Report: Puerto Rico students unprepared for financial responsibilities
An EVERFI survey found that high schoolers lack confidence in managing credit, student loans and investing.
High school juniors and seniors in Puerto Rico and across the United States remain significantly underprepared to manage their personal finances, despite widespread engagement with financial products, according to the newly released 2025 Teen Financial Literacy Report from digital education provider EVERFI.
The report surveyed thousands of high school students, including many in Puerto Rico. It found that while students commonly own or expect to open financial accounts — 47% have or plan to open a savings account, 51% a checking account and 21% a credit card — many lack the confidence and knowledge to manage them effectively.
More than half of students said they currently use or plan to use mobile banking and peer-to-peer payment apps within the year. However, about 50% reported low confidence in their ability to use these tools safely and avoid scams. Nearly 60% said they felt unprepared to manage credit scores or maintain healthy credit practices — critical skills for financial stability.
“Six in 10 young people are underprepared to manage credit at a time when most of them have or will soon be in a position to be making credit-impacting choices,” the report noted, emphasizing the gap between youth financial participation and literacy.
The survey also found widespread anxiety around college financial planning. Although 71% of students said they intend to pursue higher education, more than 75% reported feeling unprepared to complete the Free Application for Federal Student Aid. Nearly 90% expressed uncertainty about how to evaluate student loan options and repayment plans.
“The importance of timely and effective financial education for students on the cusp of adulthood cannot be overstated,” said Ray Martínez, CEO of EVERFI, adding that April is Financial Literacy Month. “Post-high school, these young people face unique challenges, and we must equip them with the knowledge and skills for healthy financial choices.”
Martínez noted that an increasing number of U.S. states now require personal finance education for high school graduation.
“With the responsibility falling on states, school districts and individual schools, the private sector has an opportunity to become a stable and supportive funding source,” he said.
“Banks and credit unions also stand to benefit greatly from a more financially literate next-generation consumer — in terms of building trust, relevance, brand awareness and the adoption of that institution’s financial products,” Martínez said.
Student interest in financial education remains strong. Seventy-five percent said financial literacy is key to improving quality of life and 74% said now is the right time to learn about personal finance — highlighting the urgency for stronger high school programs.
The report also pointed to gaps in investment readiness. While more than half of students said they plan to invest in the future, 70% found investing intimidating, and only 12% said they were very confident in explaining how the stock market works.
EVERFI has worked in Puerto Rico to help bridge this gap. A year ago, it partnered with PenFed Credit Union to provide a financial literacy event for more than 110 students in grades 9–12 at Rafael Cordero Molina High School in San Juan.
The students completed “Tu Dinero, Tu Sueño” (“Your Money, Your Dreams”), a digital program provided by PenFed in alliance with EVERFI. Over the past five years, the partnership has reached more than 4,000 students in 39 schools across Puerto Rico at no cost to the schools.
