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Hit it right on the head “20-something clients have attributed their financial issues to a lack of financial literacy” and its not only Gen Z. A vast majority of people, 20, 30s up to 60 year olds live well above their means. IMO social media, TikTok, FB, IG etc. add to the fantasy that most people believe is reality. Gone are the days of wanting to be doctor, lawyer or fireman and earn a living or create wealth….everyone thinks they can be a social media sensation. Even the mostly unrealistic idea of becoming a professional athlete pales in comparison to idea of becoming a social media influencer to Gen Z and the younger half of Millennials. We teach gender studies instead of basic financial literacy, budgets and how money works. Not to mention the breakdown of the core family. I would be curious of the stats of those filing for bankruptcy and that of their particular family demographics.
As JD Rockefeller is famously quoted in his effort to create what has led to the current education system….saying “I don’t want a nation of thinkers, I want a nation of workers”. And the problem is NOT that people or uneducated, the problem is that they are educated just enough to repeat what they are taught but not to question what they are taught.
Bankruptcy has it’s place and I feel for those businesses/people that were effected by the Covid Plandemic. However, most can likely be traced to unwise or unwarranted spending.
People spending above their means is out of control and should not always be resolved by bankruptcy.
If someone has medical debt, free pass to bankruptcy. End of story. But anyone just spemding to be spending should have to shoulder much of the burdon of their actions. People who have student loans and have had the interest compounded or were talked into loan terms that are deceitful should be able to write off part of their loans to get them in a reasonable situation to pay their loans back.
However–people who have thousands of dollars of credit card debt for unnecessary ‘stuff’ should be held responsible to pay most of that back. it is in the credit card company’s best interest to lower the interest rate, but they should be able to recover most of the principle.
Financial literacy needs to be taught in middle school, high school and college, with an increasing breadth of understanding at a level appropriate to their age. For middle school, things like the cost of cars (including maintenance, insurance and taxes); high schoolers – things like student loans and the impact of taking out 4 years worth of loans versus the career you are choosing; and for college students – student loans (again), mortgages, insurance, auto loans (yes, again) and basic cost of living versus your salary versus overspending. We are faiing our children when they don’t understand these basic principles