Empowering the Next Generation through Financial Literacy

Today, only 34% of individuals in the US can pass a basic financial literacy quiz, and that number is declining. Few states require personal finance be taught as a graduation requirement in schools, and those that do require it don’t provide funding or training for districts to be successful. And one of the main reasons that new small businesses fail is the lack of financial literacy of small business owners. This is all further complicated by the social taboos associated with talking openly about money. 

These trends present a risk to the financial lives of millions as well as the economy as a whole. But we have a massive opportunity to change this trajectory and help people prosper by taking action today. That work starts by redefining what we consider the critical curriculum that is taught in our schools and making financial literacy a standard pillar of education. Equally important, we also must reimagine how we teach financial literacy by creating innovative educational experiences for students that engage them and offer them the practical skills they need.

At Intuit, we believe that everyone should have the opportunity to prosper, yet we know not everyone has that same opportunity. That’s why we’ve made financial literacy a priority.  The challenge is massive in scale and there's no one silver bullet that will solve all the root causes. It requires a broad-based approach that includes expanding access, increasing resources, and building a coalition of parents, teachers, governments, businesses, and others committed to change. As the leading platform for financial technology, Intuit is investing in solving this problem. Here are some of the ways we’re contributing to making a meaningful impact on improving financial literacy for the business leaders of the future: 

• Learn by doing. The best way to learn is by doing. Studying subjects in the abstract are frequently hard to grasp. We learn by trying to apply our skills, making mistakes, adapting, and learning the resiliency that truly allows us to gain new skills. This learning-by-doing approach is at the heart of a new Intuit program where we’ve been providing high school students with the opportunity to learn entrepreneurship by operating food trucks. The food trucks are equipped with commercial-grade kitchens, allowing students to build real-world, hands-on skills and experiences in a professional context and setting. It’s a way for high school students to gain practical experience, build technical skills while learning and applying the financial and entrepreneurial skills necessary to run a business. 

• Focus on real-world skills. Students want to learn skills that they can apply in the real world. They want to see the tangible benefit of what they’re learning and how it can help them in the future.  We’re working to address this issue as part of our Intuit for Education program, which is available to high schools across the US for free and teaches grades 9–12 both personal and entrepreneurial financial skills. Financial concepts by themselves aren’t always helpful. Instead, this program provides students with the ability to apply those concepts to real-world simulations such as running a small business or filing taxes for themselves and their families. Our goal is to help 50 million students become more financially empowered by 2030.

• Make it fun. Today’s generation of learners are digital natives and learn differently than many of us did. Their best learning comes from active, fun, interactive experiences rather than textbooks that can be boring and dull to learn from. We have launched a fun, interactive national competition called Intuit Hour of Finance Challenge designed to introduce students to the importance of being financially literate in just one hour using real-world simulations and an online game called Intuit Prosperity Quest.

Increasing financial education is a key way we can impact the success of the next generation and our future economy. It helps reduce poverty and social inequality, promotes financial stability in communities, and aids people in making better financial decisions that can lead to improved financial outcomes for themselves and their families. Taking action today by investing and innovating in financial literacy is a vital step toward creating a better tomorrow.