FINANCIAL ILLITERACY: WHEN WILL WE LEARN?
Financial literacy has a predictive power in determining how well an individual can meet an unexpected expense or how likely someone is to save enough for retirement. A financial literacy gap not only points to a disparity in financial satisfaction, but it is a leading contributor to economic inequities.
Our public schools continue to fall short on educating children about critically important personal financial topics. In a recent survey of states, only 21 states required high school students to take a course in personal finance; in other words, only 17% of high school students nationwide are required to take one course in personal finance.
Sadly, this gap is even wider when comparing financial education between high-income schools and low-income schools. Students of high-income schools were nearly three times as likely to be required to take a personal finance course than were students of low-income high schools.
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