Financial Literacy: Annotated Bibliography.

Abstract

Financial literacy, or having the knowledge and skills to successfully manage personal finances, contributes to the financial health and stability of individuals and families.1 Financial literacy is critical for young people. In 2014, the average college student graduated with $28,950 in student loan debt.2 In a 2016 analysis, researchers estimated that people under the age of 35 had an average credit card debt of $5,808.3 Furthermore, the financial landscape is more complex and uncertain than it has been for decades.4 Being equipped with financial education and skills can have a positive impact on teens’ future financial stability.5 These skills are particularly important for young people who are already economically disadvantaged, and financial literacy may help in reducing poverty.6