A new survey conducted by Morning Consult on behalf of the American Bankers Association Foundation found U.S. adults strongly support youth financial education being taught in schools. According to the data released today, 87% agree that financial concepts should be taught in high school and 72% believe they would be better off financially if they had learned the basics of personal finance at an earlier age.
Currently, only 10 of the 27 states that guarantee a standalone personal finance course for all high schoolers have fully implemented youth financial education while 17 are still in progress, according to the Next Gen Personal Finance live dashboard.
The survey also indicated that the plurality of consumers (38%) learn about money and financial concepts mainly from family, while only 15% selected school as the place they learned the most. Three-quarters of those surveyed (74%) rate their financial knowledge and ability to make informed decisions about money as “excellent,” “good” or “very good.”
In recognition of April as Financial Literacy Month, the ABA Foundation and bankers across the country are mobilizing to meet this demand and bring financial education to classrooms nationwide. The ABA Foundation offers three youth financial education initiatives, including the Teach Children to Save campaign.
“The survey results make clear that Americans understand the value of a solid financial education and the benefits it can have on their long-term financial well-being,” ABA Foundation Executive Director Lindsay Torrico said. “Unfortunately, access to financial education isn’t universal. That’s why the ABA Foundation and America’s banks are working together to share these important lessons with as many students as possible.”
