Think Finance recently joined forces with education technology company EverFi to bring a financial literacy program to high schoolers in Fort Worth, Texas. We launched the program because the topic of financial literacy is near and dear to our heart – our goal is to educate our customers so they can make informed choices about their personal finances that will lead them on a path to financial success.
Our country has a long way to go when it comes to getting educated on finance basics…and we know it. Most Americans give themselves a grade of C, D, or F on their knowledge of personal finance, according to a survey from The National Foundation for Credit Counseling and The Network Branded Prepaid Card Association (of which Think Finance is a member).
That self-evaluation is about right. In a FINRA study of American financial capability, participants were asked five questions about everyday economics and finance concepts, and on average, scored only 3.0 out of 5 questions correctly. That’s 60% – around a D in most grading systems.
Why is this a problem? With more financial options – and pitfalls – than ever and an uncertain economic environment that magnifies the ramifications of a poor financial decision, it’s never been more important to understand the essential financial building blocks. Learning the basics won’t necessarily spare you from extenuating circumstances – it’s a tough economy for everyone – but it will help you make the right choices to get you back on track.
The Think Finance-EverFi platform – offered to Fort Worth high schools free of charge – is an innovative web-based program that uses digital learning and gaming to educate students on critical financial topics. We’re excited to report that 170 students have “graduated” from the program so far and already using the skills they’ve learned to better their financial future.
Adrian, a student at Western Hills High School, said, “Before this, I handled money pretty well, but I didn’t save much and spent money on food and games. It was fun, but it wasn’t good for my future. Now with every paycheck, I save a little bit and put it away in my savings account. This has helped me prepare for my future.”
Like Adrian, we’re confident that an early start to understanding financial responsibility will serve every student that graduates from this program well!