In 2012, 25 percent of Americans had more credit card debt than they had in their emergency savings. With consumer spending fueling 70% of our nation’s economic growth, the need to consume commercial products has forever been a staple in American culture. As a society, we are constantly being bombarded with advertisements, all pulling us to spend money. With so much pressure to spend, how are we supposed to fight the debt that is overwhelming our country?
The answer lies in education. For the past six months I have worked with YWCA Maricopa County, expanding its Own It Financial Education program, which provides low-income women and families a free education teaching them how to become financially stable and independent. It has been amazing to see the impact financial literacy can have on a person, and just how crucial financial literacy is on the future of our young people.