Survey Results: Over 81% of Americans Agree Schools Should Teach High School Students Financial Literacy Coursework

LAS VEGAS, Sept. 26, 2019 /PRNewswire/ -- Recent data indicate that people across the U.S. believe that financial literacy should be taught in schools. In a survey conducted between August 13^th and August 15^th 2019, the National Financial Educators Council asked 1,211 people, "Do you think high school students should take personal finance courses in high school?" More than 81% responded that students should take financial literacy coursework. Responses:

Definitely Yes – 47.7%

Yes – 33.5%

Maybe – 9.8%

No – 3.9%

Definitely No – 5.1%

You may view the complete survey results at https://www.financialeducatorscouncil.org/financial-literacy-subject-survey.

The goal of this survey was to measure people's opinions about the value of personal finance education relative to other coursework commonly offered in high school. The findings demonstrate that most people across the country agree that financial literacy is a topic that public schools should teach.

The results of the current survey are consistent with findings of past financial literacy surveys conducted by the National Financial Educators Council in March and July 2017. In those surveys, 7,532 young adults were asked, "What high school-level course would benefit your life the most?" Respondents chose money management more often than math, science, or social studies: 49.97% selected "Money Management (Personal Finance)." Respondents across 48 states selected personal finance over all other subjects, with at least 40% in each state choosing personal finance. In only one state did respondents select another subject over personal finance. 

As the NFEC's CEO, Vince Shorb, comments, "People understand the importance of teaching subjects that benefit all students, and most want financial literacy to be taught. Yet the public school system has been teaching similar curriculum for the last century, while it has consistently failed to teach personal finance at a level that can truly benefit youth. It's time for the public school system to modify its coursework to include this important topic, which would benefit 100% of students."

Mandating personal finance at the high school level has been proven to work. The states of Georgia, Idaho, and Texas began mandating financial education starting in 2000. FINRA conducted a study to measure improvement in credit scores among young adults who went through the program in each of these states, as compared with improvement in credit scores among youth in a nearby state without state-mandated financial education. Credit scores were recorded on a 280-850 scale. For students participating in the programs' third year of implementation, credit scores increased 10.89 points in Georgia, 16.19 in Idaho, and 31.71 in Texas. This example strongly highlights why financial literacy is important to teach in schools.

The NFEC and its partners conducted this most recent back-to-school survey as part of a series of financial literacy research studies exploring various behaviors and attitudes related to personal finance. Future studies will examine the associations between attitudes/behaviors and people's actual financial capabilities.

The National Financial Educators Council is a thought leader in the financial education space, offering resources and advocacy for the financial literacy movement. The NFEC conducts research, surveys, and think tanks around financial education-related topics. The organization's goal is to illuminate evidence-based best practices to share with others in the financial coaching and financial education industry.

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SOURCE National Financial Educators Council