The American dream is alive and well among
girls, according to a new report by the Girl Scout Research Institute, which
reveals that girls feel optimistic about their financial futures, yet are less
than fully knowledgeable about essential financial principles and instruments,
from using credit cards to establishing good credit. And just 12 percent of the
girls surveyed say they feel confident in making financial decisions.
“Our research is clearly telling us that
girls understand the world—they know how important it is to be financially
literate in their daily lives,” said Anna Maria Chávez, CEO of Girl Scouts of
the USA. “It’s also telling us that too many girls lack the confidence needed
to become financially independent and responsible citizens.”
The study, Having It All: Girls and
Financial Literacy, comes out at a time of continued economic uncertainty. The
country’s recovery from the 2009 recession has been marked by slow economic
growth and high unemployment, as well as increasing concern over the costs of a
college education and the unprecedented levels of student loan indebtedness.
The study, which surveyed 1,040 girls ages 8
to 17, found that girls are averse to debt. However, in order to avoid debt,
these girls say they need more education about how credit works. In fact,
nearly 4 in 10 girls say they don’t know how to use a credit card, only 38
percent know what a credit score is, and just 37 percent know how credit card
interest and fees work. Perhaps not surprisingly, a vast majority (90 percent)
say that it is important for them to learn how to manage their money.
Despite the recession and economic
uncertainty, girls are bullish about their financial futures. Some 88 percent
say they are likely to make more money than their parents, and nearly all girls
say it is likely that they will have jobs or careers they enjoy (98 percent),
be able to provide for their families (96 percent), and own their own homes (95
percent) one day.
This generation of girls is financially
empowered and independent. A great majority feels gender is no barrier to what
they can accomplish financially, and they envision a future family structure
where they are fully engaged in financial decision making and planning. When it
comes to financial capability, 7 in 10 girls say both men and women are equally
likely to be financially responsible (73 percent) or in a lot of debt (72
percent).
“Girl Scouting offers girls an opportunity to
attain these skills and gain a greater understanding of the financial world in
an environment that is supportive and encouraging,” says Chávez. “Our financial
literacy programs give girls the skills they need to succeed in life.”