Ichor Strategies’ Post

A recent report by the Global Financial Literacy Excellence Center revealed a stark truth: the majority of young Americans are financially illiterate. The average American across all age groups scored only 48% on a financial literacy test, with Gen Z scoring as low as 37%. These statistics should be a wake-up call for all of us, as financial illiteracy has proven to bear negative consequences on multiple aspects of life. Those with low levels of financial literacy are twice as likely to be saddled with debt and three times more likely to spend 10+ hours per week on personal finance issues, according to the study. However, corporate America can help make a difference. All of corporate America. Improving financial literacy is not within the purview of solely financial services companies. Walmart, for example, offers all of its Associates, and their friends and family, free online financial literacy courses with Khan Academy. Walmart’s approach helps elevate both company employees and the surrounding community members. Companies both large and small across industries should meet their corporate responsibility and look to implement similar programs.