Global financial software firm Intuit has reported that many high school graduates in the U.S. lack basic financial knowledge. According to the firm’s report, students are exiting the school system without understanding fundamental financial principles like budgeting, saving, and investing, which could adversely affect their future financial behavior.
Intuit plans to address this issue by launching a series of financial literacy programs to help educate the younger generation about managing money. This initiative is part of the company’s ongoing commitment to empower individuals to take control of their finances.
The report shows that roughly 85% of the students showed strong interest in personal finance education, yet access to learning remained limited and inconsistent. This gap in education and lack of systematic opportunities can lead to increased financial challenges later in life.
Findings suggest a strong need for standard financial education in high school curriculums. However, the lack of such education seems to leave students unprepared for future financial hurdles, underlining the urgency of concrete steps to fill this gap.
Dave Zasada, VP of Education and Corporate Responsibility at Intuit, credits parental unease with financial matters for this educational shortcoming.
Intuit’s initiative to improve financial literacy in schools
This stance is reinforced by data indicating that only 34% of adults can pass a basic financial literacy test. More conversations about finance need to happen in homes to break the cycle and better prepare future generations to manage their money effectively.
In spite of this, sizeable parental support for school-based financial education stands at 88%. Although most parents agree on the importance of early financial education, the subject continues to be overlooked in a lot of school curriculums, thus creating a gap between what parents view as critical knowledge and what’s delivered inside classrooms.
Worryingly, students without access to financial literacy education turn to social media, often failing to differentiate reliable financial advice from misinformation. Indicators show that misinformed financial behavior is a real issue among students, with roughly 35% falling victim to scams or unsound investment opportunities.
In response, Intuit has launched a free financial education platform, bypassing the need for costly courses or extensive research. Their aim is to deliver vital information in a concise, accessible format, making financial education readily available to all.
