The Financial Crises Of 2008

1702 Words7 Pages
The Financial Crises of 2008 is an ongoing global financial crises that is the worst catastrophe in modern banking since the Great Depression. Four million people lost their jobs and another one million people lost their homes. A lot of people were and are still affected by this catastrophe which was easily preventable had there been a general populous that was financially literate. It seems as if the banks are looking to trap people into loans with complicated wording and fine print that requires a trained eye to see. That’s why so many people got duped into thinking that they have received cheap money with little down payment when the reality is that loan trapped them into paying high interest payments. There is no exact estimate…show more content…
If kids are taught how to manage their own money, they will have a higher standard of living, give them more independence and have the freedom to choose their path without worrying about financial handcuffs - student loans, car payments, or even credit card debt. Last year, around 39% of 18 - 24-year-olds were enrolled in college, and about 1.8 million resided in on-campus dormitories. For many students, college is the first time that they can gain financial freedom from their parents. Some even carry the financial burden of paying for college out of their own pocket, paying thousands of dollars before they even complete their first year. The complexity of applying for student loans and managing debt can be made simpler if students are guided through the admissions process. On the other hand, some kids decide to skip out on college, around 60 percent of these students didn’t even apply to college at all! Those who enter the workforce straight after high school need extra assistance in filing their own taxes, balancing a check, and applying for their first credit card. Since no one is born understanding how to manage money, it’s important that they build a strong financial foundation for kids to learn at an earlier age because once the wrong habits are formed, they are hard to break. According to a recent survey by XXX REPORT only 26% of 13-21 year old surveyed recently said that their
Open Document