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To avoid these financial fates for their kids, experts explained theimportance of financial literacy and offered some resources.
Both the financial crisis of 2008-09 and theburgeoning student loan crisiswere the result of a lack of financial literacy.
Teaching financial literacy in college is simply too late, Johnson said.
By that time, many students have sealed their long-term fate by incurringburdensome student loans.
He advocates for preparing students for the real world by teaching financial literacy in middle and high schools.
Everything from budgeting to taxes to debt.
She recommended starting with budgeting.
And then creating a plan where you live within the income that you have coming in, she said.
There are some financial people on TikTok who are good enough but the devil is always in the details.
Instead, she said, kids may learn better from someone they know and trust who hasgood financial literacy.
They have a vested interest and they want you to take out college loans.
She urged parents to talk to kids about where they get their information.
She added, The forces of profitability are arrayed up against people who dont know what they dont know.
And they were sort of shocked, she said.
[Teens] need to understand the negative side of not paying in full, she added.
She urged parents to teach kids to save and use cash whenever possible.
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