OHIO — Making smart financial decisions can help Americans avoid high debt, but for many, having the financial literacy skills to make those smart decisions often comes later in life.
What do you want to know
- According to David Zasada, only 25% of students across the country are required to take a personal finance course before graduating.
- School districts in low-income communities simply do not have access to the same programs as other school districts
- The partnership provides teachers with free professional development so they can confidently teach children about personal finance.
Now, a new partnership between Intuit and the Suh Family Foundation is set to change that by bringing resources into high schools so students don’t graduate unprepared and unable to handle basic financial tasks, such as managing a budget or building up credit.
David Zasada, vice president of corporate responsibility at Intuit, said “the majority of students are graduating today, with no financial literacy.”
This means they don’t know how to save, manage credit, or understand financial terminology.
Zasada said the number of students who are financially literate in low-income school districts is well below the national average. Regardless of status or zip code, he said, the partnership enables Intuit and the Suh Family Foundation to make educational resources available free of charge.
The goal, even when it comes to offering personal finance workshops, is to build students’ confidence in money management.
“Research shows that people who are financially savvy actually make better budgeting decisions and also better credit management decisions,” Zasada said.