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Financial Illiteracy Causing Shift In Youth Attitudes About 'American Dream'

Posted by Bill Crowley on October 25 2010 @ 10:06 am

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Fewer young adults consider homeownership part of the American Dream Young adults in the U.S. may be less optimistic about the traditional "American Dream," according to the results of a new study. Survey data gathered jointly by research firm Gallup and financial literacy nonprofit HOPE shows one-third of school-age teens do not believe home ownership is part of the American Dream.

Another 40 percent reported staying in school and getting an education are not essential to making more money in the future. Previous Gallup and HOPE studies have shown "hope" is a better indicator of academic success than standardized tests, such as the SAT and ACT.

"I believe our kids are dropping out of high school because they don't believe education is relevant to their futures," HOPE founder, chairman and CEO John Bryant said. "How do we make education relevant? Show kids how to prosper, succeed, or even get rich if that is part of their dream. Financial literacy or what we call 'the language of money,' is a practical and tangible lesson that can empower youth to plan for their futures today."

Separate studies show financial literacy begins in the home, and children who are taught money management skills from their parents are more likely to be financially successful and less likely to need debt relief assistance in the future.

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