Teaming up to tackle the financial literacy gap

Jill Bramble, 4-H President and CEO

Kristine Dixon, Charles Schwab Foundation Executive Director

Today’s young people are ambitious and eager to work toward economic success. As we see a growing number of youth seeking content from financial advice influencers on TikTok (aka FinTok) and other platforms, it’s clear that there’s a strong demand for trustworthy information on how to achieve their financial goals. 

According to National 4-H Council’s Beyond Ready survey of American teens, these goals include owning a home (77%), being financially secure (68%), and living debt-free (67%). Many young people also aspire to own a business (36%), a goal especially high among Black teens (55%). This same research revealed 41% of teens wish money management was taught at their school. Ensuring that financial literacy education is broadly available is a crucial part of helping youth make their dreams a reality.

The unique challenges young people face today—such as growing credit card debt compared to previous generations and delaying major life milestones like homeownership due to financial concerns—make it even more essential that we provide them with guidance on how to navigate the 21st century economy.

Schools are expected to do more with less. While some education systems make financial literacy a part of their curriculum, there is still a critical gap to fill in many communities across the country. But schools can’t do it alone.

One example of successful collaboration is the 4-H Smart Cents program. 4-H educators from the University of Nebraska-Lincoln Extension collaborate with skilled professionals through a partnership with Charles Schwab Foundation to create a financial literacy playbook for educators across the country. The lessons cover essential, practical topics like paying for college and managing credit card spending. The program provides a roadmap for how leaders across the private and nonprofit sectors can expand financial literacy education outside of the traditional classroom.

Inside Nebraska schools, the state’s Financial Literacy Act requires at least five high school credit hours in personal finance or financial literacy before graduation. Nebraska schools also partner with local banks for in-school savings programs that encourage kids to develop positive saving habits. These creative collaborations—across government, education, nonprofit, and corporate sectors—create financial education resources that benefit Nebraska students, helping cement the state’s status as a leader in this space.

While the priorities of rural youth may look different compared to youth in urban areas, depending on factors such as transportation or career interests, basic personal finance principles are universal. Students who have a strong foundation in financial literacy are better equipped to save and invest their money, set financial goals for the future, and in some cases, even start a business before graduating high school. Equipping the next generation with the knowledge and skills they need to manage their money is crucial for the long-term growth and prosperity of our nation. 

The world is moving at a rapid pace, and financial literacy will remain an essential skill for young people. With smart investments in teaching these basic life skills, we can empower youth to become confident in their financial decisions and their economic outlook for the future. And working collaboratively across sectors that help emphasize financial literacy and partnerships like Schwab and 4-H, it ensures that youth have the essential skills to become Beyond Ready for work and life and build essential skills for success that drive even better results.