into debt over the preceding year.

The role of financial education is now seen as a core component

of the financial wellbeing of individuals, as well as contributing
greatly to the broader stability of the financial system. Findings
from research on the subject have resulted in three key
takeaways. The first is that providing financial education in high
school may prove to be especially beneficial to students from low-
income or disadvantaged backgrounds. Second, the capacity for
financial literacy is not entirely dependent on cognitive ability. And
third, it is likely to prove beneficial to provide financial training and
education well before individuals partake in major financial
decisions. It is also believed that further educating parents on
finances could be more effective than only focusing on providing
these resources to young people. However, the shortcoming of
many financial education programs is that they only tend to
assess whether individuals enrolled in educational programs were
able to increase their savings. Rather than focusing on this rather
narrow aspect, it is essential for financial educators to develop
new ways to assess financial literacy, particularly among the
young.