A new report from the Department of Education shows no improvement in high school seniors’ economic knowledge from six years ago, despite living through the Great Recession and feeling its lingering effects. This report tested around 11,000 seniors at public and private schools. What’s more, less than half of those students have a solid understanding of economics.*
The good news is students are increasingly getting some sort of economics teaching, and they are talking about the topic more. The bad news is that doesn’t mean they know what they are talking about.
According to Vince Shorb, CEO of National Financial Educators Council, the reason for this is the simple fact people don’t understand the basics about money. He explains, “In the U.S. it has to do with parents not talking about money, not bringing them into activities that involve money. At grocery stores, you see children begging and throwing tantrums over wanting something and parents just cave instead of making it a teachable moment.”
At Avadian, we feel teaching our youth about money is one of the biggest lessons we can pass down to them to insure their success and that of our nation’s economy. Not to sound like a cliché, but they are our future. That’s why we offer two great youth savings programs to introduce them to the value of a dollar: Kids Savings School (ages 0-12) and Edge Teen Savings (ages 13-19). Ask us how you can sign them up today or visit www.avadiancu.com and click on the Kids Savings School and Edge icons on our homepage to learn more!