CNBC will feature advice from CNBC’s frequent guests and contributors in April, Financial Literacy Month. Here are their thoughts on financial literacy and how it will impact their lives and the future generations of American savers, investors, and consumers.
Ndamukong Suh, Tampa Bay Buccaneers Super Bowl Champion and Investor, is a successful player and investor. Former All-American lineman Ndamukong Suh has invested in more than 30 companies, including Oura Ring. He believes financial literacy is essential for financial knowledge and should be taught to students.
“Financial literacy is a must in schools. It was something I wished I had as a child. Our youth must learn this early in life. This knowledge will be very useful for them when looking for their first home, renting a vehicle, or leasing one. Understanding your credit will also help them make the right decisions. You won’t be able to succeed in your life if you don’t have the foundation and knowledge.
There are currently no federal guidelines that govern personal finance education in schools. This means each state can set its own rules. According to the 2022 Survey of the States by the Council for Economic Education, 23 states require students to take a personal finance class.
Marc Morial, former mayor of New Orleans and National Urban League President/CEO, believes that financial literacy is an empowering skill. It allows people to make informed decisions about how they spend their money. He prefers the term “financial empowerment.”
“We at the National Urban League prefer financial empowerment to financial literacy because most Americans understand money and have some understanding of the financial system. They don’t have the full power to face the complexities. We like to talk about our goals. The goal is to empower people financially.
CNBC contributor Josh Brown spends much of his time on CNBC talking about money. Brown believes that being financially educated is a key to freedom.
“The freedom to decide how we live our lives, how much we spend our money, and how we prioritize today over tomorrow. The more you know about banks, credit, long-term investing, and the differences between trading and investing money, then you will have more freedom. It’s important to take this seriously.
Karen Finerman, a CNBC contributor, believes financial literacy is essential because it helps improve the economy.
“Financial literacy plays a vital role in the overall U.S. economy as we all play a part in it. If we don’t speak the language, how can we help develop this economy and ourselves?
Jack Kosakowski has a mission: to improve financial education for young people. He is the President and CEO of Junior Achievement USA. This organization helps young people in the United States learn how to manage their money.
Junior Achievement believes that schools should teach young people money and save early. It builds up. As with other subjects, master’s classes are not a quick way to get into a master’s class. Young people should be taught from a young age how to manage money and the various aspects of budgeting and finance.