The Need For Financial Literacy With NIL

The introduction of Name, Image, and Likeness (NIL) deals in college athletics has allowed student-athletes to monetize their success, but it has also highlighted the need for financial literacy among these young individuals. Despite the potential for significant earnings, many student-athletes lack the financial knowledge to manage their newfound wealth responsibly. Educational institutions, including the NCAA, are urged to implement comprehensive financial literacy programs to support student-athletes in making informed financial decisions. Such initiatives would not only protect students from financial pitfalls but also enhance the reputation of NIL sponsorships and better prepare athletes for life beyond college sports.

The Wealth Gap Is Narrowing, But It’s Not Enough

President Biden announced that the racial wealth gap is the closest it has been in 20 years, but the absolute value of the gap remains wider than ever. The article emphasizes the need for better financial education in schools to address this issue, highlighting that many graduates lack access to high-quality financial programs. The FINRA Investor Education Foundation notes that many individuals stall at the contemplation stage of investing. Despite a surge in new investors, particularly among Black and Latino communities, the lack of supporting education creates a precarious situation. The article calls for addressing the financial literacy crisis to prevent repeating past economic mistakes.

It’s Time Higher Ed Become Financially Literate

US student loan debt has surged to $1.7 trillion, with many graduates struggling to repay loans for degrees that do not adequately prepare them for the workforce. The article traces the history of federal student loans and criticizes the lack of risk assessment in the current system. It argues for restoring financial literacy in higher education, promoting alternative post-secondary options, and reducing government intervention to create a more sustainable and accountable system.

How Illinois Is Failing Our Students

Illinois, particularly Chicago, is failing to provide quality education to students, with less than 16% of minority students in Chicago Public Schools reading at grade level. Despite high spending per student and favorable teacher evaluations, student outcomes remain poor. The article criticizes the lack of accountability and the dismissal of educational alternatives such as the Invest in Kids tax credits. It highlights successful models like GCE Lab School, which achieved better outcomes with less funding, and calls for innovation and school choice to improve education.

The Perils Of Not Investing In Financial Literacy

The article highlights the consequences of inadequate financial literacy, emphasizing the need for formal financial education to prevent individuals from making poor financial decisions. It discusses the impact of viral stock surges and the role of social media in influencing investment behavior. The author argues for the integration of financial literacy into school curriculums and calls for federal and state governments to take proactive measures, including funding and policy changes, to improve financial education and promote economic engagement among citizens.