As back-to-school season approaches, families are getting stressed about finances

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.”

WHAT PEOPLE WISH THEY KNEW

Among the key topics that poll participants highlighted as financial matters they would like to know more about are:

• the markets (28%).
• debt management (28%).
• preparing for retirement (27%).

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.