Finance

How to Build Financial Foundations for Younger Generations

todayAugust 12, 2021 87

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By Vernita Dorsey | WSFS Bank

A solid financial education foundation can be key to future success managing money.

Unfortunately, many younger generations are left with the feeling they’re “on their own” to figure things out when it comes to personal finances. A recent study from WSFS Bank of 2,005 Americans between ages 18-40 found 61% of respondents agreed that most of what they’ve learned about finance was through osmosis, with 75% of men agreeing compared to 49% of women.

This lack of a structured financial education can have a major impact on the ability of younger generations to reach financial milestones.

Here are a few ways we can work together to improve financial lessons across the board to help future generations build confidence in their money management.

Schools, Banks and Financial Institutions
Only 23% of respondents to the WSFS survey said they learned financial skills in school, and just 17% cited their bank or financial institutions as a source of financial lessons.

According to Next Gen Personal Finance’s 2019-2020 Progress Report, only 17% of students were required to take a personal finance class with only 3.9% of students from low-income schools required to do so.

With budget cuts over the years and limited resources for additional curriculum to be added to an already packed schedule, it is no surprise that many students don’t receive a formal financial education in school.

This is where banks and financial institutions can help.

By partnering with local schools to provide in-classroom financial education lessons, banks and financial institutions can help bridge the gap and make up for lack of resources in schools, while tapping into the expertise of their own employees and serving their communities at the same time.

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