Perhaps a financial literacy course would have helped keep these millennials from digging themselves into debt.
To help address this growing problem, Republicans Rep. Craig Horn, Rep. John Szoka, and Rep. Jon Hardister joined with Democrat Rep. Derwin Montgomery to file House Bill 433: Economics & Financial Literacy Act.
This legislation will require completion of an economics and personal finance course as a high school graduation requirement in all public schools.
Here are real-life scenarios which this course could address:
- True costs of credit
- Choosing and managing a credit card
- Borrowing money for an automobile or other large purchase
- Home mortgages
- Credit scoring and credit reports
- Planning and paying for higher education