We Need Financial Literacy by Greg Coverdale

Posted on 03-03-2022

Delaware News Journal Letters to the Editor

July 10, 2021

“If you give a man a fish, you feed him for a day. If you teach a man to fish you feed him for a lifetime.”

If you teach him well enough, that man will be able to make sure his family eats well for multiple generations to come.

If you educate a person on how to manage their money through budgeting and tracking income and expenses, and by being disciplined, there is a much higher probability that they will be able to create economic stability, and not suffer constant stress and financial struggle.

It is very important that all people are armed with a sound K-12 education. Higher education also makes a huge difference. With education comes greater job and business ownership opportunities. Both of these put a person in a situation where they are better positioned to provide a good lifestyle for them and their family.

The government needs to divert some of the money it now spends on welfare programs and stimulus, and invest in public education. Help those of our citizens who need help, but do not continue to support those who abuse these programs and work the system. They hurt those who really need the financial support.

In addition to the current curriculum in our schools, we need classes on financial literacy. We need to educate our students about the value of saving and investing, the importance of having good credit, planning for retirement at an early age, and the difference between assets and liabilities.

For example, there is a huge demand for quality tradesmen that are professional; not only in their craft but also in business administration. We should educate those tradesmen so they can learn how to run a business.

Instead of throwing money at the problem, let’s fix it. Handouts, instead of a hand up, demean our citizens, and tells them someone else needs to take care of them.

Educated people make better informed decisions for their future and their family. A high-quality education that is also heavily rooted in basic personal finance is key to leveling up and breaking generational cycles. Financial literacy is the equalizer for true equity for all.

— Greg Coverdale, Wilmington