According to a release, the survey also identified one of the reasons behind this lack of financial knowledge: 90 percent of teen respondents said they're not learning everything they need to know about money management.
Findings of the Teen Financial IQ Poll – sponsored by
"Every high school student, and every adult, should have a firm understanding of money management," said
Responding to the need to financial literacy,
The TCF Bank Financial Scholars program will be offered free to high schools in communities served by
"By partnering with EverFi, we are providing one of the best education technology platforms available to deliver comprehensive financial literacy education for both teenagers and adults," commented TCF's Jasper. "This is a significant investment in our communities and a genuine effort to help people become better consumers of financial services."
About the Teen Financial IQ Poll
Other findings include:
-Among teens who plan to attend college, fewer than half (43 percent) have a specific plan to pay for higher education.
-The majority of teenagers learn about personal finance from school (60 percent), followed by their parents (54 percent).
-Fewer than half of teens (44 percent) have savings accounts, and only 18 percent have checking accounts.
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