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So here’s a mildly embarrassing personal truth I will admit: I’m 29 and I have no idea how money works.
Budgets? Investing? Interest rates? I think the Fed does something important? Totally lost on me. I am aware that these things exist, but that is the extent of my financial acumen.
The sad consolation is that most of my peers aren’t doing much better: Only 24 percent of millennials have “basic financial knowledge,” and just 27 percent are getting professional financial help, according to a study this year from George Washington University’s Global Financial Literacy Excellence Center and PricewaterhouseCoopers. Half of millennials are concerned about student loan debt, nearly half couldn’t come up with $2,000 in 30 days in case of an emergency and only a third are satisfied with their financial situation, according to the study.
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