WE THE FINANCIAL ILLITERATE.

We the financial illiterate.

A good many Americans are “financially illiterate,” and this illiteracy correlates highly with financial distress. A 2011 study conducted, measuring knowledge of fundamental financial principles (compound interest, risk diversification, and the effects of inflation) found that 65 percent of Americans ages 25 to 65 were financial illiterates. I can go on to say, the vast majority have no clue into credit responsibility, the cost of credit, balancing a checkbook, monitoring their bank account(s), verifying the bills received, and much, much more.

I have to say that this statement includes me at age 80. This explains why I am not financially independent at my advanced age.

One of the problems with our 1st thru 12th-grade school curriculum's does not include any sort of financial classes. Let me be clear here, I'm talking money management classes, In fact, the classes I attended in college on financing did nothing for me, and I mean nothing. I don't know whether it was me or the instructor that was at fault.

Anyway, my point is: we as a nation need to demand our schools include relevant classes on money matters and financial matters.
Classes on writing checks, balancing your checkbook, double entry bookkeeping, how to use and track debit cards, credit cards, and interest charges, what do they (the banks) really charge.

I am still appalled at the banks charging 28% interest on their credit cards. That is almost 1/3rd the amount of the loan, and if you pay only the lowest amount per month, it can and will be more than double or triple the amount of the original money borrowed.

Believe me, I know because I fell into that trap. Another part of the trap is that they want you to think that you have 30 days to per period to pay your monthly charges off, but that isn't true. If you read the fine print(fine print) they actually require payment in 28 days. Doesn't make any difference you say, think again. Let's do the math, 365 days a year divided by 28 days equals 13 months. WHAT 13 MONTHS. YEP IT'S TRUE, CHECK IT YOURSELF.
WHY THE HELL DO YOU THINK YOU ARE ALWAYS BEHIND IN YOUR PAYMENTS.
This practice has been going on by the banks for over 50 years. One more reason they are so happy to issue you credit cards with usurious interest rates, plus non-existant 13 month years.

Think about this folks, check for yourself. You will be horrified, and I hope anxious to do something about it.

I would love to see that kind of education included in our high school classes. What do you folks think? I would love to hear from you.

Now, a new twist has been added to our daily family/individual financial woes, and that is Internet Banking. With the advent of Electronic Banking and bill paying, it is easy for companies and individuals to scam you and or steal your money, not just locally but worldwide for God's sake.

Again, classes and training must be provided for everybody today, no matter who you are or what level of prosperity you may enjoy.

I reckon I will shut up now.

God Bless from the GA hillbilly.

"(C) Copyright by Victor Winebrenner"