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Financial Literacy
The CFS poll released in December 2005 revealed a very serious knowledge gap and a savings gap among Americans who have the finances to save but do not know how to utilize financial tools and do not have contact with financial professionals who can help educate them.
In order to bridge this knowledge gap, one of the primary goals of the Coalition for Financial Security is to explore effective public policy solutions to educate America’s youth about their financial futures. Several states have already passed legislation to increase financial literacy instruction in public schools.
Financial education is the key that will unlock the door to better saving habits for millions of Americans. Unfortunately, the lack of financial literacy is prevalent in America today.
National studies show that today’s students are not prepared to make good financial choices. A 2008 survey by the Jump$tart Coalition reported that high school seniors averaged only 48.3 percent on the organization’s test covering subjects like credit cards, savings accounts, mortgages and interest. According to Jump$tart, just 17 percent of high schoolers that were surveyed knew that stocks historically offer a better return than savings bonds or checking accounts over the long term.
Below is a map that outlines financial literacy legislation across America
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