WASHINGTON — U.S. adults strongly support youth financial education being taught in schools, a new study reveals.
A new survey conducted by Morning Consult on behalf of the American Bankers Association Foundation shows nearly nine-in-10 consumers (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.
April is Financial Literacy Month.
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 ABA 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.”
“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,” said Lindsay Torrico, executive director, ABA Foundation. “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.”
Highlights from the report:
When asked “A 2024 report from the Global Financial Literacy Excellence Center found that the average American scored 48% on a financial literacy test, with only 16% of Americans scoring between 75-100% on the test. Do you agree or disagree that financial concepts should be taught in high school?”, consumers provided the following answers:
- Strongly agree - 64%
- Somewhat agree - 23%
- Somewhat disagree - 3%
- Strongly disagree -1%
- Don’t know/No opinion - 9%
When asked “Do you agree or disagree with the following statement? I would be better off financially if I had learned the basics of personal finance at an earlier age,” consumers provided the following answers:
- Strongly agree - 42%
- Somewhat agree - 30%
- Somewhat disagree - 11%
- Strongly disagree - 6%
- Don’t know/No opinion - 12%
When asked “Where did you learn the most about money/financial education concepts?” consumers provided the following answers:
- My bank (conversations, newsletters, etc.) - 9%
- Social Media -11%
- School - 15%
- Friends - 3%
- Family - 38%
- Books/Magazines - 5%
- TV - 4%
- Other, please specify - 5%
- Not sure - 9%