John Colletti weighed in on fostering financial literacy across the U.S.
After the Great Recession, it became clear that more people needed to learn financial literacy. The housing-market collapse and following financial crisis reminded Americans of our obsession with debt and the dangers of quick access to finances for under-informed consumers. The importance for people to be smart about their finances has become even more pronounced during the COVID-19 pandemic, amid high levels of unemployment and restrictions on businesses.
Financial literacy is a growing area of focus for academics, from public-school policymakers to university researchers. John Colletti, adjunct assistant professor of finance at North Central College, was featured on WalletHub, where he discussed his insight into the current state of financial literacy as well as what the federal government, states and parents can do to help society improve the overall financial literacy by state.
“First, policymakers should identify the goals a society wants to achieve when utilizing resources to achieve financial literacy across the population,” said Colletti. “Goals should include facilitating an understanding of managing household finances; preparing children for successful entry into the education system; developing individual tools to attain gainful employments; and foster the ability to pass along financial knowledge to the next generation.”