More than nine in 10 bank customers believe poor financial literacy is a problem for young people under age 25, with most also saying that the subject should be taught in school, according to a recent survey by J.D. Power. More than three-fourths of respondents (78%) said they believe in teaching financial literacy in high school. However, 32% said their state does not require financial literacy, while 51% were unsure. (Twenty-five states currently mandate financial education as a requirement for graduating from high school, although fewer require at least a full semester on the subject, according to the Council for Economic Education.)
Bank customers believe a lack of financial literacy extends beyond youth. Forty-two percent of respondents said they have significant doubts about their own levels of financial knowledge, according to the survey. Still, J.D. Power also found that many people are feeling more confident about their financial situations. More than one-third (34%) of bank customers are currently classified as financially healthy, up 3 percentage points from a month ago, and 40% are vulnerable, down from 43%, the firm said.
ABA Banking Journal Staff
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