86% of Americans Believe Financial Education Should Be Mandatory For Children

86% of Americans Believe Financial Education Should Be Mandatory For Children

September 19, 2019         Written By Bill Hardekopf

Reading, writing and arithmetic. Oh, and money.

That’s what Americans believe should now be taught in our schools.

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According to a new study from Country Financial, 86% of Americans think financial education classes should be mandatory for school-age children. However, only 52% of respondents said they received some form of financial education during their K-12 years, and just 15% said they felt “very prepared” to manage their finances as adults.

Most high schools in America offer little to no financial education courses. In fact, only five states have financial education as a graduation requirement.

Since financial literacy is lacking in school curriculum, children turn to their parents for financial guidance. The study found 78% of parents said they had talked to their kids about saving, and 52% said they had discussed budgeting. Only 9% had talked about managing student loans, and 13% about retirement planning.

The survey found 61% of Americans agree the financial eduction received from their parents helped shape the way they manage their own finances. Nearly half of respondents with children gave themselves a grade of “C” or lower on financial literacy, which shows parents may not feel confident about their ability to teach this to their children. One third of parents said they would rather teach their children about sex than about money.

If you would like help improving your child’s financial literacy, check out these Money Management Tips for Kids.

The information contained within this article was accurate as of September 19, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.