Financial Illiteracy in America: Its Causes, Impact and Solutions

Financial Illiteracy in America: Its Causes, Impact and Solutions

by Eric, Eric Weiss, CFP
     
 

Many of the financial problems facing the U.S. can be traced to financial illiteracy among large segments of the population. Consider: 1. If people understood the relation between the economy and monetary policy they probably would not have taken out adjustable rate mortgages at precisely the time the Federal Reserve was set to raise interest rates. 2. If people…  See more details below

Overview

Many of the financial problems facing the U.S. can be traced to financial illiteracy among large segments of the population. Consider: 1. If people understood the relation between the economy and monetary policy they probably would not have taken out adjustable rate mortgages at precisely the time the Federal Reserve was set to raise interest rates. 2. If people understood the difference between the effective annual and the annual percentage rate they would likely incur less high cost credit card debt. 3. If people understood the benefits of tax-deferred compounding they likely would begin contributing to their retirement plan earlier in life -- resulting in substantially more wealth when they retire.

Financial Illiteracy in America argues that financial illiteracy derives from the absence of personal finance instruction in most U.S. public high schools and a mistaken reliance, on the part of many, that the best way to learn about financial topics is through one's parents or life experiences. The problem is that most parents do not have the financial background to impart financial knowledge to their children, while learning through life experiences often results in costly mistakes or realizing a problem when it is too late.

Financial Illiteracy in America outlines what young people need to know to get a head start in putting their lives on a sound financial footing including topics such as:
- Using financial services intelligently
- Does a young person need insurance?
- Opening and operating a brokerage account
- Investments a young person should make
- Globalization effects on the prices of goods and services purchased by young people

Finally, Financial Illiteracy in Americaâ presents a curriculum for teaching personal finance to high school students.

Financial Illiteracy in America was written by Eric J. Weiss, Certified Financial Planner PROFESSIONAL who also teaches an "Introduction to Finance" course to college students. Mr. Weiss's experience with clients and students sparked the idea for this book and has convinced him of the paramount importance of increasing financial literacy in the U.S.

Product Details

ISBN-13:
9781453613399
Publisher:
CreateSpace Publishing
Publication date:
01/13/2011
Pages:
148
Product dimensions:
6.00(w) x 9.00(h) x 0.32(d)

Meet the Author

Eric Weiss is a Certified Financial Planner providing financial planning and wealth management services to a diverse clientele. In addition he teaches "Introduction to Finance" at a major national university making him uniquely qualified to write about financial illiteracy in America and its destructive effects on the U.S. economy. Mr. Weiss has observed first hand how poor financial decisions are not only personally destructive, but also, when viewed collectively, a real threat to economic stability.

Before starting his financial planning business, Brightscape Investment Centers, Inc. (www.brightscape.com) Mr. Weiss worked in senior positions at Citibank and Chase Manhattan Bank in New York, Miami and overseas in Latin America.

Eric received his M.B.A. from the Graduate School of Business of The University of Chicago, an M.A. (economics) from Columbia University and a B.A. (international affairs) from The George Washington University. He grew up in New Jersey and now resides in Miami, Florida with his wife and son. Mr. Weiss is an avid college football fan and spends his free time reading and tending to the tropical foilage of South Florida in his yard.

Customer Reviews

Average Review:

Write a Review

and post it to your social network

     

Most Helpful Customer Reviews

See all customer reviews >