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Why High School Kids Are Financially Illiterate

Tuesday, July 30, 2013 - 9:58 AM
From The Fiscal Times:
If the U.S. education system can’t teach Johnny how to read, it’s not surprising it can’t teach him how to balance his checkbook or calculate compound interest.

A report out this month from the Champlain College Center for Financial Literacy (CFL) in Vermont finds that the vast majority of states are doing a poor or mediocre job of educating high school students in key financial skills. The report card, which awarded each state a letter grade, gave 60 percent of the states a C or less; 44 percent of those received D or F grades.     

[...] In the aftermath of the 2008 banking and real estate crises, experts say financial education is critical to helping young adults better handle everything from credit card debt to student loans, and to make more complex choices about investing and mortgages. Since there’s no national curriculum standard for teaching financial literacy, questions remain about who should teach the classes and even whether funding should come from public or private sources.  As a result, the quality of financial education varies wildly from state to state and from district to district.

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