Financial literacy affects every aspect of life, from paying bills to making major purchases to planning for the future. Yet, research shows that many young adults struggle with basic financial concepts. A 2024 survey by the National Foundation for Credit Counseling found that 47% of U.S. adults rated their personal finance knowledge as a “C” or worse, a 12% increase since 2009. Additionally, a 2021 financial literacy test showed that only 36% of Gen Z adults scored between 51% and 100%, highlighting significant knowledge gaps among young people.
Beyond the numbers, personal finance is about decision-making, responsibility, and independence. Students are already making financial decisions, whether they realize it or not. They choose how to spend their allowance, decide whether to save for something they want, and are constantly influenced by advertising and peer pressure. If we want students to grow into financially responsible adults, we need to start teaching these skills long before they’re signing student loan agreements or getting their first credit card.
