Adams: Individuals must possess financial literacy understanding
Young adults should go into college or the workforce with a "baseline understanding of how money works," Credit Union League of Connecticut President/CEO Bruce Adams wrote in The Hartford Courant. Adams wrote in support of Senate Bill 1165, which would require a half-credit un personal financial management and financial literacy to graduate high school.
The bill passed the Connecticut Senate by a near-unanimous vote last week.
"One thing has been made abundantly clear in Connecticut as we have emerged from the global pandemic—we are hundreds of years too late, but there has never been a more important time for individuals, young and old, to possess at least a basic understanding of financial literacy," he wrote. "And when we do not require coursework in economics and personal finance, we not only leave our young adults unprepared to build the habits for a productive adulthood, but we turn a blind eye to lingering racial and social inequities that lead to widening the rich-poor gap, which is a significant challenge for Connecticut."
Adams added that Connecticut's credit unions combat financial literacy inequities every day and have educated youth for more than 100 years on how to weather financial storms.
"Every day, people walk into a credit union in a state of financial shock. While some understand their financial realities, a surprising number do not, because they never received meaningful education in the principles of personal finance. As we emerge from one unprecedented public health and economic crisis, we still face an unpredictable economic future. Helping all our students chart a course to financial well-being reinforces Connecticut’s economic resilience and must start now.