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Posted by Arindam Nag (MONEY FORUMS: 1, Answers: 2)
Asked on September 22, 2015 11:02 pm
Financial education can help millennials learn how to pay off their student loans and learn how to invest their money properly, so money can be used as a tool to reach their goals. Education leads to awareness, which can help you avoid making financial mistakes.
As a (fellow) millennial, I personally think financial education is so important because we lacked it as children and teens. Think back to high school. Did you learn about CDs, stocks, interests, taxes? Most likely, no. It's lacking from today's curriculum too. And with so many adults our age first encountering debt with student loans, it becomes even more important to ensure that the youngest part of this generation (and the one to follow us) are educated on their choices as well as how to get out of and solve their debts. I know, for me as a young mom, I look at my daughter and hope that I can learn all that I can so that I can teach her not to fall into the same financial traps that I, and the majority of my generation, did.
If you want to have a fulfilling life, you better know a lot about money. Want to climb Everest? Money. Want to backpack through Europe? Money. Want to be able to provide for your family? Money.
One compelling reason is that is has been estimated that financial mistakes (how you learn without an explicit financial education), will cost you at least 10% of your potential wealth. One of the college students who has taken my personal finance course, while recommending the class to a friend to sign up, was overheard to have said "it teaches you how not to be an idiot."