- __[Tap](https://snacks.robinhood.com/newsletters/3RR5q8SXnbN0gmtGDTckMU/):__ President Biden will release a record 180M barrels from the strategic petroleum reserve over the next six months in a push to pump the brakes on soaring gas prices – but relief may be capped.
- __[W-2](https://snacks.robinhood.com/newsletters/5c1ov5mPyllDBQuH9iy5S5/):__ The FTC sued __[Intuit](https://robinhood.com/stocks/INTU)__, the financial software powerhouse behind TurboTax, claiming TurboTax’s “free” filing ads are “deceptive.” The FTC says most US taxpayers didn’t qualify for its free offering last tax year.
- __[Gold](https://snacks.robinhood.com/newsletters/2Bc4NhkgCxLnebOfphcUTk/):__ __[Apple](https://robinhood.com/stocks/AAPL)__ became the first streamer to win Best Picture at the Oscars with its indie drama “CODA.” Since 2019, Apple TV+ has taken on __[Netflix](https://robinhood.com/stocks/NFLX)__ with a less-is-more strategy of highly-curated premium content.

ICYMI

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__Taxes 101…__ a class we wish we'd taken. The pandemic + soaring prices have stressed American wallets, highlighting the importance of financial literacy (think: saving, budgeting, investing). Layoffs left millions struggling to afford childcare and rent, and 1 in 10 families [had](https://www.cnbc.com/2020/09/10/1-in-10-americans-are-struggling-to-afford-enough-food-during-pandemic.html) difficulty stocking fridges. Meanwhile, stimmy payouts padded savings and sparked a surge in young retail investors. Now:

- __Money is the second-most__ [discussed](https://www.forbes.com/sites/christinecarter/2022/03/31/survey-gen-z--gen-alpha-place-high-importance-on-financial-literary-just-like-their-parents/?sh=1f9f1ec832b5) topic for parents and teens (after Covid) as high food and gas prices eat into family budgets.
- __93% of teens believe__ financial knowledge is crucial to achieving their life goals, yet [most](https://www.financialeducatorscouncil.org/national-financial-literacy-test/) 15-to-18-year-olds fail basic fin lit tests.
- __The financial literacy deficit__ [cost](https://www.prnewswire.com/news-releases/survey-results-shortfalls-in-financial-literacy-cost-americans-352-billion-in-2021-301458429.html) Americans $350B last year (think: overdraft fees, high-interest loans).

__Whiteboards & wallets...__ High school often marks a transition from summers scooping ice cream to financial independence — but [more](https://jaheartland.org/new-research-shows-majority-of-teens-feel-unprepared-to-finance-their-futures/#:~:text=(Moline%2C%20IL)%20%E2%80%93%20After,from%20Junior%20Achievement%20and%20Citizens.) than half of teens feel unprepared. For college students, poor money management skills can lead to maxed-out credit cards, late bills, and dropped degrees. Now lawmakers are stepping in:

- __Last year:__ Half of states proposed bills requiring personal finance courses in high school — a trend accelerated by Covid and [record](https://www.cnbc.com/2021/09/09/america-has-1point73-trillion-in-student-debtborrowers-from-these-states-owe-the-most.html) student loan debt.
- __Last month:__ Florida [became](https://www.cnbc.com/2022/03/23/florida-becomes-largest-state-to-mandate-personal-finance-education-.html) the largest state to mandate that all high school students   take a personal finance class to graduate. 
- __This year:__ A record 25% of US high schoolers are expected to take a personal finance course before graduation, up from 20% last school year.

Making cents of the fin lit problem (J Studios via Getty Images)

FinLit

__Financial literacy is an investment…__ in future stability. Early money management skills [can](https://papers.carlyurban.com/TeacherSurvey_brief.pdf)  lead to better credit scores, lower debts, and higher savings down the road. Some experts even say parents should start teaching kids about money as [early](https://www.cnbc.com/select/teaching-children-about-credit/#:~:text=Behavioral%20researchers%20from%20Cambridge%20University,at%20every%20stage%20of%20childhood.) as preschool. But financial literacy is more [likely](https://www.nytimes.com/2021/04/02/your-money/financial-literacy-courses.html) to be taught in wealthier districts. Equitable financial education could empower the next generation  and help bridge America's wealth gap.

