One in Four Teenagers Who Don’t Know What a Credit Score Is Will Still Apply for a Card

Nov 15, 2018
   

There’s no question that an appallingly high number of Americans aren’t familiar with money management. One study found that nearly two-thirds of us couldn’t pass a basic test of financial literacy.

High school financial education

Recently, more than 300 students at Metro High School in Phoenix earned their Certification in Financial Literacy diplomas through the Washington Federal Financial Scholars Program. The program, which launched at Metro Tech High School in 2013 and provides schools with interactive, web-based management education tools at no cost to either the school itself or taxpayers, has grown to six total schools in Arizona and graduated 1,740 since its inception.

“More than 70 percent of Americans are uncomfortable talking about money. And while studies suggest that millennials may be better at discussing dollars than their predecessors, our nation’s teenagers still lag behind most developed countries when it comes to their knowledge about money matters,” says Mike Brown, Arizona regional president.

“In fact, only one in five teenagers in the United States have basic-level skills about the principles of saving money.”

To help fight this financial illiteracy epidemic, we’ve partnered with EverFi to bring financial literacy lessons to high school students – at no extra cost to schools or taxpayers. 

To find out more about our partnership with EverFi or Save at School, our elementary savings program, contact your local branch.

Photo of WAFD Financial Students