Teens Fail Test of Financial Knowledge
They like to spend it, but young people don’t know much about how money works.
On average, high school seniors answered correctly only 52.4% of questions about personal finance and economics, according to a nationwide survey released Wednesday by the Federal Reserve. Still, that was better than the 52.3% in the 2004 survey and was up from the lowest-ever score of 50.2% in 2002.
“This indicates that, despite the attention now paid to the lack of financial literacy, the problem is not about to resolve itself anytime soon,” said Lewis Mandell, a professor at the University of Buffalo School of Management.
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