In today’s digital world, plastic rules and cash is rarely used. Debit cards and online bill paying have replaced writing checks, so young adults are more detached from understanding their finances. Although teenagers alone spent $208.7 billion in 2012, the vast majority (83%) feel as though they don’t know much about personal finances. When credit lines give instant gratification for purchases, sometimes the financial reality doesn’t hit until the bills come. Minimum payments sound like a good idea and soon debt starts spiraling out of control. This cycle is common among Millenials and much of it comes from a lack of understanding in finances.
According to a Wells Fargo study, 73% of Millenials think personal finance should be taught in college and 79% think that personal finance should be taught in high schools. Credit Loan comes to the rescue with what would be the “SparkNotes” basics for this essential course. They present this helpful infographic to teach Millenials the financial lingo they should understand to be financially savvy in today’s world.
