Veteran Wall Street executive calls for grassroots action to improve youth education in finance and economic fundamentals
New York, US, 13th May 2025, ZEX PR WIRE, Senior Managing Director and longtime financial professional Scott Barbrack is calling for stronger community support of financial literacy programs in public schools, emphasizing the need for young people to better understand money, credit, and long-term planning in an increasingly complex economy.
“Too many kids graduate without knowing how a credit card works, what interest means, or how to budget their income,” Barbrack said. “We’re setting them up to make life-altering decisions without the tools to succeed. That has to change.”
Barbrack, who has spent over 35 years in the interest rate derivatives and fixed income markets, believes financial literacy is just as vital as math or science. He points to alarming national data:
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Only 24% of millennials demonstrate basic financial literacy, according to the National Financial Educators Council.
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The average U.S. household carries over $7,000 in credit card debt and pays more than $1,000 a year in interest alone, according to Experian.
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23 states in the U.S. do not require high school students to take a personal finance course, per the Council for Economic Education’s 2024 report.
“These are avoidable problems,” said Barbrack. “We can’t fix the entire system overnight, but we can start by asking ourselves: What am I doing in my own town, my own school district, my own family, to help solve this?”
He’s advocating not for sweeping legislation, but for local, individual action—parents reaching out to school boards, volunteers offering to run workshops, alumni supporting their former schools, and professionals mentoring students on money basics.
Barbrack also emphasized the power of alumni donations targeted toward curriculum development and extracurricular financial clubs. “You don’t have to be wealthy to make a difference. Give time. Share your story. Help one student understand how to save. That’s impact.”
While he’s made philanthropic contributions to schools like Xavier High School and Rutgers University, Barbrack believes real progress will come when more people take ownership of the issue.
“This isn’t political. It’s practical. It’s common sense,” he said. “If we want future generations to thrive, they need to understand how money works—before they’re expected to manage it.”
Scott Barbrack encourages individuals to take the following steps:
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Contact your local school board and ask how financial education is handled.
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Offer to speak at a high school or community event about your personal finance journey.
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Donate to schools or nonprofits focused on youth financial literacy.
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Start a conversation with your kids, nieces, or nephews about how credit, saving, and budgeting really work.
“Start where you are,” Barbrack said. “If we all do a little, the results can be massive.”
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.