The Relation Between Financial Literacy and Financial Wellbeing Essay examples

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Debt: a word that seems to strike fear in the hearts of Americans. Unfortunately, that fear is being faced. Most of the people who lived through the Great Depression have a distrust for banks and credit cards. These people learned from trusting the bank with large amounts of money, and now go to extreme measures to protect their money. In 2008, a similar recession hit the United States and caused many people to lose money. Credit card debt continually increased throughout the 20th and 21st century. However, credit card debt decreased greatly after the recession of 2008 because Americans stopped spending freely, similar to the 1930s. It is commonly believed that people would be wiser spenders after the recession of 2008, but now in 2015, credit card debt has actually increased almost back to what it was in 2007.
In a journal article entitled "The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns", Roshan Abdoreza states that a questionnaire showed that married people and men are the most financially literate, and higher financial literacy leads to less financial concern. Daniel Ray's statistics from state that in 2012, Generation X(people born between the early 1960s and the early 1980s) had forty-two percent more debt than other generations. Since most of Generation X is at the age to get married, the number of financially literate married people might soon decrease greatly. These frightening statistics can be fixed as they have been in years past, but if Generation X continues in their current direction, the statistics will not change. In today's society, debt, unwise spending, and impatience are rising. Daniel Ray's statistics show that credit card debt has increased...

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...5. Business Source Complete. Web. 8 Oct. 2013.
Bidwell, Allie. "Breaking The Debt Cycle." U.S. News Digital Weekly 5.40 (2013): 8. Business Source Complete. Web. 6 Nov. 2013.
Dean, Lukas R., et al. "Debt Begets Debt: Examining Negative Credit Card Behaviors And Other Forms Of Consumer Debt." Journal Of Financial Service Professionals 67.2 (2013): 72-84. Business Source Complete. Web. 6 Nov. 2013.
"Financial literacy to the rescue: teaching students what they owe before they owe it: American student assistance's SALT program helps Indiana students manage their debt." University Business June 2012: 23.Academic OneFile. Web. 6 Nov. 2013.
"FRB: Economic Research & Data." FRB: Economic Research & Data. N.p., n.d. Web. 12 Nov. 2013.
Ray, Daniel P. "Credit Card Statistics, Industry Facts, Debt Statistics." CreditCardscom News. N.p., 10 Sept. 2013. Web. 08 Oct. 2013.

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