ST. LOUIS (KMOX) – New information shows nearly 7 out of every 10 Americans have less than $1,000 in their savings account.

The St. Louis Federal Reserve released numbers showing that the nation’s personal savings rate is 5.7 percent, half of what it was 50 years ago.

Senior Vice President of Investments Dave Simons for UBS Financial and and host of KMOX’s Dollars and Sense show says to counteract such low rates, schools need to teach kids financial literacy.

“It’s horrible when you look at the educational system…it really doesn’t matter if it’s a public school, a private school, city, county – they’re all the same when it comes to teaching our kids the basics of financing and investing and budgeting,” he says.

Simons adds teaching financial education in schools needs immediate action before the savings rate drops even lower.

“We need to know how to invest money, we need to know the difference between stocks and bonds and how to budget and yet that is devoid in our educational system and I think to the devise of our society.”

Simons was a guest on the Mark Reardon show.

(TM and Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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