The center's report follows an analysis of national financial literacy published earlier this year by the Financial Industry Regulatory Authority. That study found that nationwide, financial literacy actually declined slightly from 2009 to 2012.
(Read More: Financial Literacy Education Efforts Get Failing Grade)
The good news is that there are some changes afoot. The Council of Graduate Schools is making grants to some colleges and universities to design financial literacy programs. And in Arizona, which got a B in the report, will this fall start requiring personal finance teaching starting in first grade.
"We would not allow a young person to get in the driver's seat of a car without requiring drivers education, and yet we allow our youth to enter the complex financial world often without any related education," the center's report said. "An uneducated individual armed with a credit card, a student loan and access to a mortgage can be nearly as dangerous to themselves and their community as a person with no training behind the wheel of a car."