What programs are schools incorporating to teach students about things like budgeting and
, especially for people under 25. Some of this demographic also uses social media as their go-to source of financial information.Article content, which polled 1,000 Americans aged 18 to 24, found that the go-to source of financial information for 22.7% of respondents was parents or family. Over a third said social media was their primary source.
However, there is a willingness to learn from other sources, which presents an opportunity for educators to bridge the gap. When asked how they would like to learn about money, more than 60% said at home, about 54% from teachers and 42% said from guests or experts.Despite Canada having a long way to go to build on financial teaching, it actually ranks as one of the top five most financially literate countries in the world, according to the 2014 S&P Global Ratings’ Financial Literacy Survey.
Denmark, Norway, and Sweden held the top spots, with scores of 71% — meaning 71% of their populations are financially literate. Canada scored 68%, tying with Israel.Each adult was tested on their knowledge of four topics: risk diversification, inflation, numeracy, and interest compounding. According to, someone was considered financially literate if they were able to accurately explain at least three of the four concepts.
The survey may be a good example of how financial curriculums can create more financially literate populations. In Denmark, financial education is mandatory between Grade 7 to Grade 9. In Sweden, financial education is part of the school curriculum from the first grade.Article content, and formal education on finances will most likely produce a student with money sense.
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