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How Money Works Educator - Bill Mitchell

Bill Mitchell

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The Scandal of the American Financial Education System

The Scandal of the American Financial Education System

November 23, 2021

The Scandal of the American Financial Education System

The scandal of the American financial education system is that there is no American financial education system.

It doesn’t exist. And millions are suffering for it.

As it stands, only 21 states require financial education courses to graduate high school.¹ But that number is a mirage—60% of students in those states haven’t actually taken the classes!²

Simply put, almost no one in America is learning how money works. And it’s wreaking havoc on the lives of millions.

Would these statistics even exist if schools empowered students with financial literacy? You be the judge…

$167 billion wiped out by foolish investments in meme stocks in early 2021³

Over $1 trillion lost to volatile cryptocurrencies in a single week⁴

Over $1 trillion in student loan debt shackling Americans⁵

1/3 of millennials believe they’ll never have enough saved to retire⁶

These numbers tell a story.

Students go through high school without hearing a peep about how to manage money or build wealth. 

They sign off on student loans without being taught how debt can devastate their future.

Graduation comes around, and they start living paycheck to paycheck. How could they not? It’s all they know.

And then, no surprise, they’re suckered into get-rich quick scams that promise wealth but only deliver crushing losses.

Do these scenarios hit a bit too close to home? If they do, then know this—you cannot rely on the powers that be to show you how to change your story.

If you were let down by your school system—and even if you weren’t—ask me for a copy of How Money Works: Stop Being a Sucker. It may be the knowledge you need to turn your financial situation around and change your future.

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¹ “Should All Schools Teach Financial Literacy,” Shannon Doyne, The New York Times, Apr 20, 2021, https://www.nytimes.com/2021/04/20/learning/should-all-schools-teach-financial-literacy.html.

² “2019 Money Matters On Campus Report,” EVERFI/AIG Retirement Services, https://2gag5314usvg3k1yhz13gzy4-wpengine.netdna-ssl.com/wp-content/uploads/2019/05/MoneyMatters-2019.pdf.

³ “Meme Stocks Lose $167 Billion as Reddit Crowd Preaches Defiance,” Sarah Ponczek, Katharine Gemmell, and Charlie Wells, Bloomberg Wealth, Feb 2, 2021m https://www.bloomberg.com/news/articles/2021-02-02/moonshot-stocks-lose-167-billion-as-crowd-preaches-defiance.

⁴ “The crypto market has lost 47% of its value in just 7 days,” Isabelle Lee, Business Insider, May 19, 2021, https://markets.businessinsider.com/news/currencies/crypto-market-value-47-percent-lost-7-days-2021-5.

⁵ “Student Loan Debt Statistics: 2021,” Anna Helhoski, Ryan Lane, Nerdwallet, Aug 19, 2021, https://www.nerdwallet.com/article/loans/student-loans/student-loan-debt#:

⁶ “61% of older millennials believe they’ll be working at least part-time during retirement,” Megan Leonhardt, CNBC Make It, Jul 22, 2021, https://www.cnbc.com/2021/07/22/majority-of-older-millennials-believe-they-will-work-during-retirement.html.