U.S. Teens Rank Below Average in Global Financial Literacy Survey
A recent survey by the Organization for Economic Co-operation and Development (OECD) regarding financial literacy among 15 year old students reported disheartening results for U.S. teens. Especially worrisome was the high number of students, primarily from disadvantaged backgrounds, who performed far below the baseline score on the survey. In the U.S., unlike some of the other countries surveyed, there is a strong correlation between a teen’s background and their financial literacy. The U.S. financial literacy education systems and society at large are failing to break the cycle of financial illiteracy and social disadvantage. However, there are resources available to parents who want to increase their child’s financial literacy (or adults who want to increase their own): the Financial Literacy and Education Commission has established http://www.mymoney.gov/Pages/default.aspx and the American Institute of Certified Public Accountants has established http://www.360financialliteracy.org/. The link below will take you to a further discussion of the survey and its results.