- A recent survey found many Gen Z members lack basic financial literacy, with some unsure about inflation or even how many cents are in a dollar.
- In response to this knowledge gap, 30 states now require high school students to take a personal finance course.
- Companies like Capital One and Intuit are offering programs that provide teens with real-world financial experience and job skills.
Gen Z may know how to navigate TikTok with ease, but when it comes to finances, they are sorely lacking, according to a survey by writing platform EduBirdie.
The study found that 46% of the 2,000 Americans aged 18-27 surveyed couldn’t understand cryptocurrency, and 33% weren’t sure about inflation and interest rates. Eight percent didn’t know how many cents are in a dollar, with 2% guessing 10, 3% saying 50, and 3% sure the number is tied to inflation, the survey said.
With costs increasing and rising risks of losing programs like Social Security, Gen Z needs to get financially literate — and the quicker, the better, experts said. Thirty states, up from 17 in 2022, already require their high school students to take at least one semester-long, standalone personal finance course before graduation, according to nonprofit Next Gen Personal Finance. Now, companies are building on that classroom education with real-world money experience.
“Every teen deserves to know not just how money works, but how money can work for them,” said Mindy Bingham, author of Lifestyle Math. “That’s what changes behavior — not just vocabulary or worksheets, but real numbers tied to their own lives.”
A Capital (One) opportunity
Calique Barnes was a junior in high school when he applied for a paid Capital One Café Ambassador internship. The internship for high school seniors in underserved communities teaches teens how to get a job, work and budget money.
Chosen students work during their senior year in one of Capital One’s part bank, part cafés where they learn financial literacy and work alongside other employees in helping customers with banking questions, said Jennifer Windbeck, Capital One’s head of retail bank channels and operations. They also network and present their knowledge at café and school events.
“To God be the glory, they chose me,” Barnes said. “It was the best work experience. Money management was nonexistent in my family and community. We didn’t know about credit or debt. I learned all that. I can also teach my kids, family, friends how to manage money and set themselves up for the long run.”
Barnes, currently a freshman at Morehouse College, even gives his mom advice – whether she asks or not. “When my mom made financial decisions (that) I didn’t agree with, I would tell her why and she was surprised. She says ‘oh, you’re a financial adviser now,’” he said.
But Barnes said he practices what he preaches. He adjusted the 50/30/20 rule, which says people should budget 50% of their money to pay for necessities, 30% to wants like entertainment and fun, and 20% to savings and debt repayment. “I made it 50/20/30 so I could save a little more for college,” he said.
Getting ‘In-tu-it’
Similarly, financial software company Intuit launched Intuit for Education to help 50 million students gain financial literacy by 2030. High school and college students can access free online curriculum and tools to learn about finances, while career and technical education high school students in underserved communities can apply for the Intuit Food Truck Program.
The food truck program provides students with a food truck or mobile cart, financial and business management tools, culinary training and startup grants so they can run their own food truck. Since its launch in 2023, nearly 10,000 students have gone through the program across nine districts in cities including Los Angeles, Dallas, Denver, Lynchburg, Nashville, Reno, and San Diego. Another 10,000 students are expected to participate this year, with expansion to near Atlanta, Fort Lauderdale, and Milwaukee, said Dave Zasada, vice president at Intuit for Education.
“Beyond cooking, students gain hands-on experience running a business,” Zasada said. “They use QuickBooks to manage sales and track costs, learn how to budget, price products, manage inventory, and even develop branding and promotional strategies. They also build critical soft skills like leadership, communication, teamwork, and problem-solving — all in real-time as they operate a functioning food truck.”
Students also learn to give back to their communities. This holiday season, each food truck is helping serve free meals to those in need, allowing students to see firsthand how business skills can be used to make a positive impact. They expect to serve nearly 400 people at each stop, helping over 3,500 people nationwide, he said.
“When students build budgets, manage inventory, and make business decisions that directly impact their success, they see firsthand how financial literacy fuels possibility,” Zasada said. “It’s not just about learning to balance a budget, it’s about building the confidence to turn their ideas into something real.”
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.