Why Financial Literacy Matters?
Today, students are making more financial decisions at younger ages and will need financial skills and knowledge to be successful as adults. Therefore, financial skills are just as important as reading, writing, math, and other forms of communication.
A collection of personal finance statistics gathered by the Financial Literacy for Youth (FLY) from other surveys:
- 51% of high school students wished that their current high school offered financial literacy instruction for them and their families to prepare for college costs. (Source: The 2012 How Youth Plan to Fund College survey of high school students by the College Savings Foundation )
- 38% of high school students say that they are unsure or unprepared to manage their own banking and personal finances.(Source: 2011 survey of high school seniors sponsored by Capital One)
- 86% of high school students indicate they’d rather learn about money management in a class before making mistakes in the real world.(Source: Charles Schwab’s 2011 Teens & Money Survey)
- Nearly 50% of high school students are unsure of how to use a credit card effectively, yet 24% think high school or younger is when they should get their first credit card.(Source: 2011 Junior Achievement/Allstate Foundation “Teens and Personal Finance” Survey)
- Survey of 65,000 College Students shows policy makers, practitioners, and educators should encourage more and differentiated ﬁnancial literacy education components in K-12 schools across the U.S.(Source: The 2014 Money Matter on Campus by Higher One)
How can YOU help?
The Financial Literacy For Youth (FLY) is an innovative and grassroots effort to enhance money management skills that students, schools, and the community should further support.
- Spread the word about FLY, and feel free to distribute financial literacy materials at social gatherings.
- Voice your opinion to your school, district education committee, and state policy makers.
- Join the effort by helping your friends, classmates, and other students in the local community to understand their financial responsibility and develop money management skills.