USF to battle financial illiteracy

TAMPA (FOX 13) - It's a younger generation that's diverse and highly educated.  But when it comes to money matters, they could apparently use some advice.

A study conducted by PricewaterhouseCoopers and George Washington University found only 24 percent of millennials demonstrated basic financial knowledge. And many of them are facing record student debt.

"Some of these students are using these loans to go on vacations, to buy homes, or to buy cars," explained Professor Laura Mattia, who was a personal financial planner before coming to the University of South Florida.

Some high schools also recognize the need.  A bill in the legislature would require Florida high school students to take a class in personal financial management, which is already a requirement in 22 states.

Meanwhile, USF is introducing a new degree program to train personal financial planners. Mattia, who will lead the program, says hundreds of personal financial planners have retired, and graduates will have many job opportunities.

"There are jobs, there are well-paying jobs, they're satisfying jobs because you're making a difference in people's lives,"

The new major will be introduced this August.