Financial Literacy: An Epic Fail in America


Date:   Mar 26, 2019

Lacking the skills needed to make informed financial decisions hurts individuals and the economy. What can advisers do to help?

For as long as he can remember, Zachary Beneda dreamed of joining the Air Force.

But the 23-year-old senior at Texas A&M University, who will be headed to Japan after graduation for his first active-duty assignment as an Air Force support officer, got a rude awakening when he realized he'll also have to begin paying back $90,000 in college loans.

Mr. Beneda will be required to pay $1,000 a month — about half his monthly salary as a second lieutenant.
“I was floored,” he said. “I thought the military was going to take care of me and the burden wouldn't be as bad. I wasn't worrying about the loans as much as I should have.”

Mr. Beneda is hardly the first to underestimate the weight of college loans, and he won't be the last.

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