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NOTE: All Articles of DARK 2020 come from Puzzling Words. These will become unpublished before 2019. Starting in 2019, the articles will be updated and republished over the next 2 years.
APR the sign of Lack of Financial Education
Tim LeClair   26 Jul 2012 12:00 PM pst

In 2009 at Bowling Green SC when college students were asked what APR stands for in true or false style, only 53 percent knew the answer or guessed correctly. When put into a multiple answer style on an earlier test at a different college only 17 percent answered correctly (That includes those that guessed). We do not teach our children the importance of money, how to balance a checkbook, keep a budget, calculate interest, forecast financial situations or other money matters. This subject screams teach me in primary and secondary schooling. BUT NOT NEVER! Those surveyed were not what someone could call the countries flunkies and drop outs, those were college students, the ones to lead this country to greatness. Instead they end up owing on student loans at ungodly 9 percent APR (variable) for a good part of their life.

Update: Trying to put search references to this topic became a nightmare as if those old surveys were an embarrassment and buried. I have the surveys on an old backup drive but that does not help me to provide a reference. I reviewed some of the many surveys out there and the percentages are still low. The sad part is the question is a give me, on one survey the question was what does APR stand for, then about nine questions later in the question it provides the answer with the acronym APR in brackets after it. Another survey asks if Annual Percentage Rate was relating to the rate for life of loan, semi-annual, or annual. SERIOUSLY! Many colleges are making it mandatory to go to a class to ensure they do better on such surveys. This topic should be old news for all students prior to entering High School.



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