WASHINGTON (8/12/14)--Young adults might be smart enough to get into college but often are ignorant about even the most basic financial skills. This is not surprise--in the United States less than half of the states mandate a course in personal finance as a requirement for high school graduation (GTN News Aug. 4).
Further, a 2014 financial literacy survey by the National Foundation for Credit Counseling (NFCC) reveals that the majority of adults say they learned the most about personal finance from their parents. This is true whether mom and dad possess good or bad financial habits.
Does your young-adult student need a crash course in personal finance? The NFCC provides a checklist of basic knowledge that will benefit everyone managing his or her own money:
The NFCC recommends that parents and their young adult leaving the nest make an appointment with a certified financial counselor at an NFCC member agency location. Hearing financial advice from a professional may have a stronger impact than hearing it from mom and dad. To find one near you, call 800-388-2227 or use NFCC's DebtAdvice.org. The staff members at your credit union are also valuable resources.
For related information, read "Money 101: School Your College-Bound Child" and "The College Affordability and Transparency Website: Tools to Make Informed Choices" in the Home & Family Finance Resource Center.