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As students score low in financial literacy, consumer credit counseling may be option for education
By Edith Barlow on Apr 29th, 2010
A recent contest put on by the government shows young people in the country could stand to be more educated about their finances.
The U.S. Department of the Treasury and the Department of Education held the National Financial Capability Challenge, which was announced in December 2009. Recently, both departments hosted an event to congratulate students who scored particularly high through the program.
However, the initiative - which involved more than 76,000 high school students and 2,500 educators - showed young people score an average of 70 percent. Treasury Secretary Tim Geithner said a better job must be done in educating young people while the government also works on financial reform.
Education Secretary Arne Duncan said he was proud of the educators who helped teach young people about personal finances.
"But the low scores on these test show us that, when it comes to financial literacy, we've got a lot more work to do to get our students where they need to be," Duncan said.
One option people may consider for learning about personal finances is to go to a consumer credit counseling agency, which can help them learn about budgeting techniques and how to live within their means.
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