Given the sad state of financial literacy in the United States, especially for the young, this infographic from CreditLoan on the sad financial state of our younger generation caught my attention. Take it away, Marina.
You might have heard Senator Bernie Sanders talking about free college several times during last year’s presidential campaign.
Some people were skeptical about it but statistics show that he is right. One of the reasons why young people could not get ahead in life is because of their college loans. Even if they have earned a degree, they need to spend a lot of money just to repay their debt. As a result, they could not save enough to start a family and be financially independent.
This is a sad truth for so many Americans.
It is also the same thing for many people around the world.
This is why it is essential for young adults to prioritize their financial woes first and pay off their debts before investing in something else. Those who have found a job must use their money wisely. They should save more before using the remaining amount for something else.
Young adults must also start becoming more mature in their decisions in life. There should be less partying and more work. Parents have already spent a lot of money raising kids. Unfortunately, for some of them, even as their kids have become full adults, they still need to spend money just to support them.
If this is your life, find a way to change it. Parents educate your children, regardless of their age. If you’re in your 20s and this all strikes a chord, take the steps you need to take to get on the road to financial stability.
It’s never too late to start!