Sixty percent of Americans believe they would have stronger money habits if school had taught them the basics of finances. Some say the missed lessons have further delayed their retirement.
The findings from IRALOGIX highlight a demand for financial education in schools. Over half (52%) of respondents say they never took a financial literacy class in school, despite the real-world impacts in understanding finances.
For those schools who do offer financial literacy courses, IRALOGIX calls for an upgrade in education. Of the respondents who were offered a class, only one-third thought it was helpful.
As a result, most adults surveyed say they entered adulthood unprepared for the financial responsibilities, including budgeting, saving, and investing, at stake.
Thus, IRALOGIX’s study emphasizes a discrepancy with financial attitudes and behaviors. Participants aren’t saving or investing because they lack discipline; they just don’t know the basics, said Peter de Silva, CEO of IRALOGIX.
“More than half the country never had a single financial literacy class in school. That’s not just an educational oversight; it’s a national failure – one with real-world consequences, from rising debt to delayed retirements,” he said. “The need for school-based financial education couldn’t be clearer, and yet at the federal level, there’s still no real willingness to take it on. In my view, this is a national crisis, and no one’s listening.”
These missed lessons have launched a snowball effect for some, to the point where they believe it’s caused a delay in retirement. Workers cited a lack of financial education as a reason why they hadn’t saved enough or planned for the future. Fifty-six percent of respondents have had to withdraw retirement savings to pay for emergency expenses while 46% say they’ll have to work past retirement age, even if they don’t want to.
Workers who weren’t offer financial courses in schools and now calling on employers to provide education in the workplace. Two-thirds of respondents say access to the benefit has influenced their decision when choosing an employer, and some have equated it to having healthcare or a retirement plan at work.
Despite their demands, over half of employees (58%) haven’t participated in a financial literacy program at work, either because their employer didn’t offer it or because they didn’t engage with the course.
“We need to stop treating [financial education] like an optional add-on and start recognizing it as a core life skill that’s just as critical as math or reading,” said de Silva. “That means integrating it early into school curricula, reinforcing it in the workplace, and making sure every American has access to the tools and knowledge to build lasting financial security.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
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