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Why Young Americans Are Behind on Personal Finance Skills

Money Transfers and Financial Responsibility

The United States may have a reputation of being the “richest country in the world,” but that doesn’t mean its citizens know everything about personal finance. Does your child understand the basics of banking, saving money, or transferring money? The reality is, probably not. A recent survey administered by the Programme for International Student Assessment showed 15-year-old American students received only average marks on questions about financial topics, compared to their counterparts in other countries.

But why are young Americans lagging in personal finance skills? As leaders in the global money transfer market, we believe possible reasons include:

Lack of adequate educational programs. In the United States, many schools with financial literacy curricula adopted them five or fewer years ago. This represents a fairly new addition for teachers and students alike, requiring additional development and training to become fully effective.

Financial difficulty in adults. The global recession has impacted many American families, imposing financial woes on parents. As a result, their children lack the examples to follow in building financial independence.

Complacency about capitalism. Several of the countries scoring higher than the United States – including Russia and China – are new to the concept of capitalism. Because this type of economic system is fresher in their memory, citizens of all ages have received large amounts of financial information in the past few decades.

Teach Your Children About Remittance Using Lucky Money

Although Americans of all ages vary in their financial literacy, anyone can benefit from the benefits of affordable money transfer services. For remittance to friends or relatives in any country, rely on Lucky Money.