Financial Literacy

Charles Schwab Teens and Money 2007 Survey Findings: Insights into Money Attitudes, Behaviors, and Concerns of Teens.Charles Schwab This survey highlights a gap between teens’ understanding of success and what it takes to achieve it when it comes to the world of personal finance. While nearly two thirds of American teens ages 13-18 surveyed believe they"re prepared to deal with the adult financial world after high school, when probed on specifics, such as how to budget money, pay bills, use credit and banking services, their responses don"t necessarily correspond with their confidence.

President’s Advisory Council on Financial Literacy. U.S. Department of the Treasury The purpose of the President"s Advisory Council on Financial Literacy is to help keep America competitive and assist the American people in understanding and addressing financial matters. This site links to Council-sponsored initiatives that help increase financial education efforts for youth in school and for adults in the workplace by increasing access to financial services, establishing measures of national financial literacy, conducting research on financial knowledge, and helping strengthen public and private sector financial education programs.

Choi, Laura. Financial Education in San Francisco: A Study of Local Practitioners, Service Gaps and Promising Practices, November 2009. Federal Reserve Bank of San Francisco The findings in this report are based on a series of interviews with experienced financial education providers from nine organizations in San Francisco. Practitioners cited that most San Francisco youth receive no formal education in personal finance, and that financial literacy training is notably absent from schools, as well as most homes. Of particular note are the large numbers of "unbanked" and "underbanked" families and the need for credit building services and education for the city"s sizeable immigrant population.

Lusardi, Annamaria, Olivia S. Mitchell, and Vilsa Curto. Financial Literacy among the Young: Evidence and Implications for Consumer Policy, January 28, 2010. Dartmouth This study explores the relationship between financial literacy and high levels of debt among youth. It notes the 58% increase in student debt between the years 1997 and 2007, 74% increase in consumer debt among college students between 2004 and 2009, and the implications thereof, both for young consumers and consumer policy in general.

Mandell, Lewis, PhD. Results of the 2008 National Jump$tart Coalition Survey of High School Seniors and College Students. The Jump$tart Coalition Since 2000, the Jump$tart Coalition has administered a Survey of Personal Financial Literacy Among High School Students to determine and better understand the level of financial literacy among young people. This survey revealed that the financial literacy scores of 2008 high school senior class rank lower than their 2006 peers and high school seniors have a lot to learn about important financial concepts such as credit and debt, stocks and bonds, and health insurance, among others.