They Can Scroll All Day But Can’t Manage Money

The Treasury Department aims to curb financial illiteracy after devastating data reveals that over two-thirds of Gen Z cannot answer half the questions on the nation’s Personal Finance Index. 

In response, the Treasury Department is working to address widespread financial illiteracy, particularly among younger Americans. Marking the end of Financial Literacy Month, the Treasury Department welcomed two schools into the historic Treasury Cash Room. The two schools competed in a contest where multiple-choice questions were presented on the screen, and the kids worked together to answer economy-based questions. 

One of the students told The Daily Wire that she plans to take the information she learned back home to share it with her parents.

The event was designed to draw attention to the Treasury Department’s efforts in improving financial literacy through the launch of Trump Accounts and other efforts like the U.S. Mint’s Coin Classroom, a free website that houses interactive games and videos that teach kids about money.

Treasury Secretary Scott Bessent emphasized that financial literacy is essential to achieving the American Dream. He argued that the Trump Accounts for children would not only create savings early in life but also teach financial literacy through a hands-on approach.

According to Bessent, kids and parents will be able to follow their Trump Accounts together through a mobile app that will teach them directly about how investments grow and compound. For the first 18 years of their lives, kids can watch their accounts and investments grow over time, ensuring an interactive and personalized financial learning experience. 

Surveys suggest that there is a strong demand among younger Americans for this type of education. A poll from Junior Achievement found that 68% of teenagers want financial education, and a poll by Intuit shows 89% of parents believe personal finance should be a required high school course. 

Along with an education, the accounts also bring children into the ownership economy. “Trump Accounts represent the triumph of capitalism over socialism,” Bessent said. “Through Trump Accounts, our President is creating an ownership economy where all citizens become shareholders in America’s wealth.”

Sen. Ted Cruz (R-TX) echoed that sentiment, arguing the program could reshape how young Americans view capitalism.

“We have all seen the sad statistics of how many kids are losing faith in capitalism. Ten years from now, a little boy will pull out his phone and look at this app and he’s gonna see his Trump Account. Instead of thinking of big, bad scary corporations, that little boy is gonna say, I own $50 of Apple, I own $100 of Dell, I own $75 of McDonald’s … that will transform this country.” 

More than 5 million children have reportedly been enrolled in the program.