Survey Results: Most Americans Agree that High Schools Should Teach Financial Literacy

News provided by

National Financial Educators Council

Aug 12, 2020, 08:32 ET

LAS VEGAS, Aug. 12, 2020 /PRNewswire/ -- Research conducted by the National Financial Educators Council in August indicated that the majority of Americans (over 84%) replied, "Definitely Yes" or "Yes" to the question, "Do you think high school students should take personal finance courses in high school?"

Survey Details: 1,252 people across the US were asked, "Do you think high school students should take personal finance courses in high school?"

84.5% Responded "Yes" or "Definitely Yes"
7.3% Responded "No" or "Definitely No"
8.5% Responded "Maybe"

Full survey results at: https://www.financialeducatorscouncil.org/Financial-literacy-subject-survey/

The National Financial Educators Council (NFEC) carried out the study to evaluate people's attitudes toward financial education as compared with other curriculum typically taught in high school. The findings showed that the agreement held true across all demographic and age groups.

The NFEC has been conducting financial literacy surveys on this topic since March 2017, and findings from this survey are consistent with previous results. For example, in one earlier survey they asked 7,532 young adults, "What high school-level course would benefit your life the most?" Across 48 states, 50% of respondents selected "money management" as their top choice, above math, science, or social studies. In every state, at least 40% of survey respondents selected personal finance as the topic that would benefit them the most; money management was not the number one option in only one state.

The findings of the current survey indicate strong agreement around the US that it's important to provide students access to financial literacy education. Rick Davis, a Certified Personal Finance Consultant (CPFC) states, "The reality is that financial literacy and strong money management skills are a key to long-term financial independence and overall happiness, yet these skills are very rarely taught at home or in any other formal setting. This leaves people to often learn through trial and error. It makes sense to introduce these lifelong skills to youth at an early age and in an environment conducive to learning to prepare them for the many important financial decisions they will face following their high school years."

As Vince Shorb, the NFEC's CEO, observes, "People want personal finance to be taught and understand how important it is to teach topics that benefit all students. Public schools have been teaching the same curriculum for a century, but that curriculum rarely includes personal finance – a topic that would benefit 100% of students. It's time for the public school system to mandate this important subject in its curriculum at a level where youth would truly benefit."

In fact, it has been demonstrated that teaching financial literacy at the high school level has positive results. FINRA conducted research in Georgia, Idaho, and Texas, three US states that began mandating high school personal finance education in 2000. After three years of studying the programming, credit scores – measured on a scale of 250 to 850 – among students in those states had improved by 31.71 points in Texas, 16.19 points in Idaho, and 10.89 points in Georgia in comparison with scores from students in a nearby state without the financial education mandate. This research underscores how important it is to teach financial literacy as part of the high school curriculum.

The National Financial Educators Council is a personal finance company whose mission focuses on providing top-quality financial education programming. As a social Benefit Corporation, the NFEC's social impact-focused enterprise has supported the development of thousands of programs over the last decade to reduce the cost and time needed to develop programming, while providing tools and training that increase program impact. NFEC's YouTube channel.

Contact:
Trevor Stoll
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SOURCE National Financial Educators Council