According to a 2024 report published by Pew Research Center, “54% of U.S. adults say they know at least a fair amount about personal finances (saving money, budgeting, managing debt, investing, etc.) And, among those between the ages of 18-29, our most recent generation of youth, confidence drops to 41%.”​ (Pew Research Center, 2024)​ Systemic barriers in current educational models prevent schools across the county from making financial literacy a higher priority in curriculum development. We are not here to scare you, most of you already understand the importance of this topic. So, what can you do to help the youth to develop and hone money management skills ahead of the curve?

WHAT IS FINANCIAL LITERACY?

First, you can define and explain the concept of financial literacy to youth. Wouldn’t we all have paid a little more attention during our differential equations units if we had understood how it helped applied physicists achieve nuclear fusion ignition to save our planet? Applied fiscal responsibility is what it’s all about, and so we continue. Financial literacy encompasses:

1. Personal Financial Management
2. Budgeting
3. Investing

PERSONAL FINANCE EDUCATION

Successful personal financial management is the ability to make consistent and sound money choices that lead to an individual’s ability to control their own spending habits and live within their means. This means that you’re earning more than you spend. It means being able to save for retirement, rainy day car repairs, and that trip to Maldives that you’ve always dreamed about. It also involves managing and paying off debt after the unexpected happens like stints of unemployment, or unexpected healthcare services costs. Intuit for Education offers a FREE 13-unit course suitable for youth on personal finance that is self-paced.

Link: https://education.intuit.com/home/course/personal_finance

The Federal Deposit Insurance Corporation (FDIC) knows what’s up too! Its entire organization is devoted to the financial well-being of our county, and our World, really. They’ve launched an educational program titled, “Money Smart for Young People,” built for anyone between grades K-12.

Link: https://www.fdic.gov/consumer-resource-center/money-smart-young-people

BUDGETS BUILD WEALTH

Budgeting is simply planning for how, when, and why you spend money. It can be broken down into sections like household budgeting which involves inventory of all the expenses you have in your personal life such as keeping a roof over your head, food on the table, and gas in your car and calculating those costs in comparison to combined take-home income. Here’s Forbes’ Best Budgeting Apps of 2025 and key steps.

Key steps for budget management:

1. Inventory expenses.
2. Calculate your take-home income.
3. Build out a budget for tracking.
4. Adjust when and where necessary.

Link: https://www.forbes.com/advisor/banking/best-budgeting-apps/

GAME IT, LEARN IT & INVEST IT

Education has a lot to do with the delivery and since “85% of U.S. teens say they play video games, and about four-in-ten do so daily,”​ (Sidoti, 2024)​ in the United States, we must bring the lessons to them. Money Prodigy has compiled a list of nearly 20 FREE financial literacy games for teens.

Link: https://www.moneyprodigy.com/free-financial-literacy-games-high-school-students/

For those that have already started working, saving, and want to move to the next level apps like Bloom by Contour Labs, Inc., will teach you to invest pennies into real stock and take you on a Candyland like journey through the vocabulary and actions that make smart investors wealthy.

Link: https://play.google.com/store/apps/details?id=com.joinbloom.bloomapp&hl=en-US

PRACTICING

Banks and creditors are in on this push to educate early. Some banks offer practice credit cards issued to youth that can be closely monitored by their adult guardians and parents. In March 2025, Forbes published a list of the best cards for teens along with the following tips.

How To Choose Teen Credit Cards

• Check card availability for teens. Ensure the card issuer allows applications for teenagers.

• Review key credit card factors. Evaluate fees, credit requirements, APRs, rewards, and other benefits.

• Personalize your specific priorities. Choose a card based on financial needs like rewards or building credit.

Link: https://www.forbes.com/advisor/credit-cards/best/teens/

FINANCIAL AID & SCHOLARSHIPS

Congratulations, you’ve been accepted! Now, how are you going to pay for roughly four years of college? While it’s true that college is not a requirement, it remains, statistically, the clearest path to increased earning potential. “Research shows that a college education is linked to higher earnings over your lifetime. Higher education is correlated with better pay at every level. A bachelor’s degree is worth $2.8 million on average over a lifetime, according to a Georgetown University study. Bachelor’s degree holders earn 31% more than those with an associate’s degree and 84% more than those with just a high school diploma.”​ (Scheckel, 2025)​ Everyone should have the opportunity to attend college. Here’s what our youth need to know.

The Free Application for Federal Student Financial Aid (FAFSA) is a great starting point. FAFSA is a tool for determining one’s eligibility and access to federal funds allocated to help send Americans to college.

1. Before students fill out FAFSA they’ll need a bit of information from their parents or guardians. That list can be found at the link below with instructions about how to set up an online account.

Link: https://studentaid.gov/articles/things-you-need-for-fafsa/

1. After students have submitted their FASFA it’s important for them to monitor their status and respond to any additional requests for information. Here’s a guide that includes information about reading the FAFSA Submission Summary and evaluating potential aid offers.

Link: https://studentaid.gov/articles/things-after-fafsa/

Scholarships should be part of every student’s financial plan. “More than 1.7 million scholarships are offered yearly, and funds worth $46 billion are distributed across the U.S. yearly.”​ (Winograd, 2024)​ Scholarship awards are based mostly on the best match, eligibility, and whether all the application requirements have been met. “It is crucial (for students) to focus efforts on applications that are relevant to them.”​ (Texas Youth Mental Health Coalition, 2024)​

CONCLUSION

To celebrate Financial Literacy Month, we hope you’re able to share these resources with youth. Helping youth set financial goals and allowing them to explore finance and wealth building is one of the best ways we can support them in becoming fully active citizens in their communities. As we continue to build healthy youth-adult partnerships, explore ways to implement financial literacy sessions within your own communities, then reach out to our program staff and let us know what’s working!

​​Works Cited

​Pew Research Center. (2024, December 6). Roughly half of Americans are knowledgeable about personal finances. United States. Retrieved April 2025, from https://www.pewresearch.org/short-reads/2024/12/09/roughly-half-of-americans-are-knowledgeable-about-personal-finances/sr_24-12-09_financial-literacy_1/

​Scheckel, C. S. (2025, February 28). Is College Worth It? A Balanced Look at the Pros and Cons. Business Insider. United States. Retrieved April 2025, from https://www.businessinsider.com/personal-finance/student-loans/is-college-worth-it

​Sidoti, J. G. (2024, May 9). Teens and Video Games Today. Pew Research Center. United States. Retrieved April 2025, from https://www.pewresearch.org/internet/2024/05/09/teens-and-video-games-today/

​Texas Youth Mental Health Coalition. (2024). Empowering Minds: A Resource Guide (First ed.). Missouri City, Texas, United States: Royal Global Publishing, LLC. Retrieved April 2025

​Winograd, G. (2024, December 30). College Scholarship Statistics 2025 (Latest Data & Facts). Mission Graduate. Retrieved April 2025, from https://missiongraduatenm.org/college-scholarship-statistics/

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