Why Better Financial Literacy Is Everybody’s Business

By Amy Friedrich, Forbes Council Member

September 21, 2022 | forbes.com

I started down the path to greater financial literacy as a college freshman thanks to a pivotal class. “Money for the Masses” introduced me to basic concepts such as interest rates and long-term savings. It taught me how the first $10,000 you save in the first part of your career can compound to generate greater returns than the same $10,000 saved later in life. It helped me analyze and understand the personal experience of watching my family struggle with the financial burden of borrowing money to buy farmland in the 1970s, only to be squeezed by double-digit increases in interest rates.

Today, I’m happy to see more Americans being given formal financial education while still in high school. A dozen states either already have or are in the process of requiring at least a semester of personal finance.

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