ATLANTA–(BUSINESS WIRE)–In honor of Monetary Literacy Month, Greenlight® Monetary Expertise, Inc. (“Greenlight”), the family-owned fintech firm with a mission to assist mother and father increase financially clever kids, at present launched new nationwide survey outcomes that make clear youngsters’ aspirations for his or her monetary future. The survey goals to raised perceive the significance of economic literacy for the way forward for adolescents in addition to the impact of the present financial local weather.
The outcomes present that teenagers know that monetary literacy is essential to attaining their life targets, however they nonetheless rating a median of solely 64% on the Nationwide Monetary Literacy Take a look at.
Survey info consists of:
Youngsters have large life targets and are searching for monetary information to realize them
The overwhelming majority of households perceive the significance of economic literacy for the long run.
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93% of teenagers assume they want monetary information and expertise to realize their life targets, and 97% of oldsters agree.
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Teenagers ranked having a well-paying job as their prime monetary life objective, adopted by (2) having cash saved up, (3) proudly owning a house, (4) proudly owning a car, and (5) don’t have any debt or scholar loans.
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54% of youngsters aspire to grow to be entrepreneurs, in comparison with 45% of their mother and father.
Youngsters have fewer jobs than earlier generations and lack worthwhile sensible expertise
Regardless of the decline within the variety of jobs amongst teenagers, they know that they are going to purchase essential monetary expertise by working.
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85% of oldsters had a job once they have been 18, whereas solely 53% of at present’s youngsters say they’d any work expertise.
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Teenagers ranked cash administration as essentially the most worthwhile lesson they are going to be taught whereas working, adopted by (2) work ethic and (3) the right way to write a resume and interview.
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35% of teenagers say crucial monetary talent they want for his or her future is figuring out the right way to funds and spend correctly and 32% say saving cash is most essential to them.
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Half of oldsters (50%) agree that budgeting and spending correctly is crucial monetary talent for his or her kids’s future.
The present financial local weather is inflicting monetary hardship for the entire household
New and rising monetary stressors reinforce the significance of economic literacy.
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67% of oldsters and teenagers say cash is among the matters they talked about essentially the most up to now six months, simply after the pandemic (78%). Much less mentioned matters embrace politics, medication and alcohol, intercourse, and pure disasters.
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Mother and father and teenagers expertise monetary anxiousness, citing gasoline costs (68%) and inflation (55%) as the highest monetary stressors. Rates of interest (23%), taxes (21%), inventory market volatility (20%) and scholar loans (19%) have been additionally reported as stressors.
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36% of oldsters and teenagers say they’re rising their funds on account of inflation and the rising value of products.
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Of those that make investments, 43% proceed to carry their investments for the long run on account of inventory market volatility.
“Mother and father and teenagers know the significance of economic information and expertise, however there continues to be a niche in monetary literacy amongst younger folks. As we speak, teenagers are averaging 64% on the Nationwide Monetary Literacy Take a look at, effectively beneath the 70% passing mark,” mentioned Jennifer Seitz, Licensed Monetary Schooling Teacher (CFEI) and Academic Content material Supervisor. at Inexperienced Mild. “At Greenlight, we concentrate on instructing kids and teenagers the monetary expertise they have to be financially assured and unbiased for his or her future.
Greenlight presents a debit card and banking app that teaches youngsters and teenagers important monetary expertise like the right way to earn, save, spend correctly, and make investments. As we speak, Greenlight serves over 5 million mother and father and kids, who’ve collectively saved over $225 million and invested over $10 million for his or her monetary future.
This month, Greenlight is partnering with Nationwide Council of Monetary Educators (NFEC) to launch “future you, an academic collection designed for kids and teenagers to enhance Nationwide Monetary Literacy Take a look at scores. “Future You” classes concentrate on seven core monetary matters coated within the 30-question Nationwide Monetary Literacy Take a look at, together with life targets, profession targets, entrepreneurship, investing, banking, credit score and insurance coverage. Every lesson encourages kids and teenagers to consider their future and be taught the monetary information and expertise they should obtain their targets. Classes can be found via the Greenlight Weblog, Greenlight App and Kahoot! quizzes so households can be taught collectively.
“Monetary literacy is among the most essential components for a wholesome future, however there’s nonetheless an absence of economic schooling for younger folks,” mentioned Vince Shorb, CEO of the Nationwide Monetary Educators Council. “Greenlight presents kids and teenagers the invaluable alternative to be taught monetary expertise via real-world expertise. Now, with the brand new Future You classes, households may simply entry instructional sources to enhance their kids’s monetary information. »
Youngsters and teenagers, ages 10 and up, are inspired to take the Nationwide Monetary Literacy Take a look at right here after finishing Greenlight’s “Future You” classes.
Survey methodology
The survey info was collected by Greenlight via a Researchscape survey performed between March 18-20, 2022, amongst 1,096 respondents in the US, break up between youngsters aged 13-18 and oldsters of kids aged 13 to 18. The outcomes have been weighted by age, intercourse and census area.
About Greenlight
Greenlight Monetary Expertise is the family-owned monetary know-how firm on a mission to assist mother and father increase financially clever kids. Its breakthrough product, Greenlight, is an all-in-one monetary administration platform particularly designed for households, with a debit card and accompanying app. Mother and father can automate allowances, handle family chores, set versatile spending controls, and make investments for his or her kids’s future. Youngsters and teenagers be taught to earn, save, spend correctly, give and make investments with parental approval.
The Greenlight Card is issued by Group Federal Financial savings Financial institution, Member FDIC, pursuant to license from Mastercard Worldwide. Greenlight Funding Advisors, LLC, an SEC-registered funding adviser, supplies funding advisory companies to its shoppers. Investing entails danger and should embrace lack of principal. For extra info, please go to: greenlight.com.
Concerning the Nationwide Council of Monetary Educators
The Nationwide Council of Monetary Educators is a Licensed B Company™ and IACET Accredited Supplier targeted on mobilizing monetary wellness champions, educators and advocates around the globe to empower folks with higher monetary wellbeing. The general imaginative and prescient is to create a world the place people could make knowledgeable monetary choices that assist them obtain their private, household and neighborhood targets.