A recent financial literacy assessment of 15-year-olds found that 20 percent of U.S. students did not reach the baseline level of proficiency. 

CNN reported that Chinese teenagers in Shanghai "know more about money than American kids. So do teens in Estonia." The test, administered by the OECD, was given to 29,000 students in 18 countries in 2012, and tested knowledge in areas ranging from banking and taxes to interest rates. 

Nearly 20 percent of students did not display "the basic skills that are needed for success later in life," said Michael Davidson, head of early childhood education at OECD. Chinese students scored the highest, along with teens in Belgium, Estonia, Australia and New Zealand. 

"If we want to have young people who are globally competitive in 20 years, having a good solid basis of understanding their financial lives early is important," said Ted Beck, president of the National Endowment for Financial Education. "This should be a priority."

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Article by Kassondra Granata, EducationWorld Contributor