According to a Yahoo Finance Poll surveying viewers about their financial planning strategies, over 70% of participants claim they do it on their own with no assistance. The National Financial Educators Council has identified a steep cost of $1,506 per person in 2023 for lacking financial literacy.
401 Financial Principal and Founder Tyrone Ross joins Wealth! to discuss his idea of rebranding “financial literacy” as “financial education,” a more inclusive category.
“When you talk about financial education, now you’re talking, how do we implement it early on? Pre-k, kindergarten, so that it becomes a part of our lives every day, where financial literacy is, oh, I got a job, a 401(k), I have kids, now all of a sudden I have to figure out all of the pieces never given to me early on. I think making it part of an education structure very early, I think could change a lot of the damning trends we’re seeing with financial education and access in the country,” Ross explains, adding that even the term “wealth management” is alienating to many consumers.
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Editor’s note: This article was written by Nicholas Jacobino
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