According to a Money Matters on Campus survey of 65,000 first-year college students across the U.S., there is a need for high schools to require a financial literacy class.
Colleges and universities should provide financial education early on in the college experience to maximize “sound” financial decisions and increase their chance of degree completion, according to a survey done by EverFi and Higher One.
“These results show the need to start financial literacy education in the K-12 setting and for institutions to provide educational programs early on in a student’s college experience that take into account attitudinal, behavioral and demographic differences,” said Mary Johnson, Director of Financial Literacy and Student Aid Policy at Higher One.
Economics major Elena Andreyeva agrees that financial education should be given in high schools.
“Once you move out of your parents house and you have to do all of your financial decisions on your own, it will definitely be helpful then,” Andreyeva said.
Data from EverFi and Higher One also showed that students who received financial literacy education in high school were more knowledgeable than their peers as well as more responsible when it came to money.
Double major student of marketing and finance Brando Angel said that he received financial education in high school. He said that it is helpful to get financial knowledge as soon as possible.
“It helped me budget my whole college career. A lot of my friends who didn’t attend that program are in debt now and I am debt free. So it does really help,” Angel said.
A first year economic student Raj Patel said getting financial education early will not only help students in college but also throughout their whole life.
“College is only for four years. Your real life is forever,” Patel said.
