What is Financial literacy?

Financial literacy is the ability to be resourceful in budgeting, investing, credit, retirement plans, and debt management which are all essential to making important financial decisions that will change the course of an individual’s future.

Learning about money is the first step to mastering your financial future.

Investing in your knowledge today can lead to a lifetime of financial security and confidence.

Taking control of your finances isn’t just smart—it’s empowering.

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Why is it important?

Very relevant in today’s globally interconnected world. Willis (2017), a Professor of Law at Loyola Law School in Los Angeles, believed that there is a growing demand and importance of financial education in the future as the complexity of taxes, investments, and mortgages continues to increase.

Willis, L. E. (2017). Finance-informed citizens, citizen-informed finance...
Özdemir, B. (2022). Financial literacy in the education process...
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How does it impact you?

Vulnerability to debt, financial scams, and predatory lending practices. Understanding finances in order to not fall behind or create burdens.

Bumcrot, C. B., Lin, J., Applied Research & Consulting LLC...

Diazsonia (2024, April 1) Students at top ten schools score an "F"...
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Background

Many government and non-government organizations has attempted to find a solution to lack of financial literacy. As Harnisch (2010), a State Higher Education Executive Officer, stated, “efforts to promote financial education had not received much attention before 2008, as shown by the lack of financial education courses available in public schools in many states”

Harnisch, T. L. Boosting Financial Literacy in America: A Role for State Colleges and Universities

Influence choices when it comes to budgeting, savings, spending, and investing. For example, NEFE has created “The Personal Finance Ecosystem”, an initiative made to lay out the role of financial education for an individual's financial well-being (National Endowment for Financial Education, 2017). This program also helps guide the difficulties in unexpected events from their financial environments such as social, behavioral, and influential impact on one's financial well-being, as well as highlighting opportunities for intentional change (National Endowment for Financial Education, 2017)

National Endowment for Financial Education. (n.d.). Defining the personal finance ecosystem. NEFE. Retrieved October 29, 2024

Statistics

About Us

We are NYC public high school students, who are taking part in the Quality of Life project about Financial Literacy. We aim to create a public proposal to submit to the WISE foundation. Through this journey we hope to implement feasible actions to help the community bring more light on the lack of financial literacy knowledge among peers.

Mission Statement

We aim to financially educate high school students so, they can be prepared for the economic world.

Recommendations/Proposals

We create this website for awareness
We create flyers, so people are able to see the bigger picture
We create petition for people to sign in order to make a curriculum change in HS around Brooklyn
We want to go to different classes within our school to give mini-lessons about finance, so people can apply the skill to their everyday life. This also helps fill in the gap of individual’s knowledge in financial literacy.

Challenges we foresee

It might be a hard time contacting people in order for our proposal to succeed.
It takes a lot of time to design
We have to be educated enough to teach
Have to have enough petition
How we may propose to fit our plan into the already existing DOE curriculum

Finances/Expenses

Our implementation is pretty cost effective, it cost nothing

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