Millennial’s Lack of Personal Finance Knowledge Disasterous for the Economy

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By Audrey Esther

The millennial generation’s lack of knowledge about how to manage their personal finances could be ‘disastrous for the economy’, say financial experts.
“As a parent it’s scary. Seeing these kids it’s scary,” said Nixa High School teacher, Pam Stringer.
That is when teachers like Stringer learn just how little their millennial-aged students know about personal finance.
“They are struggling with savings. They are struggling paying debt. They don’t realize that that credit that they’re using actually comes at a price,” Stringer said.
A recent study by Price Waterhouse Cooper and George Washington University finds that of the more than 5,500 millennials, or those born between the early 80s and mid-90s, only 24% demonstrated basic financial knowledge.

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