Final answer:
Young adults face issues with financial literacy due to lack of education, increasing financial pressures, and the impact of the coronavirus recession.
Step-by-step explanation:
One of the issues for young adults and financial literacy is the lack of education and exposure to financial management concepts. Many young adults do not receive proper instruction on topics such as budgeting, saving, investing, and understanding financial institutions. This lack of knowledge can lead to poor financial decision-making, including excessive debt and insufficient savings.
Another issue is the increasing financial pressures faced by young adults today. Factors such as the rising cost of education, stagnant wages, and the burden of student loans make it challenging for young adults to achieve financial stability. They may prioritize short-term spending over long-term financial planning.
The impact of the coronavirus recession has also exacerbated financial challenges for young adults. Job losses and reduced employment opportunities have left many struggling financially, further highlighting the need for financial literacy education.