When Tested, Most Students Lack Financial Literacy, New Study Finds

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image sourced from https://www.forbes.com/sites/simonconstable/2024/05/27/when-tested-most-students-lack-financial-literacy-new-study-finds/

I chose to investigate and analyze this article because I was curious about the current state of college students’ financial literacy. I hope to find insight on how this may alter my approach and understanding of the topic.

In reflection of this article I found a couple interesting insights. The first of these is very clear and that is that very few and “fewer than three-out-of-20” got 100% on this survey (Constable, 2024). This was a pretty clear indicator that financial literacy is not something that is common among college students.Whether this is an indicator of improper teaching or a lack of resources and access to knowledge all together is something not mentioned in the article. Another interesting insight from this article is the fact that although the insights taken from the study with college students may appear to be worrisome the other study seemed to give better reference. I find it more worrisome that the study done on Fed employees showed a one third 100% correct rate in those that did the survey (Constable, 2024). This shows a lack of financial knowledge across the board no matter your ‘expected’ financial knowledge. How then can design bring people across all spectrums to a certain level of financial knowledge?

Source

Constable, S. (2024, May 27). When tested, most students lack financial literacy, new study finds. Forbes. https://www.forbes.com/sites/simonconstable/2024/05/27/when-tested-most-students-lack-financial-literacy-new-study-finds/