from the year before, with sharp drops among first-time Black, Hispanic and Native American students in particular. There will be no gap year for these students but a permanent loss of potential income from a four-year degree. The impact of the lockdown affects these families disproportionately as the vicious cycle of poverty goes on.
Instilling financial literacy should start early. Education level is highly correlated with financial literacy. First, we must leverage partnerships in the community and articulate well-defined priorities.
While financial literacy may represent one objective of a community's economic development, I argue it is the most important piece of the puzzle. As such, I believe legislature and leaders from both the private and public sectors must work together to prioritize financial literacy. In Miami, our Beacon Council is leading a community-wide strategic planning initiative, One Community One Goal, to advance economic sustainability through education.
While many have advocated a mandate to teach personal finance as early as in high school, I will go one step further to require continuous training in college to reinforce good decision-making as students face many life-changing events. I consider this issue personal because I am one of the 4% that made it out of the poverty cycle.
acorns Yes, because the reason millions are homeless, in poverty is because they can't balance their checkbooks. It has nothing to with the cost of living being 10x their income opportunities.
acorns Financial literacy does not cure poverty.