Research: Financial Literacy in America: Understanding the Crisis and Charting a Path Forward

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The United States faces a profound financial literacy crisis, which has significant implications for individual financial security and national economic stability. This paper investigates the roots of this crisis, explores its demographic dimensions, and evaluates the effectiveness of financial education initiatives. Finally, it proposes a set of policy recommendations to enhance financial literacy across various population segments.

Millions of teens and young adults in America stand on the precipice of adulthood, facing a daunting financial future. Armed with limited financial knowledge, many need to gain the essential skills to navigate complex financial products and make informed decisions.