News & Announcements
5 DAYS ONLY 25% OFF Financial Fitness for Life® Teacher and Student Resources SHOP TODAY USE CODE: Winter25 Promotional code is valid from 2/1 to 2/5, 11:59 p.m. This offer cannot be combined with any other…Read More
For over 30 years the PNC Christmas Price Index has been delighting classrooms across the country with its clever use of the classic holiday carol, “Twelve Days of Christmas,” as a measure of inflation. For…Read More
Federal Reserve Bank of Chicago-Detroit Branch and Michigan Council on Economic Education (MCEE) Dinner and a Movie: Economics Style! Thursday, November 5th, 2015 5:00pm-8:00pm Location: Federal Reserve Bank of Chicago-Detroit Branch, 1600 E. Warren Ave., Detroit, MI…Read More
The Michigan Council on Economic Education honored State Superintendent Michael Flanagan, State Farm, and the Federal Reserve Bank of Chicago-Detroit Branch along International Academy-East teacher Emily Manoogian at its 2nd Annual Champions Dinner: A Night…Read More
The importance of financial literacy and economic education
Financial education should be provided before people engage in financial contracts. For example, financial education in school can provide a base level of financial literacy to help navigate an increasingly complex financial environment.
The average indebted household now carries a revolving balance of $15,355, according to a new study by NerdWallet. With credit cards carrying an average interest rate of 18%, that balance costs the average household $6,658 — 9% of income — in interest per year.
More than 44 percent of Americans living in cities are struggling to pay the bills, according to the Family Assets Count. That’s pretty good, considering another survey found that 62 percent of Americans don’t have $1,000 in a savings account. About 21 percent of Americans don’t have a savings account at all.
We find that if a rigorous financial education program is carefully implemented, it can improve the credit scores and lower the probability of delinquency for young adults.
By many measures, the U.S. is the world’s wealthiest country—but it’s not because Americans are the best with their finances.
In fact, a sprawling global survey of financial literacy around the world finds that the U.S. ranks 14th, behind Singapore and the Czech Republic.