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One in Six 15-Year-Old Students Lacks Financial Literacy

1 in 6 15-Year-Old Students Lacks Financial Education

As students grow up, they gain more responsibilities. They begin to take on jobs and pay for their cell phone bills, car insurance and more. Money offers a new level of freedom, but how well trained are today's students to handle this newfound freedom?

According to the Organization for Economic Cooperation and Development (OECD), one in six students has not been taught basic financial literacy skills. EducationNews noted that the financial literacy assessment was done for 15-year-old students, and that they have about three years to learn before they "leave the nest." Currently, only 17 states require high school financial literacy courses before students graduate, and small educational interventions can make a huge difference. 

Florida, for example, is the first state to adopt school standards regarding personal finance. The state is now working to implement the standards.

"I think there is a tremendous need for those in the business community, especially CPAs, to promote and bolster financial literacy in the U.S. But, more importantly, I think it is important for these same individuals to actively pursue legislation at both the state and federal level which will prioritize the importance of financial literacy by requiring financial education be taught as a part of the K-12 curriculum," said Lane McDaniel, of the Society of Louisiana CPAs Financial Literacy Committee. 

Read the full story. 

Article by Kassondra Granata, EducationWorld Contributor

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