Shocking stats on student financial literacy—and why they matter

New data reveals students in the U.S. lack financial savvy; higher ed, economy should worry

financial-literacy-studentsEditor’s note: This story has been updated to reflect changes in data.

According to an upcoming report from Junior Achievement and PwC, nearly a quarter of today’s students believe that after they complete college their student loan debt will be forgiven. Yet, 41 percent default on their loans. There’s a financial literacy disconnect going on between reality and today’s students, but it’s not just worrisome for bank accounts—it’s affecting colleges, business and the global economy.

In the Organization for Economic Co-operation and Development’s (OECD) latest global assessment, more than 1 in 6 U.S. teens are unable to make even simple decisions about everyday spending, and only 1 in 10 can solve complex financial tasks.…Read More