Research shows that financial literacy is linked to financial wellness. And who doesn’t want for their children to be happy, financially aware and prepared for their future? Beacon Financial Education provided us with some tips to help you financially educate your children.
The third annual Personal Finance Index (P-Fin Index) released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) last April, showed that still many Americans continue to lack the personal finance knowledge necessary to make sound financial decisions. And this lack of financial literacy is not just an American problem. In Germany almost 15% of young adults (under 30) were classified as being heavily in debt by Creditreform 2018, and about 60% of German households has less than € 3,000 in savings at their disposal according to the Onlinebank ING-Diba. Almost a third hasn’t saved anything at all.