By now, your high school senior must know a little something about economics and personal finance, right? He’s lived through the Great Recession. He goes to school. He receives an allowance or has a part-time job.
Unfortunately, that assumption flies in the face of a new report from the Department of Education. High school seniors’ economic knowledge in 2012 showed no significant improvement compared with 12th graders in 2006, according to the report.
The one point of good news? The report, derived from testing nearly 11,000 high school seniors, found that more than two-thirds of 12th graders last year agreed that their economics coursework did help them understand the U.S. economy, public policy and personal finance. Those figures were higher than the 2006 percentages.
“People don’t understand the basics about money,” Vince Shorb, CEO of National Financial Educators Council told Fox Business. “In the U.S., it has to do with parents not talking about money, not bringing them into activities that involve money.”
Of course, study after study shows that most parents shy away from talking about finances with their kids because they themselves don’t feel confident when it comes to the subject.
Certain personal finance topics are best covered at a particular age. Take a look at our Money Milestones for Kids Timeline to get started, no matter if your kid is a toddler or a teen.