Financial literacy is one of the most important skills a student can obtain before graduating high school. It’ll help them make informed decisions that can impact the rest of their lives. Unfortunately, most high school students say they’re forced to turn to their parents for advice.
That’s according to a new survey from Intuit, a global financial technology platform, which highlights the opinions of 2,000 U.S. high school students about their knowledge of finances. In today’s economy, it’s a skill a large majority of students would like to obtain.
According to the data, 85% of students say they’d like to learn about financial topics in high school. Another 95% of those whose school offers a financial curriculum say they find it beneficial.
As for those who desire to know more about finances, they’re most interested in mastering these three topics:
- How to become wealthy (43%)
- How to save money (40%)
- How to avoid debt (37%)
Yet, opportunities for students to earn such education at school are lacking. Instead, their help comes from home.
More than 80% of students say they learn about finances from their parents or guardians. However, this may not always be the best case for many students for a variety of reasons, according to the survey. Families may be struggling with their own financial challenges or even systemic barriers, including high student debt and low homeownership rates.
“Making financial education tools available inside and outside the classroom can help level the playing field,” the survey reads.
These findings coincide with a WalletHub study published this week, which ranks each state from least to most literate. States like Arkansas, Oklahoma and South Dakota are considered the least financially literate states in the country.
Jeffry Haber, a professor at Iona University’s LaPenta School of Business, told the researchers at WalletHub that it’s a subject that needs to be taught in school.
“I believe financial literacy can be taught at almost all levels in the K12 curriculum and believe that it is more important to teach this to K5 rather than 10-12,” he said. “The best way to teach it is not to approach it as an academic exercise, but similar to how values are taught.”
If you’d like to know where your state ranks on WalletHub’s list, use the interactive map below to find out or click here to read the report.
