An international study by the Organization for Economic Cooperation and Development (OECD) shows that American teens have some catching up to do if they are to be as financially aware as some of their peers. The large scale survey of 15 year olds found that US teens have, at best average understanding of investing, saving and spending. The US came in eighth in the league table, just ahead of Russia, but below many Eastern European and Asia-Pacific teens. China had the best results, perhaps to be expected from a country with ambitions to be the biggest economy in the world. Possibly most worrying for the US results was the high level of those lacking even basic financial proficiency. While girls and boys rank much the same in the scores, those from higher-income families and those with their own bank accounts showed greater financial awareness; a strong indication of the importance of teaching our kids about finances at an early age. Read the full story.
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