Not surprisingly, data released this month from the the Financial Industry Regulatory Authority's Investor Education Foundation, which seeks to promote financial literacy, reveal high school students who are required to take personal finance courses have better average credit scores and lower debt delinquency rates as young adults.
It goes on to make policy recommendations based upon study results.
Yet from a historical perspective, some progress has been made.
Forty-five states now include personal finance in their K–12 standards, up from 21 in 1998.
"They have higher credit defaults and delinquencies, and they make more money mistakes." Those who graduate under higher standards, however, are more likely to make on-time payments and keep up with their bills, and they understand how to manage those obligations better than students who were not exposed to personal finance and economics in school, the data show.
Apart from age and inexperience, adolescents in the U. lack basic personal finance skills because they receive little coaching at home, said Morrison of the Council for Economic Education.