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Lack Of Financial Knowledge In America After The Great Depression

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In 2008, an enormous global financial crash occurred impacting millions of people. The financial crash was the worst financial crash after the Great Depression of 1930. Children were left to work at low wages and they skipped school to support their families. Interestingly, the main causes for both depressions was people’s lack of knowledge and understanding of how finance affects everybody. Becoming financially literate can allow people to be more prosperous in the future by saving more money and helps reduce the chances of falling into a downward spiral. Financial knowledge is the ability to understand how money works around the world. Having the proper knowledge can lead people to save more money and make smarter decisions. Today, Americans are $900 billion dollars into debt. The cause of this debt is buying more items than one can pay for. In society, we have to understand that money is a valuable resource that can work for or against us. Having the correct financial knowledge can allow people to make smart decisions such as investing in the stock market to generate yield for many years, having few credit cards, paying down mortgages quicker, or buying cheaper clothes instead of branded clothes. All of the examples given incorporate the idea of saving. It is important to save money for the future when the economy is steady before it collapses. …show more content…

Everything was given to me until I started getting $10 allowances weekly and I was told to spend reasonably and smartly. As I got older and entered my teenage years, I began to see the cost of everything started increasing. The cost of my clothes and education rose slowly until I had to start paying for everything myself except the essentials. Now I understand the importance of saving money because now I can buy books and clothes with correct judgment instead of wasting money on items that are not a

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