New Poll Underscores Need for Financial Education in School
03 Aprile 2013 - 1:00PM
Business Wire
High school seniors who have taken a personal finance course are
more likely to engage in financially responsible behaviors, such as
saving, budgeting, and investing, according to a recent study
sponsored by Discover Financial Services as part of its Pathway to
Financial Success program (www.pathwaytofinancialsuccess.org). In
the face of economic uncertainty after high school and college,
students who discuss personal finances at home and at school are
more happy, confident, and knowledgeable about life after
graduation than those who do not.
The findings highlight the need for financial education
curriculum in schools to bolster the conversation around practical
money management and to build confidence among students preparing
to graduate high school. Pathway to Financial Success, a program
dedicated to getting financial education into the classroom, has
been providing grants to high schools to help pay for resources and
teacher training on financial education. Launched in February 2012,
the program has provided more than $2.6 million in financial
education grants to nearly 300 public high schools across the
country, reaching more than 65,000 students.
Students Rank Personal Finance as Most Important Subject in
School
Students who have taken a personal finance class at school are
twice as likely to be confident in their abilities to manage
finances and more likely to prepare a budget. Of students who have
taken a personal finance class, 60 percent have a budget, versus 46
percent of students who have not taken a class. The study also
found that 32 percent of those who have taken a class invest versus
17 percent who have not taken a class.
“By getting financial education in schools, we’re helping the
next generation gain confidence for life after graduation and
giving them the opportunity to achieve brighter financial futures,”
said David Nelms, chairman and chief executive officer of
Discover.
The 1,200 high school seniors who participated in the national
study ranked personal finance as the most important subject they
needed to learn in school for their future success – tied with math
and ahead of science and technology – but less than one third (29
percent) have taken a personal finance course in school.
Key Findings
The majority of high school seniors are earning their own
spending money, planning on contributing or paying entirely for
expenses when they graduate, and intending to work while going to
college.
- Only one-third claim to be “very
confident” in their ability to manage their personal finances.
- Female students are less confident
about their ability to manage money (28 percent) than male students
(40 percent), but females were twice as likely to rank personal
finance as most important to their personal success.
- Only half (52 percent) know the cost of
their tuition.
- Almost half (48 percent) still save
through a “piggy bank.”
- Nearly half (45 percent) do not use a
budget.
- About one-third (33 percent) say
they’ve already encountered issues with managing their own
finances.
Methodology
The survey titled, “High School Seniors’ Financial Knowledge and
Outlook: A Discover Pathway to Financial Success Survey,” was
conducted for Discover in March 2013 by the research firm Penn,
Schoen, Berland in collaboration with Burson-Marsteller. The survey
was conducted online among 1,200 randomly selected current high
school seniors, who plan to graduate in the spring of 2013. The
margin of error for the total sample is +/- 2.8%. The study was
commissioned by Discover to increase the understanding of issues
surrounding young people and money management, including
understanding students’ financial knowledge, behaviors, and
financial outlook of the future as they prepare to graduate.
About Pathway to Financial Success
Pathway to Financial Success is a five-year, $10 million
commitment to bring financial education curriculum into public high
schools across the country. Schools receiving grants must agree to
pre- and post-test students on the curriculum to measure success.
Discover began the program in February 2012 and has since given
more than $2.6 million to schools across the country. Lesson plans,
tips and information for how to talk to teens about money are
available on www.pathwaytofinancialsuccess.org.
Full Findings
For full findings, please visit
www.pathwaytofinancialsuccess.org/blog.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company operates the Discover card, America's cash rewards
pioneer, and offers home loans, private student loans, personal
loans, checking and savings accounts, certificates of deposit and
money market accounts through its direct banking business. Its
payment businesses consist of Discover Network, with millions of
merchant and cash access locations; PULSE, one of the nation's
leading ATM/debit networks; and Diners Club International, a global
payments network with acceptance in more than 185 countries and
territories. For more information, visit
www.discoverfinancial.com.
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