Survey shows high school students aren’t prepared to manage finances

After years of rising prices, many Americans are struggling financially. Not having a good grasp of financial fundamentals can make the struggle worse.

A new report from EVERFI, a company providing financial education in schools, has revealed a significant gap in financial preparedness among high school juniors and seniors across the United States and Puerto Rico. The survey, conducted between July 2024 and February 2025, highlights a concerning trend: despite increasing access to financial tools, students are struggling with fundamental financial management skills.

Jonda Lowe is an author and financial advisor, says financial literacy should be part of school curriculum.

“I am appalled that our secondary school systems do not teach financial literacy,” Lowe told ConsumerAffairs. “I know this first hand as neither of my boys – currently ages 36 and 29 – were taught how to write a check, balance a checkbook or create a balanced budget. There are some organizations that send volunteers into the high schools but these courses should be required, not optional. We are setting up our kids for failure.”

Lack of confidence

The EVERFI study found that while a majority of students already possess financial products like savings accounts, checking accounts and credit cards, a staggering 60% lack confidence in their ability to manage their credit. And with many students planning to pursue higher education, 53% admit they don't know how to create a plan to repay student loans.

"The importance of timely and effective financial education for students on the cusp of adulthood cannot be overstated," Ray Martinez, CEO of EVERFI, said in a press release accompanying the release of the study. 

"Post-high school, these young people face unique challenges, and we must equip them with the knowledge and skills for healthy financial choices."

Young people are receptive

But, there is some good news. The survey also revealed a growing interest in investing among young people, even though 69% find the topic intimidating, and only 12% feel confident explaining how the stock market works. Additionally, while peer-to-peer payment apps are popular, only half of the students feel secure using them and avoid online scams.

The study emphasizes the need for comprehensive financial education, suggesting that multiple financial literacy courses throughout high school are more effective than a single course.

A longitudinal study conducted in collaboration with the MassMutual Foundation demonstrated that students who participated in multiple financial education interventions showed a significant and lasting increase in financial confidence and positive behavioral changes.

The study also highlighted the importance of parental involvement in financial education. While only 40% of students discuss money management with their parents at home, this number increases when students take financial education courses in school.