The data: High school students think it’s the right time to learn about personal finance (75%), according to a survey by Everfi, while only 20% said too late, and 5% said too early.

Digging into the data: High school students’ sentiment regarding learning about personal finance isn’t far removed from discussions about money they’re already having. They are very likely to discuss general money management with their family: 50% do so sometimes and 40% often or always, while only 10% never do.

Paying for college is not far behind, with 50% sometimes discussing it with their family and 37% often or always, while only 13% never discuss it. Investing lags as a topic of conversation, as only 29% sometimes discuss it, 21% often or always, and 20% never.

Implications for banks: Banks should have a place in household teen money discussions, but their influence is waning due to an outdated approach to digital financial wellness versus fintechs’ more sophisticated strategies. Banks are increasingly pivoting branch-based services to provide financial advice and guidance. But they also need to find a way to advise customers through the channels they are most likely to use day-to-day.

The target for mobile banking includes teens on mobile devices who are looking for financial advice to supplement their discussions with friends and family and whatever they find on the internet (especially with genAI bots).