The Financial Literacy Crisis in America: 2023 Report

REPORT SUMMARY

• 88% of U.S. adults said high school did not leave them “fully-prepared” for how to handle money in the real world.
• 3 in 4 U.S. adults said in the years after high school, they “often” (32%) or “sometimes” (42%) felt stress because of money.
• 72% of U.S. adults said they would be “further ahead with their money today if they had a personal finance class in high school.”
• Only 17% of U.S. adults said they took a personal finance class in high school.
• Gen Z is the most likely generation to have taken a personal finance course in high school.
• U.S. adults who took a personal finance class are five times more likely to say they graduated high school fully prepared for handling money in the real world.

Downloads

• Research Report (PDF)
• Infographics
  • Unprepared for Handling Money
  • Feel Stress about Money
  • Americans Regret Not Learning about Money
  • Personal Finance Would Have Made a Difference
  • Most Adults Haven’t Taken a Personal Finance Course
  • 25 States Require a Personal Finance Course
  • Younger Generations Starting to Take Courses

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Introduction

High school education plays such an important role in preparing today’s students for their future careers. While there’s been consistent focus on and funding for traditional subjects like math and science, there’s been a consistent lack of focus on personal finance education in the classroom.

The Financial Literacy Crisis in America 2023 report focuses on the lack of personal finance education in America and the lasting effects this lack of knowledge has on Americans, even years after they leave high school.

Americans Say High School Left Them Unprepared for Handling Money

Trying to figure out how to pay for college, make rent each month, afford groceries, and save for the future can feel overwhelming. So it’s no wonder the survey shows that many Americans are not confident about their money. In fact, 88% of all Americans said high school did not leave them “fully prepared” for handling money in the real world.

This lack of personal finance education in high school has understandably lead to stress over managing finances for all Americans. In fact, 3 in 4 U.S. adults (74%) said they “often” (32%) or “sometimes” (42%) felt stress because of money.