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Financial literacy education has lasting impact
Financial literacy courses help shape students into better money managers, study finds

By Hadley Malcolm
April 8, 2014


The effects of financial literacy education in high school continue to influence attitudes and behaviors toward money management for students well after graduation, according to newly released study.

The study of 65,000 college students was given exclusively to USA TODAY by EverFi and Higher One, organizations that help implement financial literacy programs.

First-year college students required to take a financial literacy course in high school are significantly more likely than their peers who didn't take class to be financially responsible, the study found. Just 17 states require a course.

Students who took a class did better on the survey's financial knowledge questions, were found to be more averse to debt, more likely to pay credit card bills on time, and less likely to go over their credit limit.

Read More Here.

 
Survey of 65,000 College Students Shows Need for High School Financial Literacy Requirement

Report, Money Matters on Campus, Details How Early Financial Attitudes and Knowledge Influence Students’ Financial Decisions

WASHINGTON, D.C., April 8, 2014—The second-year results of Money Matters on Campus, a survey of 65,000 first-year college students across the U.S., show that policy makers, practitioners and educators should encourage more and differentiated financial literacy education components in K-12 environments. Further, results indicate that colleges and universities should provide financial education early on in the college experience to maximize the likelihood that students will make sound financial decisions and increase their chance of degree completion.

The study—conducted by EverFi and sponsored by Higher One—surveyed students on banking, savings, credit cards and school loans, as well as a series of questions designed to assess students’ financial knowledge. Researchers found significant differences in the financial capabilities of students based on age, race, gender and institution type—as well as data that supports mandatory financial literacy education in high school, highlighting the strong connection between knowledge, attitudes and behaviors in this area.

In fact, findings show that students who received financial literacy education in high school scored significantly higher than their peers on financial knowledge questions and are significantly more responsible when it comes to money.

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