New FICO Study: More Credit Lessons, Less Chemistry in High School Classrooms, Americans Say
24 Setembro 2024 - 9:00AM
Business Wire
Most Americans Think Their Current Financial
Situation Would Improve If They Had Access to More Personal Finance
Resources and Education
FICO (NYSE: FICO)
Highlights:
- Most Americans (79%) think high schools should offer financial
education.
- More than one in four (28%) members of Gen Z do not consider
themselves financially literate; significantly higher than
Millennials (20%), Gen X (19%) and Baby Boomers (10%).
- 74% of Americans think their current financial situation would
improve if they had access to more personal finance resources and
education.
Move over Bunsen burners and ancient civilizations, adults in
the U.S. think lessons on credit scores and money management are
one of the most useful subjects to learn in school.
A new study by global analytics software leader FICO found that
3 in 5 Americans (60%), including 50% of Gen Z (ages 18-27),
believe personal finance is one of the most useful subjects in
adulthood that can be taught in high school – more so than social
studies (40%), science (37%), foreign languages (26%), physical
education (23%) and art (15%). In fact, only math (66%) and English
(65%) came in higher for subjects most useful in adulthood.
Nearly three in five Americans (59%) think K-12 schools should
be most responsible for teaching people how to manage their
finances and the majority (79%) think personal finance skills
should be part of the high school curriculum. But less than half of
Americans (46%) say they actually learned personal finance skills
in their high school classroom.
“Those gaps help explain why financial literacy remains a
long-standing challenge,” said Jenelle Dito, senior director of
Client Services at FICO. “We found that more than one in four
members of Gen Z does not consider themselves financially literate.
That’s significantly higher than members of the Millennial (ages
28-43), Gen X (ages 44-59) and Baby Boomer (ages 60-78)
generations.”
“It’s particularly alarming considering that Americans almost
universally believe financial literacy is important for achieving
financial stability and that access to more education could help
them improve their current financial situation. Yet, a quarter of
Gen Z adults say a lack of personal finance skills has prevented
them from achieving their financial goals over the past year,” she
added.
Nearly all (98%) Americans – including 99% of Gen Z adults –
believe financial literacy is important for achieving financial
stability. What’s more, nearly three-quarters (74%) of Americans
think their current financial situation would improve if they had
access to more personal finance resources/education. That figure is
even higher among Gen Z adults, with 9-in-10 (90%) reporting
so.
Credit Education is a Missing Link for Gen Z
Understanding how credit scores work was cited by Gen Z adults
as one of the most important financial literacy skills (60%),
second only to managing a checking or savings account (64%).
However, many young adults may feel ill-prepared to manage their
credit responsibly.
While nearly two-thirds of Gen Z adults (61%) believe their
credit score is a fair representation of their overall financial
health, more than 1 in 4 (28%) do not feel in control of their
credit score. Fewer than half (46%) of Gen Z adults have checked
their credit score in the past year to better their financial
health and roughly one in six (16%) aren’t even sure where to find
this information. About one in five (21%) say they lack the tools
or knowledge to understand and manage their credit score.
“Ensuring today’s youth have access to resources to gain
practical knowledge and life skills is paramount to their future
success,” said Sally Greenberg, CEO, National Consumers League
(NCL). “Personal finance education, including around credit, is
critical to fostering the next generation of secure consumers.”
Closing the Credit Education Gap
“More state legislatures are requiring schools to incorporate
financial literacy education into their curriculum, which is an
important step in the right direction,” Dito said. “FICO
understands that there is much more work to be done. We remain
committed to expanding awareness of the tools and programs that
exist to address this gap.”
While FICO’s survey found a slight majority of Gen Z adults
(61%) think K-12 schools should be most responsible for educating
people on how to manage their finances, such as using credit
responsibly, managing debt and saving for retirement, 43% said
banks and financial institutions should be most responsible for
providing this education.
To that end, FICO offers a free credit education curriculum
called Score A Better Future™ (SABF) Fundamentals that educators
can use to teach their students how to make informed credit
decisions that can last a lifetime.
FICO has a longstanding commitment to empowering people and
economies through financial literacy. In addition to this
curriculum and live SABF Fundamentals workshops, FICO provides
resources to help people enhance their financial literacy,
understand credit, and make empowered decisions. This includes
in-person and webinar workshops, credit education materials and
tools, as well as the myFICO website and app that enable consumers
to check and monitor their FICO® Score for free.
For more information about FICO’s credit empowerment programs,
visit https://www.fico.com/empowerment.
Methodology
This survey was conducted online within the United States by The
Harris Poll on behalf of FICO from August 27-29, 2024 among
2,092 U.S. adults ages 18 and older. Gen Z respondents were 18-27
years old; Millennials were 28-43 years old; Gen Xers were 44-59
years old; and Baby Boomers were 60-78 years old. The sampling
precision of Harris online polls is measured by using a Bayesian
credible interval. For this study, the sample data is accurate to
within +/- 2.5 percentage points using a 95% confidence level. For
complete survey methodology, including weighting variables and
subgroup sample sizes, please contact press@fico.com.
About FICO
FICO (NYSE: FICO) powers decisions that help people and
businesses around the world prosper. Founded in 1956, the company
is a pioneer in the use of predictive analytics and data science to
improve operational decisions. FICO holds more than 200 US and
foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial
services, insurance, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in more
than 100 countries do everything from protecting 4 billion payment
cards from fraud, to improving financial inclusion, to increasing
supply chain resiliency. The FICO® Score, used by 90% of top US
lenders, is the standard measure of consumer credit risk in the US
and has been made available in over 40 other countries, improving
risk management, credit access and transparency.
Learn more at https://www.fico.com/en. Join the
conversation at https://x.com/FICO_corp &
https://www.fico.com/blogs/. For FICO news and media
resources, visit https://www.fico.com/en/newsroom. FICO and
Score A Better Future are trademarks or registered trademarks of
Fair Isaac Corporation in the U.S. and other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20240924403204/en/
Julie Huang press@fico.com
Fair Isaac (NYSE:FICO)
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