Providing Philadelphia’s youth with financial literacy starts with gaining the commitment from those directly impacting our children’s education. Superintendents, school board members, principals and teachers need to be willing to not only provide resources for in the classroom but present students with the opportunity to realize the benefits of financial education.
Just as important as the dedication within the classroom is the enthusiasm provided outside the school walls. Elected city and state officials can assist with this important initiative by educating their constituents of all ages about the importance of youth financial literacy. This is an opportunity to utilize the resources provided by Bank on Philadelphia’s education partners and distribute this useful information into their communities.
With April designated as Financial Literacy Awareness Month in the City of Philadelphia , elected officials and school officials can recognize specific days and/or weeks during the month to promote youth financial education. It’s important to create awareness during a single month, and it’s even more important to continue the education throughout the year.
The following are a few facts about where youth stand with financial education:
- From a survey of high school students, 31% of male students report that their parents help them keep track of their finances while only 20% of female students reported.
- Less than two-thirds of millennial parents (18-34) report feeling confident in explaining finances to their children.
- 32% of teens think their parents don’t spend enough time explaining money management skills to them.
- 84% of high school students said that their parents are their primary resource for financial information but 34% of parents do not discuss finances with their children.
- 22% of teens are considering attending community colleges to avoid the exorbitant costs of other colleges and universities.
- 48% of high school students think their parents will help cover college expenses while only 16% of parents are planning to help.