High School Seniors Need Help With Money Management

I recently wrote about identity theft tips for college graduates. It seems that things are worse with high school seniors.

According to a recent survey by Capital One Financial Corporation, high school seniors benefit greatly from financial education both in the home and at school. Either one alone is not quite enough. The survey found that those seniors with financial education both at home and at school felt significantly more confident about their personal finance skills and knowledge.

The survey also found that nearly half (45 percent) of all high school seniors surveyed said they are unsure or unprepared to manage their own banking and personal finances. Compare that to this: of the students who had a personal finance class 75 percent said they felt prepared to manage their finances. Another 66 percent rated themselves "highly" or "very" knowledgeable about personal finance, compared to only 30 percent for high school students who didn't have a financial education course.

If this is how high school students without a financial education course rated their confidence, the percentage must be similar for those who haven't learned about identity theft and fraud.

Parents Involvement Matters

The survey also found:

• 20 percent of high school students said that they "frequently" discuss money management and personal finance issues with their parents
• 45 percent said they "sometimes" discuss money management and personal finance with their parents
• 34 percent said they never discuss money with their parents, or only when necessary
• Of students that reported frequent discussions, 71 percent rated themselves as "highly" or "very" knowledgeable about personal finance, and 81 percent feel prepared to manage their own finances

Having a Job Helps

The survey also found that having a job during high school helps prepare high school students to manage their money and finances. Of the high school student who already had a job, 72 percent said that their job experience prepared them in some way.

To help parents and young adults, Capital One partnered with Search Institute to create a free multimedia financial literacy program at www.bankit.com. The program helps parents and teens learn practical skills together and avoid common mistakes.

Comments

[John Smith]

The book The Snowball is not just about learning how to get rich, the chapter that deals with the childhood of Warren Buffet, is a huge lesson for the parents how their own thoughtless actions may affect their little ones.

[Elodie]

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