According to a new survey by Higher One, a company that provides banking services to universities, young people's financial literacy is falling: More than 70 percent of college students surveyed failed a nine-question quiz given by the organization.
Some states, including Utah, Missouri, and Tennessee, require students to take a personal finance class in high school. Virginia and several other states are considering passing laws that would require students to take a personal finance class before graduating.
For tips on how teens can properly manage their money, read yesterday's article by U.S. News's personal finance columnist, Kimberly Palmer, "What High Schoolers Should Know About Money." Her suggestions include avoiding accidental purchases on smartphones, resisting pricey wardrobes and gadgets your friends may have, and reaching out to your parents for advice.