April 11, 2008
Teens Get Low Marks On Finance Knowledge
High school seniors' financial literacy is the lowest it's been in six years, according to a recent study by the national nonprofit JumpStart Coalition.
The teenagers answered only 48.3 percent of questions on the survey correctly, compared with 52.4 percent in 2006.
Only 48 percent of respondents knew that paying the minimum on credit card balances each month ends up costing a card holder more than paying the full balance. A full 83 percent did not know that stocks are likely to yield higher returns than bonds or bank accounts over the next 18 years.
The survey was given to 6,856 high school 12th graders in 40 states.
The teenagers answered only 48.3 percent of questions on the survey correctly, compared with 52.4 percent in 2006.
Only 48 percent of respondents knew that paying the minimum on credit card balances each month ends up costing a card holder more than paying the full balance. A full 83 percent did not know that stocks are likely to yield higher returns than bonds or bank accounts over the next 18 years.
The survey was given to 6,856 high school 12th graders in 40 states.
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