(BPT) - It's not surprising that many young people today are concerned and even uneasy about their financial futures. The era of a global pandemic, a shaky economy, inflation, high interest rates and the weight of student loan debt has been an uncertain and challenging financial period in which to come of age.

Making matters worse, numerous studies have concluded that too many Americans lack basic financial literacy, particularly young people. That's why it's important to provide a solid financial education early, while teens are still in school. Armed with information, they'll be better positioned to avoid the unwise financial choices and bad money habits that often plague young people as they enter adulthood. And it takes a village to make that happen.

One example of this was on display in Washington, D.C., in June, where the finalists of the Capitol Hill Challenge gathered in celebration. Run by the SIFMA Foundation and underwritten by the Charles Schwab Foundation, the challenge pairs members of Congress with high-needs public schools in every congressional district in the country to teach students basic money management skills. Since its inception in 2004, the Capitol Hill Challenge has made 8,000 matches of U.S. senators and members of Congress with schools, reaching nearly 175,000 youth. Public middle and high school students from all 50 states participated in this year's challenge.

Here's how it works: Groups of students at each school manage a hypothetical $100,000 portfolio of stocks, bonds, mutual funds and cash. The 10 groups that have the highest-performing portfolios at the end of the challenge win a trip to Washington, D.C., where their financial savvy is put on display in a ceremony at the U.S. Capitol.

To help close financial literacy gaps, the Capitol Hill Challenge program teaches students to learn the skills to build wealth through smart investing strategies, and they also learn about spending wisely, saving, avoiding debt and so much more. These skills can help empower students to save more, put money away for retirement earlier, manage debt and avoid the financial pitfalls that can trip up many young people as they enter the "real world." The program is only an example of efforts being made nationally to teach basic money management skills, and experts argue more needs to be done.

"Financial literacy is critical for our youth. Currently, 35 states require high school students to take a course in personal finance to graduate. That's not enough," said Lisa Hunt, managing director and head of International Services for Charles Schwab and vice chair of the SIFMA Foundation board of directors. "Financial literacy needs to be a graduation requirement in all 50 states. It means committing the resources to have enough trained educators and provide them the necessary tools to deliver these curricula to students. The industry can't do this alone - we need government leaders, nonprofits, educators and families to work together on this critical issue as well."

That's where Congress comes in. With bipartisan leadership from members including Reps. Young Kim (R-Calif.) and Joyce Beatty (D-Ohio), who co-chair the House Financial Literacy and Wealth Creation Caucus, financial literacy is getting more attention, including passing legislation to declare a "financial literacy month" each year for highlighting the issue, introducing bills that provide grants for funding programs, and more.

And families can make a difference, too. Cindy Scott, a Charles Schwab Certified Financial Planner based in Westlake, Texas, credits her dad with helping her learn critical financial lessons that influenced her for life.

"One of the greatest gifts a parent can give their children is a foundation of financial wellness," she explained in her recent column. "When I was a kid asking for this and that, my dad didn't say no. He said, 'Let's sit down, and I'll show you how money works.' Kids need that."

Want to learn more about efforts to improve teen financial literacy - and ways you can jumpstart your own family conversations about money? Visit schwabmoneywise.com.