DALLAS–With credit unions placing greater emphasis on financial education and financial wellness, a new survey again demonstrates why there is such need.
According to the National Financial Educators Council (NFEC), which tests youth and young adult financial literacy nationwide each year and reaching more than 130,000 participants over the past decade, its 2021 survey has found a significant lack of education on finances among young people.
In 2021, the NFEC reported it found, based on the 73,171 people who participated in the test, the following average scores were achieved by each of six age groups:
- 10 – 14 years old: 56.91%
- 15 – 18 years old: 64.22%
- 19 – 24 years old: 71.14%
- 25 – 35 years old: 76.20%
- 36 – 50 years old: 77.37%
- 51+ years old: 78.13%
Questions’ Objectives
According to the NFEC, questions on the test are formulated to measure participants' knowledge across the 10 essential subject areas laid forth in the NFEC's Financial Literacy Framework & Standards.
“This framework offers guidelines for educator qualification and optimal learner outcomes for personal finance education. The financial literacy test assesses three key factors that underpin a person's financial health: motivation to learn, topic knowledge, and ability to identify initial action steps toward improving one's personal finances,” the organizations aid.
‘Long Way to Go’
"According to these test results, Americans have a long way to go before they are prepared to make more informed financial decisions," said NFEC CEO Vince Shorb. “Our youth and young adults need more financial education to ensure that they can confidently address near-term choices like moving out on their own, getting their first credit card, and deciding on student loan options."
According to the NFEC, understanding basic topic knowledge is just the first step toward greater financial wellness.
“Unlike many other subjects young people learn in high school, financial literacy requires much more than just memorizing facts. Learners must become capable to change their own financial behaviors and confident about their personal finance decision-making abilities,” the organization said.
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