Why Traditional Money Education is Failing Teens
Understanding why today's teens are entering adulthood without the money skills they need, and how we're building a better solution that actually works.
Think You Know the Numbers?
The statistics around teen financial literacy might surprise you. Let's see what you think vs. reality.
What percentage of teens say they would take a financial literacy course if offered at their school?
The Financial Education Crisis
Today's teens are entering adulthood without the money skills they need – and the results are alarming. Despite growing up in a digital world of easy spending, financial education hasn't kept up.
of teens are likely to take a financial literacy course—but only 31% say such courses are offered at their school.
of high schoolers have taken a personal finance class—yet only 13% of teens invest when they receive money.
of teens say investing is important—but only 23% have actually started, and 91% plan to do so in the future.
Consider that 68% of teens would take a personal finance class if offered, yet only 31% have access to one at school. In fact, over 40% of teens have had no financial literacy classes at all, since only about half of U.S. states require a personal finance course for high school graduation.
This gap leaves millions of young people unprepared for real-world money decisions – 54% of teens feel unprepared to finance their futures, and 42% are "terrified" they won't have enough money for their future needs. The cost of widespread financial illiteracy is steep, draining an estimated half a billion dollars annually from the U.S. economy.
Why Traditional Financial Education is Failing
It boils down to four major problems that prevent teens from learning effectively.
Lack of Engagement
Most teens find money lessons boring or irrelevant. Classes often rely on lectures and textbooks that can't compete with today's interactive apps and games. Teens want to learn about money – 91% believe financial skills are vital to reaching their life goals – but the learning has to capture their attention.
Poor Feedback Loops
In traditional settings, teens rarely see the real impact of their financial choices. There's no immediate feedback when they make a budgeting mistake on paper. They might cram for a quiz on credit cards, but they don't feel the sting of an overdraft or the reward of saving $20 until much later.
Outdated Teaching Methods
Money habits are being shaped in a world of Venmo, DoorDash, and in-app purchases, yet many schools still teach finance like it's the 1980s. Only 3 out of 4 teens feel confident in their financial skills and many turn to social media 'finfluencers' for advice.
Minimal Real-World Practice
While more teens are getting bank accounts earlier, they still lack meaningful practice with real financial decisions. You wouldn't learn to drive by only reading a manual, and the same goes for money. Even teens with accounts often rely on parents for major decisions and don't get to practice budgeting, saving for goals, or understanding the long-term impact of their spending choices.
Here's Another Surprising Stat
The gap between what teens want to do and what they actually do might shock you.
What percentage of teens who haven't started investing yet plan to do so in the future?
The Real-World Impact
These problems have serious consequences for teens' financial futures and overall well-being.
of teens invest when they receive money, despite 45% having taken finance classes.
of teens say financial literacy courses are offered at their school.
of teens who haven't started investing yet plan to do so in the future.
- Poor spending habits that lead to debt and financial stress
- Lack of savings for important goals like college or first car
- Family conflicts over money and spending decisions
- Lack of understanding about credit and financial responsibility
- Delayed financial independence and life milestones
- Reduced retirement savings due to poor early habits
- Limited investment knowledge and missed wealth-building opportunities
- Increased vulnerability to financial scams and poor advice
Meet Pickl – A Fun, Practical Way to Learn Money Management
Pickl is a gamified finance education app that connects parents and teens through a shared financial experience. Instead of lectures or hypothetical exercises, Pickl uses your teen's real spending and saving activity – wrapped in a fun, game-like app – to build healthy money habits.
With so many fintech apps for kids popping up – from Greenlight to Step to GoHenry/Acorns, BusyKid, FamZoo and beyond – you might wonder how Pickl is different. The key difference: Pickl is not a bank or a prepaid card.
We don't ask you to switch banks or load money onto a new card. Instead, Pickl integrates with the accounts you already have and supercharges them with an educational, gamified layer. We're focused on building smart habits, not handling your money.
Pickl turns personal finance into an interactive game. Teens earn points and virtual credits for smart choices, unlock achievement badges, and climb leaderboards with peers. Research shows gamification can boost engagement by 100% to 150% compared to non-gamified approaches.
With Pickl, every purchase and saving move is a chance to learn. The app gives teens a Spending Score – think of it like a credit score or a "grade" for how well they manage their money each week. These real-time feedback loops keep teens constantly aware of their habits.
Unlike games that simulate finances in a vacuum, Pickl links to your teen's actual bank account via Plaid – a secure platform used by over 12,000 financial institutions. Every time your teen swipes their debit card or gets an allowance deposit, Pickl updates instantly.
Teens earn "Smart Spending" credits for good habits and use them in our Investing Simulator. They can practice investing in stocks, ETFs, or other assets without risking real money. It's a safe sandbox where they learn about diversification and portfolio building.
Pickl features a global leaderboard where users can see how they stack up on various metrics like highest Savings Rate, best Spending Score, or most consecutive challenge wins. Families can even have their own mini leaderboard or group challenges.
Pickl creates a win-win by delivering tools that satisfy both. Parents get oversight, structure, and educational outcomes; teens get independence, gamified rewards, and practical skills. It transforms money from a potential battleground into common ground.
One More Surprising Fact
Most people don't realize how different Pickl is from other financial apps for teens.
What makes Pickl different from other fintech apps for teens?
Join the Financial Education Revolution
Join thousands of families who are already building better money habits together with Pickl.