Early-adulthood financial decisions can have lifelong consequences. Equipping young people with the tools to manage their money effectively helps them avoid the cycle of debt and economic insecurity that plagues many Americans well into adulthood, giving them the foundation to build a secure financial future.
Decisions made in early adulthood can have lasting financial consequences. For instance, today’s youth can amass debt quickly, often in the form of school loans or credit card debt. According to a report by the National Endowment for Financial Education, Generation X youth reported an average debt of about $60,000 by their late 20s, and their successors — Millennials — had already reached this point in their mid-20s.