Millions of students aren't exposed to financial learning throughout their education and as a result they will not come out of high school with meaningful financial literacy.
There is a lack of financial understanding when it comes to personal finance. But should they be learning this at school? Who should have the responsibility of teaching children today about the world of money?
If the parents expect the school to handle it and they don't then there will be some who aren't prepared in a way that they could have been. There are some serious consequences that could come along with that.
Past surveys have indicated that parents think the financial learning should be provided at school.
However, we also see that the trend of homeschooling has been growing so perhaps more parents today would think that they themselves should engage their children with this learning, instead of the public school system.
In some states they've seen an increase in homeschooling by more than 60% throughout the 2020-2021 school year, still there are some families who are choosing even after the pandemic to go the route of individualized schooling for their families. For many they find freedom and a wide variety of benefits come along with that homeschooling path.
It isn't only high school students that might lack the financial literacy but college students as well might not know much more about money matters either.
It's estimated that some 1 in 4 students in the US will have access to financial education in 2022. There are ongoing efforts to improve on that even further, one day it could be all students who gain that literacy and exposure to financial lessons.
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This is not financial advice
Sources:
https://money.usnews.com/credit-cards/articles/survey-majority-of-parents-want-high-schools-to-teach-personal-finance
https://www.pbs.org/newshour/education/as-u-s-schools-reopen-many-families-continue-to-opt-for-homeschooling
https://www.cnbc.com/2022/04/22/nearly-25percent-of-us-students-have-access-to-personal-finance-education.html