I often say Consumer Education was one of the most useful classes I took in high school. And it was taught by the same person who ran my school’s Driver’s Education program!
I had no idea how unusual it was back then to learn about balancing a checkbook, compound interest and credit.
A few years ago, just eight states mandated financial education. Today 25 states require some kind of financial literacy learning, which is a big improvement.
The top three things today’s high school students wish they knew about managing their finances are: how to become wealthy (43%), how to save money (40%), and how to avoid debt (37%), according to a new Intuit survey.
The Intuit survey also finds that 85% of U.S. high school students say that they are interested in learning about financial topics in school, and 95% of students who currently receive financial curriculum say it is helpful.
Incidentally, the top three financial terms students do not understand are “stocks/bonds” (53%), “401(k)/retirement” (45%) and “taxes” (28%).
The good news is that you don’t have to wait for a class – you can educate yourself with Intuit for Education. I’ve spent some time checking out the free, interactive financial literacy curriculum, which also includes lessons on entrepreneurship.
“The focus is not just on financial literacy but capability and confidence,” Dave Zasada, Intuit vice president of education and corporate responsibility, told me this week. You’ll delve into key terms and concepts, and the program empowers students to apply what they’ve learned.
Some prime topics are budgeting, saving, investing, taxes, managing credit and even paying for college.
“It’s amazing how many kids who go to college sign up for student loan debt and have no idea what terms of loans are,” Zasada adds.
Indeed. Speaking of higher education, be sure to read this story on why some colleges will cost more than $100,000 for the next academic year.