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More than half of teachers feel that high school students have not been adequately educated in financial matters when they graduate, according to a recent survey.

The financial subjects that students today most need to be educated in are: managing a budget, saving and investing money, credit cards, and paying bills, according to the survey of more than 200 educators nationwide for Wi$eMoney.

The best time for students to begin receiving education in financial matters is starting in their junior year, the teachers said.

 

According to the results of the survey, which was completed by educators throughout the U.S. who belong to the Business Professionals of America:

• 51% of teachers said students are either somewhat or very financially illiterate after graduating high school. One in five (19%) teachers said students are very financially illiterate, and 32% said students are somewhat illiterate in financial matters when graduating high school.
• Only 2% of educators feel that graduating seniors are very well-versed in financial matters.
• Managing a budget is the subject in which teachers feel students need to receive education in the most, selected by 93% of respondents. Other financial subjects in which students should be educated are:

saving and investing money (chosen by 92%)

credit cards (91%)

paying bills (87%)

managing debt (84%)

banking (84%)

interest rates (82%)

difference between "wants" and "needs" (82%)

identity theft (81%)

unexpected financial surprises (81%)

• Junior year is the best grade for students to begin receiving financial education, according to 76% of the teachers. Other years the teachers recommended students should receive financial education are:

senior year (73%)

sophomore year (59%)

freshman year (49%)

7th-8th grades (36%)

6th grade and below (19%)

"A number of the surveyed teachers said they didn't think their schools do enough to prepare students for the real world in financial matters," said Elizabeth Treher, Ph.D., founder, President and CEO of The Learning Key Inc.

"The teachers, in general, are concerned that students are not aware of the financial responsibilities they will encounter when they become independent of their parents. Many said they feel that basic financial education should be introduced to students as soon as they enter high school, and that it should become more involved until they graduate," Treher added.

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— ANDY LAGOMARSINO, NEWJERSEYNEWSROOM.COM