Teens’ lack of financial literacy is a growing problem in the United States. Studies show today’s teens are concerned about money management, but they’re not learning the skills needed for success.
In a recent national survey, 42 percent of teenagers said they are not “financially fit.”
A similar study by H&R Block last year revealed 58 percent of teenagers worry they’ll be worse off financially than their parents.
HOW: H&R Block is addressing teens’ lack of financial literacy this month and year round through the H&R Block Budget Challenge, a free online tool teachers can incorporate into their lessons, under the company’s longtime Dollars & Sense financial literacy platform.
The H&R BlockBudget Challenge teaches teens how to manage the financial life of an adult through a real-life simulation. As an added incentive, students compete for millions of dollars in scholarships each school year.
During Financial Literacy Month alone, H&R Block is giving away more than $1.3 million in scholarships to top-performing students in the H&R Block Budget Challenge. This school year nearly 155,000 students are participating in the program, bringing the two-year participant total to almost 250,000 high schoolers from all 50 states.
This approach is working. More than 95 percent of teachers who participate in the H&R Block Budget Challenge say it’s effective at teaching personal finance. Students, parents and teachers can visit www.hrbds.org for personal finance tips and lesson plans.
According to the Council for Economic Education1, only seven states currently require high school students to be tested on personal finance concepts before graduation.
That lack of training coupled with the rising cost of college and prevalence of student loans means today’s young adults are often left shouldering the burden of tens of thousands of dollars of debt upon entering “the real world.”
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Source: 1 – Council for Economic Education’s 2016 Survey of the States; http://councilforeconed.org/wp/wp-content/uploads/2016/02/sos-16-final.pdf
Editor’s note: Find out about the H&R Block Budget Challenge in your area. Email email@example.com to request:
— Localized stats on the H&R Block Budget Challenge — Student scholarship winners and teacher participants available for interviews
About H&R Block Dollars & Sense: H&R Block, Inc. HRB, -1.10% is the world’s largest consumer tax services provider. More than 680 million tax returns have been prepared worldwide by and through H&R Block since 1955. H&R Block Dollars & Sense helps increase financial literacy among teenagers through curriculum and resources, grants to supplement the cost of personal finance education and scholarships to help young Americans pay for higher education. Since 2009, H&R Block Dollars & Sense has donated more than $8.4 million in grants and scholarships. For more information, visit the H&R Block Newsroom, www.HRBDS.org or follow us on Twitter and Instagram, @TeenMoneyTips and our Facebook page, HRBDS.