As a country, we ve seen millions of Americans, with a general lack of financial planning, struggle every day with their money, only to wind up deep in debt.
Various industry research found that 2 on 3 families lack any type of emergency savings; 78% of adults live paycheck to paycheck, and 3 in 5 adults do not maintain a monthly budget.
Additionally, on average, U.S. adults correctly answered only 50% of the questions on the TIAA Institute-GFLEC Personal Finance Index in 2021.
That s why it is so crucial to start teaching kids personal finance in high school, financial literacy advocates say.
However, what many researchers have found is that far too few students particularly those from low-income backgrounds receive any personal finance education during high school. Yet they are expected to make big financial decisions about student loans and budgeting for living expenses after graduation.