86% of Americans Believe Financial Education Should Be Mandatory For Children
Reading, writing and arithmetic. Oh, and money.
That’s what Americans believe should now be taught in our schools.
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.