A report that was released by the banking industry towards the end of last year and spawned concerns that students in the United States are not receiving enough information or education about handing their personal finances. While most students spend hours and hours each week learning about their various subjects, officials state that when it comes to their personal finances many of them are totally clueless. Moreover, there are concerns relating to the issues that may arise from this lack of knowledge, prompting some to push for increased education when it comes to personal finances for students.
The study results were released late last year by U.S. Bank and showed that 65 percent of students would give themselves a C, D, or F with regards to how successfully they could manage their own finances. The results indicate that many students do not have the confidence, knowledge or resources to help them to manage their money, which could lead to serious financial issues in later life.
The need for more education
The presidents of the Society of Financial Awareness, Jim Chilton, said that he was shocked that students and children weren’t being taught about personal financial management in schools or colleges. He said that he had to take it upon himself to teach his children, which was viable because he has over three decades of experience in the field. However, for parents without any real expertise in personal finance, this could be a difficult task hence the importance of teaching this in schools and colleges.
A survey was carried out by USA TODAY College via Twitter, with officials asking followers whether they had received any personal finance education when they were at school or college. However, the vast majority said that they had received little or no education or information relating to personal financial matters.
Another official rooting for the introduction of personal finance education in schools and colleges is john Pelletier, who is the director at the Center for Financial Literary at Chaplain College. However, he said that this type of subject matter needs to be interwoven throughout the education of students including both high school and college rather than being taught at just one or the other. He said that this type of education should begin at high school and should continue during the college years of each student.