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Financial Literacy Slightly Above Average
Among West Virginia’s High School Students
Jump$tart Survey Examines Money Management Knowledge.
CHARLESTON – A nationwide survey conducted for the Jump$tart Coalition for Personal Financial Literacy reveals that high school students in West Virginia got more than half of the answers correct on the personal finance survey.
On average, students in West Virginia answered 54.4 percent of the questions correctly, which is higher than the national average. This topped the national average which is 52.4, up from the 52.3 percent in 2004, 50.2 percent in 2002 and 50.9 in 2000.
West Virginia State Auditor and Commissioner of Securities Glen B. Gainer III noted the measured improvement our high school seniors have shown in this year’s survey. Auditor Gainer said, “West Virginia’s composite score for the 2004 survey was just 46.5%. Beating the national average this year is a testament to the work of our West Virginia Jump$tart Coalition partner organizations in business, government and education, but we know there is still work to be done.”
The results were part of Jump$tart’s 2006 nationwide survey measuring high school seniors’ level of knowledge of personal finance basics, and comparing these to the results from similar surveys conducted in 2004, 2002, 2000 and 1997 by the coalition. The researcher for all five studies was Lewis Mandell, Ph.D., professor of finance and managerial economics at the University of Buffalo School of Management.
“Although encouraging, these results indicate that, despite the attention now paid to the lack of financial literacy, the problem is not about to resolve itself any time soon,” said Dr. Mandell.
By subject area, West Virginia participants got 62.6 percent of the Income questions correct, 47.4 percent of the Money Management questions correct, 44.1 percent of the Savings questions right, 59 percent of the Spending answers correct and 54.2 of the Debt questions correct. By subject area, the national averages were: Income – 59.2, Money Management – 46.4, Savings – 42.6, Spending – 56.9 and Debt – 51.8.
"I'm delighted that our West Virginia coalition was able to generate enough participation in this survey to enable us to provide state-specific results and I commend them on the effort," said Laura Levine, executive director, of the national coalition. "The increased levels of participation this year indicate that educators across the country are beginning to recognize the importance of financial literacy and the need for financial education. I hope we see improvement in performance in the near future."
About West Virginia Jump$tart
The West Virginia Jump$tart Coalition for Financial Literacy was founded in 2001 for the stated purpose of strengthening the personal financial literacy of youth in West Virginia and assisting other charitable and educational organizations in conducting similar activities. Executive board members include:
Richard Donovan (Fifth Third Bank), David Fletcher (US Federal Reserve Bank of Richmond, Charleston Branch), Hon. Glen B. Gainer III (WV State Auditor and Securities Commissioner), Tom Midkiff (Junior Achievement of WV), Jill Miles (Deputy Attorney General, Consumer Protection), Roger Mooney (BB&T), Hon. John Perdue (WV State Treasurer), Abigail Reynolds (State Business Education Coordinator - WV Department of Education), Jack Suttle (WV Society of CPAs), and Duane Thomas (WV Credit Union League).
About Jump$tart
In its 10-year history, the Jump$tart Coalition® has brought visibility and—through its biennial survey of high school seniors—research-based data to the financial literacy movement. Jump$tart is a Washington, DC-based not-for-profit organization that seeks to improve the personal financial literacy of students in kindergarten through college. It is mentioned prominently each year in Congressional resolutions proclaiming April “Financial Literacy for Youth” Month. The coalition has grown to include more than 170 national partners and 43 affiliated state coalitions. One of its premier services is the Jump$tart Personal Finance Clearinghouse, which lists more than 580 titles of financial literacy materials available for all and can be found at www.jumpstartclearinghouse.org.
More information about Jump$tart and its biennial survey can be found at www.jumpstart.org, including a media press kit in the “News” section.
Release Date: April 10, 2006
Contact Justin Southern via email at justin.southern@wvsao.gov or by phone: 304.558.2251.
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