Lacking the skills needed to make informed financial decisions hurts individuals and the economy. But financial advisors are taking the lead in doing something to help.
"We teach our children to wear seat belts. Schools invest in programs aimed at helping kids practice smart Internet habits. But few are talking about the dangers of too much debt or the blessing that is compound interest."
As a result, Americans are saddled with exorbitant loans and save too little for retirement. As the gap between rich and poor widens, it's clear that financial literacy is one of the factors that separate the haves from the have-nots.
Financial advisors recognize the problem: 78% strongly agree financial literacy is a concern in the United States, according to a survey of advisors by InvestmentNews.
Watch the video about what Funding the Future Board President and financial advisor Sacha Millstone is doing about to make a difference.