New report shows lack of financial literacy among high school seniors

By Katie Knapp

Omaha, NE – A new report shows only about half of Nebraska's high school seniors are financially literate.

The results are from the Jumpstart Coalition's 2008 Personal Financial Literacy survey, which is sponsored by Merrill Lynch. The survey asks students about financial concepts such as credit, loans, housing, and the economy.

48 percent of high school students nationwide answered the questions correctly. 50 percent of Nebraska high school seniors did so.

Jennifer Clark of the Nebraska Financial Education Coalition says there are three reasons why high school seniors are financially illiterate. Clark says many families don't discuss finances with their children. She says schools don't adequately teach financial concepts. Also, Clark attributes perceptions about the current state of the economy as one reason for the decline in financial literacy.