The pandemic exposed America’s financial literacy gap — now lawmakers want $$ management to start in the classroom

__Ameri-canna milestone...__ On Friday, the House [passed](https://www.cnbc.com/2022/04/01/house-to-vote-on-bill-to-legalize-marijuana.html) legislation that would legalize marijuana nationwide and scrap criminal penalties for pot-related activities (feat. an 8% tax on cannabis sales). While recreational weed is legal in 18 states, marijuana is still an illegal Schedule I drug at the federal level (along with LSD and heroin). Now the bill heads to the Senate, where it [faces](https://www.newsweek.com/marijuana-decriminalization-bill-passes-house-heads-senate-1694288) an uphill battle. Big pot companies need federal legalization to grow, but they weren't feeling the buzz: shares of __[Tilray](https://robinhood.com/stocks/TLRY)__, __[Aurora](https://robinhood.com/stocks/ACB)__, and __[Canopy Growth](https://robinhood.com/stocks/CGC)__ all dipped.

__Workers have union dues...__ America's second-largest employer has union blues. __[Amazon](https://robinhood.com/stocks/AMZN)__ workers at a NYC warehouse [voted](https://www.wsj.com/articles/amazon-workers-in-new-york-vote-to-form-tech-giants-first-u-s-union-11648831151) to unionize on Friday, establishing Amazon's first US union. Last year, Amazon [won](https://snacks.robinhood.com/newsletters/7CtuLmgMuoMjI0OwUeBMCf/articles/33FGeI4OGeSbCzNjbOSQr8/) a labor battle when Alabama workers voted *not* to unionize. Amazon has fought against unionization (think: "Vote No" bathroom [flyers](https://www.cnbc.com/2022/04/01/amazon-workers-in-staten-island-vote-to-unionize.html)) and wants the power to quickly hire/fire workers and set hours/wages. But Amazon has been heavily criticized for its treatment of workers. It’s a landmark victory for organized labor that could threaten the Zon’s supremacy.

Zoom Out

Stories we’re watching...

__Skinny jean nostalgia...__ in a mom jean era. Wall Street's blue-jean baby __[Levi Strauss](https://robinhood.com/stocks/LEVI)__ unzips earnings on Wednesday. Levi's most recent earnings were a solid improvement from 2020, when WFH sweats replaced denim. Last year, Levi's sales were up 29% while profit 6X'd as it focused on high-margin direct sales (think: Levi's site vs. [Nordstrom's](https://robinhood.com/stocks/JWN)). While the leggings life is still thriving ([see](https://www.marketwatch.com/story/lululemon-stock-jumps-after-reporting-6-billion-in-annual-sales-for-the-first-time-forecasting-more-growth-11648585687): __[Lulu](https://robinhood.com/stocks/LULU)__ earnings), Levi's is tapping into the soft-pant trend with looser, stretchy fits. We'll see if Gen Z’s love of high-waisted baggy jeans helped Levi's growth.

__Inflation in aisle 5…__ Pantry powerhouses like __[Kraft](https://robinhood.com/stocks/KHC)__ and __[Kellogg](https://robinhood.com/stocks/K)__ have hiked prices as costs surge. Now shoppers are snagging what they can afford, even if it means [ditching](https://www.wsj.com/articles/why-the-american-consumer-is-switching-brands-more-than-ever-11648555251?mod=hp_lista_pos1) name brands for cheaper private labels. According to a mid-pandemic [survey](https://www.daymon.com/wp-content/uploads/2020/08/Daymon-PB-Intelligence-Report-2020.pdf), 70% of US shoppers said they’d tried new brands during Covid. It’s a worrying sign for household names that depend on consumer loyalty. We’ll get a peek at how some are doing this week when __[Conagra](https://robinhood.com/stocks/CAG)__ (Banquet pizza, Reddi-Wip), __[Simply Good](https://robinhood.com/stocks/SMPL)__ (Quest Bars), and __[Constellation](https://robinhood.com/stocks/STZ)__ (Corona, Modelo) all report.

Events

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Lawmakers push money education in schools to fix the financial literacy gap

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Fewer than half of Americans have enough savings to cover a $1K surprise expense

💸 The future of financial literacy

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