Credit Knowledge for Youngsters is Vital

According to a recent survey conducted by Jumpstart Coalition, youngsters or high school students don’t have proper knowledge of personal finance or how to use credit card effectively.

The latest Jumpstart Coalition survey states that, High school students had given the correct answer of only half of the survey questions on personal finance issues. There is a downfall seen this year as compared to the result of year 2006 poll.

Jumpstart is a national coalition of organization dedicated to educate the financial literacy of youngsters. According to a press release from the Federal Reserve, the survey describes, what seniors in high school know about the basics of personal finance.

“The young generation is the future of every country. So, they should have full knowledge about finances for the welfare of our economic future.”

During a recent press conference, Fed Chairman Ben Bernanke said: “Choosing a credit card, saving for children’s education, or buying a new home, now, requires more financial understanding than ever before. Also, “Financial and consumer education makes the market place efficient and effective, and provides better opportunity to consumers to take smart financial decisions.”

High school students attain the correct answers of an average of 47.5% to survey questions, which is less than the average of 52.4% of 2006 survey of senior class. The reason behind this fall is lack of knowledge on credit card issues like rate of interest and penalties when the repayments are not made on time.

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