This high school graduation season, millions of young adults from around the country will celebrate their achievements and prepare to begin the next chapter in their lives. For many, setting out into the “real world” also means taking on new financial responsibilities. Capital One Financial Corporation (COF 42.16, -0.21, -0.49%) recently surveyed high school seniors to see how prepared they are to manage finances on their own. The survey shows that while many students are uncertain about their ability to manage their banking and personal finances, those who have had financial education — both in the classroom and through conversations at home — are significantly more confident about their personal finance skills and knowledge.
One troubling statistic shows that nearly half (45 percent) of all high school seniors polled say they are unsure or unprepared to manage their own banking and personal finances. However, of the students surveyed who have taken a personal finance class (30 percent of the sample), 75 percent said they feel prepared to manage their finances. In addition, two thirds (66 percent) of students who have taken a personal finance class rate themselves as “highly” or “very” knowledgeable about personal finance, compared to only 30 percent of students with no financial education course who show the same level of confidence in their skills.