Today, young people are facing challenges no other generation has faced as they become adults and adapt to an ever changing world. Research shows that millennials feel strained when it comes to personal finances. Earlier this year, FINRA’s survey showed 36% of 18 to 24 year-olds have student loan debt and 55% fear they won’t be able to pay down their loans. Only one third of respondents have emergency savings, 31% have unpaid medical bills and nearly half carry a balance on their credit cards. These statistics make the compelling argument that we must equip our children with better tools to manage money and plan for their futures. That’s why Capital One has teamed up with the Council for Economic Education to urge school districts across the country to make financial education a mandatory part of core curricula beginning as early as kindergarten.
Capital One has long supported efforts to connect young people with practical information about money management. But teaching financial concepts to students in some schools, or in after-school and enrichment programs is not enough. We believe that all children need to develop these financial skills. Capital One works with legislators to impact state-level policy to help make — or keep — financial literacy a core requirement for graduating high school. We also work with financial literacy experts to help schools solve for the extra expense this may create by funding the development of curriculum and classroom programming.
Working together, we can help teachers feel confident as they bring financial education to life in our classrooms. We all have a stake – the private sector, Congress, school districts, institutions of higher education, parents – and we owe it to our kids to do everything we can to help them be successful.
Congratulations Capital One!