Americans Are Severely Lacking In Financial Literacy – Intuit Launches Program To Help Change That For 50 Million Students

Financial Literacy Month is upon us, and it's sorely needed. According to some estimates, 57% of Americans are financially illiterate, and 77% are financially "anxious." On average, Americans lose close to $2000 a year due to financial illiteracy.

Intuit INTU, the financial technology platform, has set out to change that. It recently launched its "Intuit for Education" program to help 50 million students become financially literate by 2030.

To kick start the program, Intuit also issued the "Hour of Finance Challenge," encouraging all schools to spend one hour on financial education during Financial Literacy Month. Schools that participate will have a chance to win a celebration worth up to $100,000.

Survey Results

Intuit commissioned a survey of 2,000 U.S. high school students and found that 85% are interested in learning about financial topics in school. Among those who do receive some form of financial education in school, 95% found it helpful.

"Without personal finance knowledge, students struggle to make informed financial decisions, jeopardizing their long-term financial success after graduating," Dave Zasada, vice president of Education and Corporate Responsibility at Intuit, said in a statement. "We know that financial education works. Our survey shows that 95% of students who receive financial curriculum at school find it helpful. As an organization that has been powering prosperity globally for 40 years, Intuit recognizes our unique opportunity and set a goal to help 50 million students become more financially literate, capable, and confident by 2030."

So What Is The Program All About?

Intuit for Education provides high school teachers and students with free personal and entrepreneurial finance courses. The interactive lessons and simulations featured in the courses are powered by Intuit products including TurboTax, QuickBooks, Credit Karma and Mailchimp.

The program includes more than 150 hours of customizable curriculum and provides educators with easy-to-use resources to teach essential skills like budgeting, saving, managing credit and understanding basic finances. The program offers free live and on-demand professional development for educators, including webinars and podcasts.

For the first-ever Intuit Hour of Finance Challenge, the company is offering plug-and-play lesson plans based on the Intuit for Education curriculum. Also included is Intuit Prosperity Quest, an interactive online game that makes learning critical financial concepts such as taxes, credit and investment fun and relevant for students.

As part of the challenge, schools can compete to win a celebration worth up to $25,000, $50,000, or $100,000, depending on the school size.

To learn more and sign up your school for the Intuit Hour of Finance Challenge, visit intuit.com/houroffinance.

TMX contributed to this story.

Featured photo by Kelly Sikkema on Unsplash.

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