There is a belief that with advanced technology, the rise in online courses, and search engines such as YouTube that most people have extensive knowledge on personal finance. This is not the case according to only 33% of adults around the world are financially literate and according to 78% of adults in America are living paycheck to paycheck and 58% of adults are financially anxious.  

According to generational and personal experiences are the catalysts for financial literacy. Danielle Horsley a 27-year-old Cincinnati, Ohio resident is no stranger to working multiple jobs to survive. “my grandma would always say credit is “bad” and you’ll be in debt, but never explained how she got her credit [card available balance] so high and why she had American Express credit cards without it being bad …”

A story that is not uncommon as reported that parents are either not interested in talking with their children about money or do not have enough knowledge to do so. The article quotes a “fake it until they make it” mentality when comes to handling money or even speaking about it.

Photo by Nicola Barts on

Erica Ervin an investor in the stock market and cryptocurrency for over 13 years parents has always been money conscience with her. “When didn’t have enough money, I had no clue my parents always made sure all our utilizes stayed on and made sure that the mortgage was paid.”

“My father when I got older he would lay out all of the bills and (ask) which one I think I should pay first…my mother would take me out with her every month or every two weeks when she would pay bills in the 80s and 90s…” Erica Ervin. Ervin is within the 24% of millennials reported to understand financial basics.   

Erica Ervin’s recount of her family money handling in her childhood

“She was in such a good position, but my mom always barely scraped by no matter how hard she worked,” Horsley stated about her grandmother. Though she was told that having a credit card is bad her grandmother was still able to manage her finances. “I see myself falling into those same patterns of I have to be responsible I have to you pay bills and take care of business, but it leaves me with the short end of the stick because I only have enough money for one or the other and not both.”

Resources for Financial Education:

1.Simple Basics of Personal Finance  

2.  Clever Girl Finance

3.  Next Gen Personal Finance

4. The Financial Literacy and Education Commission

5. Money Smart Week

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