The Need for Financial Education
American Children, Teenagers and Young Adults:
- More than one of five youths ages 12 to 19 have their own credit card or have access to their parents' credit cards, and 14% have debit cards.
- 45% of college students are in credit card debt - the average credit card debt being $3,066.
- Graduating college students have an average of $20,402 in combined education loan and credit card debt.
- University administrators state they lost more students to credit card debt than to academic failure.
American Families:
- Approximately 10 million Americans - the "unbanked" - are not using mainstream insured financial institutions.
- 48% of credit card owners only pay their minimum monthly payment each month.
- 69% of Americans plan to work in their retirement years.
- The average household with debt carries approximately $10,000 to $12,000 in total revolving debt and has 9 credit cards.
- In 2005, savings rates dipped to minus 0.5 percent, something that hasn't happened since the Great Depression. A negative savings rate means that consumers are spending more than they earn.
|
|
