It may seem to some that their financial difficulties have no end in sight. And one reason why poverty persists and so many Americans have trouble improving their economic situations is because people — especially in the poorest neighborhoods — are financially illiterate.
That’s why we support a new Penn initiative that aims to tackle the issue of financial literacy. Students part of the Financial Literacy Community Project will teach Henry C. Lea Elementary School third-through-sixth graders, and the group will also provide transportation for West Philadelphia High School students to come to an on-campus after-school program about financial literacy.
The focus on educating youth about finances is particularly commendable. Half of American teenagers fail surveys about basic financial literacy knowledge, according to a FLCP co-founder. These results are especially problematic because bad financial practices — such as racking up credit card debt — can develop early in life and can remain well into adulthood. The best way to break the cycle of financial dearth and irresponsibility is for people to learn how to improve their lives at a young age.
No initiative is going to eradicate Americans’ economic issues. But programs like FLCP are a start.
