Young Americans who came of age during the Great Recession are not feeling prepared to deal with money matters, according to the latest Bank of America/USA TODAY Better Money Habits® Report. While the majority of respondents cited financial independence as the defining quality of adulthood, only one-quarter characterized themselves as adults at age 18. Eight in ten attribute this to continued reliance on their parents for financial support.
As they set out on their own, 31 percent of respondents said they learned enough in high school to establish good financial habits, while under half of college attendees said their education taught them how to manage money. When asked what they wish they had learned more about, 40 percent said taxes, 43 percent said investing and 26 percent said managing monthly bills.
Bank of America is addressing this knowledge gap through Better Money Habits, a free resource developed in partnership with the Khan Academy to give people the information they need to make confident financial decisions. BetterMoneyHabits.com can supplement financial education received at home or in school with 24/7 access to dynamic content on building credit, repaying student loans, filing taxes, and more. By providing the financial knowledge and support that young Americans need to achieve independence, we can help create a more financially empowered generation and a stronger economy.
Learn more about 3 ways to repay student loans.
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