good Idea
President Bush responded to a U.S. Senate resolution and declared April as Financial Literacy for Youth Month as far back as 2003.
President Obama designated April as National Financial Literacy Month in 2010, saying that America’s recent financial crisis “was the result of both irresponsible actions on Wall Street and everyday choices on Main Street.”
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And as millions of Americans already know, Dave has been beating that drum for more than 16 years, aiming his growing clout at the terrible consequences of such a tragic lack of knowledge and awareness.
The Consequences Of Ignorance
It’s a long-accepted fact that financial ignorance leads to irresponsible spending, dangerous debt levels and high amounts of stress that can damage relationships, destroy families and deprive individuals of all hope. And yet the antidote for such a destructive poison is so simple. It is education, and the earlier the better!
To be sure, the problem is multi-generational. The Journal of Consumer Affairs recently stated that “Between 1997 and 2007, average undergraduate student loan debt rose from $9,250 to $19,200—a 58% increase after accounting for inflation.
Similarly, a 2006 poll published in USA Today found that 30% of young adults ages 22–29 worry about debt frequently; 29% put off or decided against furthering their education; and 22% took a job they would not have taken otherwise.
At the other end of the spectrum, in 2009 the National Bureau of Economic Research found that “Two groups that stand out from our analysis are the elderly and women; both of them display very low [financial] knowledge.”
Confidence and Empowerment for All
Dave wants us all to help make Financial Literacy Month a really big deal. Awareness is the first step toward enlightenment. Being knowledgeable and prepared allows people to be in control of their lives and money and frees them from the sad state of burdening family or relying on the government.
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You, too, can be a champion for this cause. It’s easy and effective.
- Follow us on Facebook and Twitter to get the latest information published.
- Pass along the helpful content and tools you will find here at daveramsey.com.
- Make sure the schools in your town know all about Dave's outstanding high school and college curricula.
Join two presidents and Dave himself by making this a priority in your household this month—whether you're just getting started or "spring cleaning" your money. Include the whole family, especially the kids. A little awareness now can pay huge dividends in the future.