With back-to-school season fast approaching, a new survey from Edward Jones reveals it’s a worrying time for many households.
Nearly one-third of respondents said they have anxiety or stress around their current financial situation, and the start of the school year also highlights how the lack of financial education causes issues well into adulthood.
Only 20% of those who took part in the poll said they had received financial education at school, and 28% cite this as a reason for their financial anxiety as adults. Thirty-three states are currently requiring or recommending that high school students should receive financial education before graduating.
“Developing greater financial knowledge and confidence has to start earlier in school," said Vanessa Okwuraiwe, principal at Edward Jones. “Our data demonstrates that knowledge builds confidence — for example, roughly 60% of respondents believe they would be more confident in their financial situation with a better understanding of debt management — so it’s our goal to empower individuals to secure their financial futures.”
Among the key topics that poll participants highlighted as financial matters they would like to know more about are:
They also said that they have financial knowledge gaps around financial caregiving, student debt management, understanding certificates of deposit and investing in the capital markets.
Despite the desire for more information, more respondents said they rely on the financial knowledge of their friends or themselves rather than a financial advisor.
Edward Jones has a financial education program in collaboration with Everfi that aims to reach 1 million learners by the end of 2025.
“The back-to-school season can be associated with nerves and anxieties for a number of reasons, but lack of financial education does not have to be one of them,” Okwuraiweb added. “A new school year can be an empowering opportunity to learn new skills and take more control of your finances.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
