Finance Education Amongst High Schoolers

Mati Favela, DePaul University, Sophomore, Summer 2024

Consider this question: Could I have been more prepared when dealing with my finances?

Teenagers have a wide variety of education levels in financial literacy, therefore, teaching these crucial skills in high school could avoid these discrepancies.

Teaching personal finance introduces opportunities for people to have control of their lives. An article from Champlain College pointed to a 2017 T. Rowe Price Survey that stated 69% of parents don't feel comfortable “discussing financial matters with their kids” (Champlain College, 2017). With this continued lack of education, it's essential to form a curriculum that addresses budgeting, saving, credit, college finance, etc. Karis Kelly, an On the Money Mentor with EAC, shared that her first exposure to finance was in middle school. While in high school, she noted that she wasn’t taught any personal finance-related topics, however, this didn’t stop her from gaining more knowledge of finance as she joined the OTM mentorship program. From an early age, Karis knew about finance and  concluded that “basic finance is a part of everyday life.” One can see how beneficial bringing that education to her life was, however not all students in high school will have a similar beginning and go through high school without “basic finance.” If that curriculum is not formed in schools it makes programs such as OTM necessary to teach more students. 

Building and maintaining a stable lifestyle comes with working with your personal finances over time, therefore, initiating that process earlier is crucial. In a 2023 report, The Financial Literacy Crisis in America, emphasis is placed on how adults today desire to be taught more about financial literacy in high school. It was reported that 74% of adults believe they “would’ve made fewer mistakes with money” if they had more exposure to personal finance (Ramsey, 2023). Furthermore, after speaking with the Vice President of Commercial Banking at Chase Bank, Euphraise Backhaus emphasized the value of “creating awareness and giving them the tools to take charge” when referring to high school students. Thus, introducing crucial topics of personal finance in high school will allow students to feel prepared and live a prosperous life. 

List Sources:

• https://financialliteracy.champlain.edu/research-advocacy/2017-national-report-card-on-high-school-financial-literacy/2017-case-summary/#:~:text=Personal%20finance%20education%20in%20high,lifetime%20of%20financial%20well%2Dbeing. 

• https://www.ramseysolutions.com/financial-literacy/financial-literacy-crisis-in-america

• Karis Kelly / On the Money Mentor

• Euphraise Backhaus / Vice President of Commercial Banking