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Dr. Renée Baker, Founder and CEO of the RBI Group, discusses the importance of starting financial education early and shares initiatives by the RBI Group to address the lack of financial literacy in the US. The podcast also explores the role of public schools in teaching financial education.
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Quick takeaways
- Financially literate individuals are more likely to set aside emergency funds, plan for their financial futures, and spend less of their income.
- The RBI Group aims to provide access to financial education earlier, leading to informed decision-making as adults through programs like Sentibles Financial Literacy.
Deep dives
Financial literacy problem in the US
According to the TIAA Institute's financial literacy assessment, US adults answered only 48% of questions correctly on the Personal Finance Index. While Asian Americans and whites scored roughly 55%, black Americans scored 34% and Hispanics scored 38%. Financially literate individuals are more likely to set aside emergency funds, plan for their financial futures, and spend less of their income.
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