Teens need money smarts

A new study from the Investor Education Fund shows 70% of Ontario high school students understand that learning about money management is important.

Further, 69% of students think money management needs to be taught in classrooms, a 12% increase from a similar study conducted in 2009.

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“Learning to use a budget, manage debt responsibly and save money are essential skills for young adults,” says Tom Hamza, President of IEF. “Students will stand a much better chance of long-term financial success if their schools prepare them with these skills.”

Read: Young clients get deepest discounts

Only 40% of students say they’re prepared to deal with their finances after they graduate, and only 30% of students are saving for post-secondary education — even though they cite tuition and other related costs as their biggest money worry.

Students who responded they have all the personal-finance info they need are twice as likely to “always budget.”

Read: Poll: young Canadians not focused on retirement

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.