USA Today ran a front page story recently on the impact of financial illiteracy. It raised the issue of how not learning money lessons before you head out to the workplace can cause added stress and challenges, especially in a down economy. A recent PNC financial survey found that young adults, around age 20+, have roughly $45,000 in debt, and unemployment for 18-24 year olds stands at 12.4%, above the national average of 8.2%. Sobering stats.
If you have someone in your life that is headed into this tough climate, start helping them now to network their way into a job. Show them how to use the connections in their lives and yours to get employed. If you have a child in your life that is even younger, years from this battleground, then start teaching them about money now so they can avoid adding crippling debt to their list of challenges as they launch into the adult world after college. (more…)