How well are we preparing the next generation to navigate their financial futures? As some jurisdictions, such as Ontario, Canada implement a new financial literacy requirement for high school students, a pressing question emerges: Should financial education be a mandatory part of school curricula?
To answer this, we surveyed 1,000 American parents about their views on financial literacy education for their children. From the ideal age to start learning about money to the specific topics parents deem crucial, this study uncovers insights that could reshape how we approach financial education in schools.
Financial literacy has become an increasingly important topic in education. This section explores parents' views on when and how financial concepts should be introduced to children.
More than 9 in 10 parents believed financial literacy should be a mandatory part of their children's schooling. Three-quarters of parents also said introducing basic financial literacy in elementary school can be beneficial.
So, when exactly should kids start learning about finances? When asked about the ideal grade level to introduce it, most parents favored later elementary years. Here's how parents ranked the appropriate elementary grade levels for teaching financial literacy:
Parents identified the following key topics they believed should be mandatory in financial literacy programs:
Next, we examine the roles parents believe they and educational institutions should play in teaching children about money management, and what topics these lessons should include by grade level.
Many parents (58%) viewed financial education as a shared responsibility between themselves and the education system. However, 39% believed that their children's financial education was primarily their own responsibility. Regardless of where they thought the main responsibility lay, a significant 86% of parents reported teaching their children financial literacy at home.
Parents believed different financial topics should be introduced at various school levels.
At the elementary school level, parents focused on the following fundamental concepts:
For middle school students, parents favored these money management skills:
High school curricula, according to parents, should cover the following topics, some of which are more complex:
Many parents take an active role in teaching their children about money through hands-on experiences. We asked parents to share how they involve their children in financial activities and their views on when children should access various financial tools.
Two-thirds of parents (67%) reported using money as an incentive for kids to do chores. These parents encouraged their children to save an average of 35% of their earnings, providing a practical lesson in budgeting and saving.
We also found that many children have access to savings accounts from an early age. The percentage of kids with savings accounts increased with age:
Credit card access, however, was more limited. Here are the percentages of parents whose children were using credit cards by grade level:
When asked about the appropriate age for children to access various financial tools, parents provided the following ages (shown as averages):
Integrating financial literacy into school curricula raises questions about its impact on other subjects. This section explores parents' perspectives on balancing financial education with existing academic programs.
Nearly 95% of parents were confident that their children would maintain their performance in other academic subjects if financial education became a part of the curriculum. The importance parents place on financial education was also apparent in their willingness to make trade-offs: 84% said they'd sacrifice time from other subjects to accommodate financial literacy lessons.
When asked which classes they would be willing to cut to make room for financial education, parents identified the following subjects:
Most parents advocated for financial education in schools, and many were willing to sacrifice time from other subjects. This finding means that financial literacy is now seen as a fundamental rather than an optional skill. Parents' preference for the early introduction of financial concepts, coupled with the emphasis on practical skills like budgeting, reveals a need for a comprehensive, age-appropriate financial curriculum.
This study provides insights to help educators and policymakers develop financial education programs that align with parental expectations and prepare students for real-world financial challenges. Prioritizing financial literacy is an investment in their future financial well-being, empowering them to make informed decisions that will shape their lives and our economy for years to come.
For this study, we surveyed 1,000 American parents about including financial literacy in their children's curricula. The average age was 44. Generationally, 6% of respondents reported as baby boomers, 21% as Generation X, 51% as Millennials, and 22% as Generation Z.
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