OHIO — Making sound financial decisions can help Americans avoid high debt, but for many, having the knowledge surrounding financial literacy to make those sound decisions often comes later in life.
What You Need To Know
- Only 25% of students across the country are actually required to take a personal finance course before they graduate, according to David Zasada
- School districts in lower-income communities simply don’t have access to the same programs as other school districts
- The partnership is making available free professional development to teachers so they can confidently teach personal finance to kids
Now, a new partnership between Intuit and the Suh Family Foundation is set to change that by bringing resources into high schools so tht students don’t graduate unprepared and unable to handle basic financial tasks, like managing a budget or building credit.
David Zasada, VP of Corporate Responsibility at Intuit, said that “The majority of students are graduating today, not being financially literate.”
That means, they don’t know how to save, handle credit or understand terminology when it comes to finances.
Zasada said that the number of students who are financially literate in lower-income school districts is much lower than the nationwide average. Regardless of status or zip code, he said, the partnership is allowing Intuit and the Suh Family Foundation to make educational resources available for free.
The goal, even around providing personal finance workshops, is about boosting the confidence of students when it comes to managing money.
“Research shows that individuals who are financially literate actually make better decisions around budgeting and also better decisions around managing credit,” Zasada said.