Report: High school students need to improve money skills

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By Beth Boehne

Story Created: Jun 2, 2008 at 5:13 PM EST

Story Updated: Nov 24, 2008 at 5:44 PM EST

INDIANAPOLIS (AP) — Six in 10 Hoosier high school students failed a national survey on good financial habits, which may not be surprising since their parents may also be struggling with money management, according to a new report from the Indiana Youth Institute.

The report found that about 60 percent of high school students say they learn to manage finances at home. Bill Stanczykiewicz, president of the Indiana Youth Institute, noted that Indiana ranks fourth in bankruptcies and that its mortgage foreclosure rate jumped nearly 38 percent from 2002 to 2006.

"Without learning the basics at home, Hoosier kids will not develop the confidence they need to make good decisions about advanced financial issues, such as investing, managing credit or buying insurance," Stanczykiewicz said.

Few Indiana high school seniors have budgeting experience, according to the IYI report. More than 60 percent do not have checking accounts and 50 percent have cars but do not help pay for insurance.

Teenagers Kandace Leffler and Kelsey Cochran, both 15, said they have vague memories of school lessons on how to balance checkbooks, but could run into problems if they actually had to do so.

It can be difficult for kids to learn checkbook-balancing skills in a more paperless society, said Lena Yarian, president of Junior Achievement of Northern Indiana.

"A lot of kids aren't even exposed to checks," Yarian said.

Junior Achievement offers programs on fiscal responsibility, some of which focus on the basic concept of determining the difference between wants and needs.

"That very simple premise is something that's very challenging for middle schoolers, high schoolers and even adults," Yarian said.

___

On the Web:

The full IYI report is available online at: www.iyi.org

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