Nearly half of teens (49 percent) report feeling pretty clueless about money management, according to a new poll conducted by Opinion Research Corporation. 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.
High school students participating in the new TCF Bank Financial Scholars program, an online teacher-led curriculum on financial-education and money management. (Photo: EverFi)
Findings of the Teen Financial IQ Poll – sponsored by TCF Bank and announced today – also showed that more than a quarter (27 percent) of 17-year-olds don’t feel confident they will have the financial intelligence they’ll need to manage their finances by the time they graduate high school. “Every high school student, and every adult, should have a firm understanding of money management,” said Tom Jasper, vice chairman, TCF Bank. “This survey demonstrates the urgent need to give young people the tools to better manage their personal finances in order to set them up for a brighter, more successful future. We believe that the more informed people are about money management, the more it benefits them and the communities in which they live.” Responding to the need to improve financial literacy, TCF Bank today announced it is sponsoring the TCF Bank Financial Scholars program, an online teacher-led curriculum created by EverFi, a leading education-technology company. This program is specifically developed for high school students and is currently being rolled out to more than 100 schools. TCF also announced that it is sponsoring a new online financial-education portal, TCF Bank Financial Learning Center ( www.TCFLearning.com), a site designed to provide adults with practical, non-commercial information about money management. TCF Bank is making an ambitious commitment: It wants to help improve the financial IQ of at least two million people over the next three years by offering EverFi’s courses in schools, as well as through the public portal. Both online courses incorporate video, animations, gaming and social networking to simplify complex financial concepts for people of all ages. The curriculum includes eight to 10 educational sessions, tailored either for high school students or adults. Topics include savings and investments, mortgages, overdraft, payment types and credit cards, credit scores and reports, identity protection, insurance and protection, and financing higher education.