Magazine article Mortgage Banking

EverFi Finds Financial Illiteracy Widespread among HS Students

Magazine article Mortgage Banking

EverFi Finds Financial Illiteracy Widespread among HS Students

Article excerpt

A new survey of high school students in the United States done by EverFi Inc., Washington, D.C., finds that nearly half of those students say they don't know how to establish good credit. More than one-third of those surveyed believe a good credit score is 300 or less. On average, the high school students surveyed believe that a good credit score is about 500.

The survey found that more than a quarter of the students believe they will be unprepared to manage their finances upon graduation from high school. The new findings also show that 83 percent of students believe that personal finance should be mandatory in schools, yet only four U.S. states require at least a semester-long course on the topic. Also, fewer than half of states require personal finance education to be integrated into other subjects studied.

When it comes to taxes, 41 percent of those surveyed think they are entitled to get back all the taxes they paid upon filing a federal income tax return or they believe they do not have to pay any federal income taxes whatsoever.

EverFi concluded in a press release that the survey findings show "that the state of financial literacy among the nation's youth is grim."

Tom Davidson, chief executive officer of EverFi, said in the press release, "Many high school students have little, if any, personal experience in managing their own finances--yet they are just moments away from entering adulthood, opening lines of credit and making financial decisions that will impact their individual futures and our entire global economy. …

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