February 11, 2009

MTV aims for financial literacy amongst college kids

Posted in Misc at 2:59 PM by Joe From Boston

This is something I never thought I’d write about, but I am so happy to see this – MTV is trying to get young folks to understand financial literacy, and perhaps more importantly, to understand why financial literacy is so important.

To do so, they’ve started a new web site, www.InDebtEd.com.

Here, college kids and young adults can learn about personal debt, the dangers of the worry-about-it-later credit card habit, and even learn about how badly our government is indebt.

Did you know

  • you shoulder $184,000 of government debt?  And so does every other American.
  • 71% of last year’s federal budget went to a few key necessities such as defense, medicare, Medicaid and social security.
  • “Spending on all other programs—including education, transportation, science and research, law enforcement, and programs that protect our environment and help the poor—represented only 29%.”
  • college tuition is currently DOUBLE what it was in 1980

I feel it is vital that our young people learn financial literacy.  I’m 29 and even growing up the daughter of 2 finance majors, I didn’t feel prepared when I started living on my own.  Kids just aren’t taught fiscal responsibility.

So kudos to MTV for taking action!