Financial Illiterate Demographics: Is it time to add the Millennial Generation?
Abstract
The research regarding financial literacy programs in the United States sheds light on a growing disparity among the millennial population and other demographics. Through qualitative analysis, this paper adds to this growing literature and offers potential solutions to help combat these negative effects. Instead of offering one-size-fits-all mandated personal finance courses, many studies advocate that increasing consumer conscientiousness could effectively supplement these programs. By offering tailor-made courses targeting various demographics we may see a positive impact towards eradicating financial illiteracy. Thus, the objective of this paper is to explain what demographics are most affected and various solutions that will reform current policies.