Evaluating the Financial Literacy of High School Students

Abstract

In recent years, the lack of financial knowledge among American high school and college students has caused numerous institutions to add financial education requirements to school curriculum. Despite these changes, many states in the country, including California, still do not mandate personal finance education. This study evaluated the financial literacy levels of high school students at Calabasas High School, a school in California. All participants (N = 58) completed a quantitative survey aligned with previous studies in the literature yet adapted to the specific school environment. The survey highlighted fundamental aspects of financial knowledge such as budgeting, saving, and investing, along with an assessment based on California’s state standards in economics. Survey responses were analyzed with descriptive and comparative statistics comparing variables such as grade, gender, and ethnicity. The results revealed a gender gap in both perception and knowledge. Additionally, there were no significant knowledge differences among students of varying grade levels. These findings imply that a lack of financial education can negatively impact financial literacy levels. Future research on the topic should continue to explore high school financial education and its impact on students’ financial knowledge.