10/12/21-‘We need people to know the ABC of finance’: facing up to the financial literacy crisis
- October 12 2021
- By: info@njcfe.org
- 0 Comment
‘We need people to know the ABC of finance’: facing up to the financial literacy crisis
October 4, 2021 | ft.com
The world, financially speaking, once appeared a simple, innocent place. Savers could put money into bank accounts and earn a reasonable rate of interest, building their nest egg over time. Workers in developed countries would toil away in the knowledge that come retirement their needs would be met by employer-backed pensions and the state.
Since the US-based Italian economist Annamaria Lusardi, a world expert on financial literacy and professor at George Washington University, began to devote her career to studying financial literacy these reassuring certainties have melted away. The average modern worker in a rich country must now take full responsibility for ensuring they have enough resources to pay their way through old age.