Date: Saturday, April 5, 2014
Topic: Financial Literacy and the Rich-Poor Gap
Speaker: Russ Wiles, Personal Finance Writer, Arizona Republic and azcentral.com
It’s common knowledge that financial literacy is low and possibly declining in this country. Financial literacy includes not only an understanding of interest rates, inflation, the stock and bond markets and general economic concepts, but also identity theft, credit scoring and broader money topics. Most Americans don’t receive formal training in financial concepts. At the same time, there’s a lot more to learn and understand than in decades past: everything from retirement plans to mortgages to new investment vehicles. Many people haven’t yet shown that they’re up to the challenge, including technologically savvy young adults. Low levels of financial literacy explain part of the wealth gap, as more affluent and literate individuals are better positioned to capitalize on trends in the financial markets, including the recent rebounds for stocks and real estate.