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According to a recent study conducted by Intuit, high school students in the United States want to take personal finance seminars in schools, but many do not. Parents may be hesitant to do this as well.
According to the results of an Intuit survey on economic education, 95% of high school students in the United States now receive a financial education, and 95% of them said they find it helpful.
In an interview with FOX Business, Dave Zasada, VP of education and corporate responsibility at Inuit, said, “Ultimately, what we learned is that 81% of students said they really try to talk about money with their parents, but parents aren’t usually comfortable having those kinds of conversations with their kids.”
According to Zasada, “it might be that they’re not economically savvy themselves, which would align with national data regarding adult financial literacy costs,” citing data showing that only 34% of people can go a basic financial literacy test. “But we also discover that 88 % of parents believe financial education should be taught in schools.”
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According to him, “I think what we’ve found in talking with children, conducting surveys, and talking to kids is that the general consensus is that kids will want to find that while they’re in school and, ultimately, taking a personal finance sure,” he continued.
Financial terms that were the most misunderstood by students were stocks and bonds (53%), 401 (k) and retirement (45%) and taxes (28%). The top three things high school students wanted to know about managing their finances were how to save money (40%), how to avoid debt (37%), and how to become wealthy (43%).
Zasada noted that “a really high percentage of students were interested in those special matters,” but they also “want to be able to understand the fundamental terms,” she added. By the time they graduate from high school, the majority of students are able to communicate in that language and have begun making long-term financial decisions that will have an effect on them personally.
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The study found that about one in five students are turning to cultural advertising, despite the fact that individuals may not have access to financial literacy instruction at school or at home. Only 19% of students studied personal finance on social media platforms, according to the study, and of those who did, 59% said they’re not always sure that they can tell the difference between reliable financial advice and bad or inaccurate advice.
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A free economic education program called Intuit was launched in September. According to Zasada, it offers about 150 hours of instruction in two programs, one of which is focused on individual finance and the other on innovative financing.
“It’s personalized, very plug and play for a tutor. He said that if a professor wants to use our material for a full course, they can do so, and if they want to just drop in and concentrate on taxes while the tax season is in session, they can do so.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTU | INTUIT INC. | 621.11 | -6.60 | -1.05% |
“We don’t just try to help kids become financially literate; we try to help them become so,” Zasada said. “We do that by, second, helping them to speak the language – understanding terms and concepts.”