In a recent interview with Learnbonds.com Status Money chief executive Majd Maksad has stated that the United States millennials are not well equipped to make key financial decisions. According to Majd, this shortcoming should not be blamed on the millennials.
Political leadership to blame for financial illiteracy
Majd noted that political leadership is responsible for tackling the issue. According to Majd, “Absent any political leadership on this issue, I believe that parents must be the front line in the effort to introduce personal finance into their children’s’ education – both at home and at their schools.”
During the interview, the executive officer highlighted that sectors like real estate will likely recover immediately after the coronavirus pandemic. He, however, projected that the travel and hospitality sector will take a longer time to resume normal operations as people will put on hold unnecessary travel.
On the skyrocketing United States household debt, Majd pointed out that Status Money helps users by providing a diagnostic of spending, income, assets, and debts compared with people like you.
He further delved into why an average person needs to learn more about how their peers spend money. Majd stated that Status Money’s peer comparisons are important because it provides each person with an accurate picture of how similar people are spending, saving, and investing their money.