Support Financial Literacy Programs In Schools
Final signature count: 3,523
3,523 signatures toward our 30,000 goal
Sponsor: The Literacy Site
Our students need financial literacy programs no later than high school. Help us take action!
Financial literacy is important, and it needs to begin early, but the U.S. falling behind.
An estimated 44% of Americans can’t cover a $400 emergency without going into debt. And 56% of Americans have less than $10,000 in savings for their retirement1.
Moreover, close to 69% of parents are reluctant to discuss financial matters with their kids2.
The basics of personal financial planning, including teaching young people about money, its value, how to save, invest and spend, and how not to waste it, meed to start early at both home and school3. Personal finance concepts should be taught in elementary, middle and high school, and should continue into college.
Currently, a personal finance education course is a high school requirement in 21 states. In 24 states, high schools must offer personal finance education, but they do not require students to take it4.
Young people often do not understand all the details of healthy financial activity, including debit and credit cards, mortgages, banking, investment and insurance5. However, the number of financial decisions an individual must make continues to increase, and the variety and complexity of financial products continues to grow6.
One of the most important financial decisions a student will make in their lives are choosing whether they should go to college after high school and what field to specialize in7. When they have an opportunity to go to college, most students borrow to finance their education. But they don’t always understand how much debt is appropriate, let alone financial aid, loans and their effect on credit scores.
Financial literacy leads to better personal finance behavior. There are a variety of studies that indicate that individuals with higher levels of financial literacy make better personal finance decisions8. Those who are financially illiterate are less likely to have a checking account, rainy day emergency fund or retirement plan, or to own stocks. They are also more likely to fall into bad habits like using payday loans, pay only the minimum amount owed on their credit cards, have high-cost mortgages, and have higher debt and credit delinquency levels9.
Sign the petition and help us push for more financial literacy programs in schools!