By Goalsetter
This report quizzed more than 1,000 students at three of our nation’s Top Ten universities on their knowledge based on 15 questions that have been mapped out to K-12 financial literacy standards.
The results showed that even among our most academically elite, basic financial education concepts and terms are lacking.
- Students scored a failing grade of 51% with underclassmen scoring even lower at 48%.
- Before taking the quiz, 55% of students believed that they had “a solid understanding of core personal finance concepts.” This number dropped to 30% post quiz.
- Only 48% understood compound interest over simple interest.
- The 50/30/20 rule of budgeting was only understood by 48% of quiz participants.
