When the housing bubble burst in 2008 there was hope that this generation will learn from their mistakes and do their own due diligence before they make large financial decisions, but alas it is a long road to financial literacy.
People are being driven to make life impacting financial decisions much earlier in their lives - student loans, credit cards, healthcare, cars. The list goes on. It is almost impossible for people to make wise decisions without some form of financial literacy and this is especially applicable to young people who do not have adult mentors in their lives.
In countries around the world, those on the lower end of the economic ladder have to deal with a corrupt and inefficient political system, social limitations and lack of access to basic infrastructure. Whereas in the United States, there is a lot of basic support available - and in quite a few cases, I think, a little bit of financial literacy coupled with financial discipline can go a long way in improving social mobility.
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