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Financial Literacy: Unlimited Need, Limited Demand

Updated: Aug 27, 2023

Side stating financial literacy: unlimited need, limited demand

Let’s start with some statistics:

  • According to a recent survey, the average cost of lacking knowledge about personal finance is $1,819 in 2022.

  • There are about 258 million adults in the United States, and according to other data, about 43% of them, or 111 million, are financially illiterate.

Let’s stop here for just a second for some quick and basic math. If we put these two facts together, it means that being financially illiterate costs adults in the United States a total of $202B (111M x $1,819) per year. These are obviously rough estimates and personally, I think the cost of being financially illiterate is significantly higher!

Before we move on, I want to be very clear that being financially illiterate is nothing to be embarrassed or ashamed about, but it is something to work on!

Slide stating not to be embarrassed by your financial situation

This was likely never taught to you in school, by your employer, or by your parents. It’s also a world that’s filled with misinformation, too many options, and a limited supply of trusted resources. Obstacles aside, there is a path forward!


There are countless free resources to learn about the world of personal finance. My favorite is listening to audiobooks from the library (yes, the library has audiobooks, and if I were a different person, I would label this a “wealth hack”). Also, if the library doesn’t have what you are looking for, most books are fairly reasonable investments. The key is to read or listen to a few so that you can start to form your own opinions and views. As I said, this isn’t one size fits all. A few of my favorites include:

  • Unshakeable by Tony Robbins and Peter Mallouk

  • The Wealthy Gardener by John Soforic

  • The Psychology of Money by Morgan Housel

  • Walk You To Wealth, by me (shameless plug)

Meme of someone becoming financially literate reading Walk You To Wealth

Ask for help!

Sometimes, self-education isn’t enough and we need to normalize asking for help. They key in this area is find someone you like and trust. Money is a sensitive topic and you want to be comfortable with your advisor. You also want to be careful who you choose, as there are countless “money coaches” who may not have any educational background on the topic. Find an advisor who is educated, certified, and suits your personality.


Just start! Dip your toe in the water with a small amount and learn about different investments. You may lose $5, $10, or $100, but you if learn more about yourself as an investor, then it’s worth it!


Being financially illiterate is costing you a lot of money. This is one area of life where you can spend a little on learning, asking for help, and experimenting, to earn a lot!

Disclaimer: The information in this post is provided for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. The information is intended to be educational and is not tailored to the investment needs of any specific individual.  It is also not intended to be relied upon as a forecast and is not an offer or solicitation to buy or sell any securities or to adopt any investment strategy.  The opinions expressed are those of the author.  Reliance upon the guidance and information in this presentation is at the sole discretion of the individual.


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