Financial Literacy for Teens
50% is the average score on a basic financial literacy test taken by seniors in high school. We have learned our habit of money from our parents and that is the problem with the world. In Robert Kiyosaki’s “Rich Dad Poor Dad” “Retire Young Retire Rich,” he refers to it as “swinging your parent’s axes.” Schools should require business classes for every student because you use money no matter what job you have. The lack of financial literacy is causing the crisis on our country and the people that lack the financial education are the ones trying to fix it.
The United State’s treasury is concerned that teens may not adequately know that much financial literacy. They tested over 47,000 high school students and, on average, students scored around 50 percent while only 35 of the students aced it. They are encouraging students to learn finance by offering a 1,000 dollar reward to students who can ace the test. “(Wall Street Journal).”
I have learned a lot from the “Rich Dad Poor Dad” series, and I shall share some of the knowledge I have gained. Financial literacy makes a great difference in how much we make. As previously stated, people learn money habits from their parents. On average most families who have a high income are better educated in finance. On April 15, 2006 USA Today reported of a survey taken by high school seniors of 35 states and only 48 percent of them got a 50 percent. A closer look though reveals that the students who did better on the test come from a family who gains over eighty thousand dollars a year.
According to Schwab Money’s website eight to ten students between the ages 13-18 believe it’s important for them to have a lot of money in their lives. Nearly 75 percent of them say they will make plenty of money when on their own. Yet most of them don’t realize how much it will take to get there. When asked for the basics of finance most teens can give a descant answer, but when getting more specific...