The current level of financial literacy in America is shockingly low. Most people don’t understand how our banking system works, how to invest their money, or what’s the best financial vehicle for their retirement fund. And most Americans can’t afford, or don’t have enough money to warrant, a financial advisor.
Since we want Americans to have some control over their retirement, it’s important to ensure Americans have the knowledge they need to save and invest properly. While educating people when they’re young adults is one avenue to achieve this, not everyone remembers everything they learned in high school (and, if we’re honest, almost all of us didn’t pay attention in at least one class). It’s important to continue to provide assistance to those who want to learn how to save for their future.
Problems to be Solved
- checkMost Americans have no idea how to save for their future, despite desperately wanting to.
- Financial literacy is lacking for many Americans, in part because it doesn’t seem relevant until too late, and then it seems needlessly complex. We need to make it easier to learn about investing and saving for Americans of every age and stage. Financially literate Americans are harder for companies to take advantage of and will pass good financial principles down to their children. This is good practice.
- checkMake it easier for Americans to learn about personal finance
- checkAssist Americans in saving for their future
As President I will...
- Direct the IRS to invest in online courses and AI-based advisors to help people understand their options for personal finance.
- Allow all Americans to deduct the cost of a personal finance course at a community college from their taxes.
- Create a division of the IRS to assist individuals who are looking for personal finance advice to contact them for that advice.