Sen. Peters: Legislation needed to address financial illiteracy

• Peters remarks come as the senator recently introduced the Piggy Bank Act, a bill that would bolster financial literacy among young adults and amid economic difficulties worsened by the pandemic.
• Peters also stated that pandemic disproportionately harmed people with low income, adding that the program would focus on giving those people "the tools that they need in order to manage that money effectively."

What they're saying: The Piggy Bank Act "focuses on the need for folks coming out of high school to have some basic financial literacy skills," Peters told Axios.

• "Well over half of adults are considered financially illiterate, and that ends up costing them an awful lot of money over the course of their life," he added.
• "It is critically important for people to understand how this financial system works, and we find that it is a particular challenge for folks in low income areas that are underserved by banks," he added.

Watch the full event here.

Go deeper: The financial literacy industrial complex