Financial Literacy Facts
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People in the 18 to 24 age bracket spend nearly 30% of their monthly income just on debt repayment - double the percentage spent in 1992 (10% of net income is a recommended amount for debt obligation).
The State of Financial Literacy in America
65.1% of Americans consider themselves "very" or "highly" knowledgeable when it comes to personal finance. However a majority of Americans (52%) do not regularly review their credit report each year. 23% of Americans have never reviewed their credit report.
Jump$tart: Making the Case for Financial Literacy, 2007
Of the 5,775 high school seniors who took the Jump$tart personal finance test in 2006, 62% received failing scores.
The State of Financial Literacy in America
Nearly two-thirds (63%) of Americans acknowledge they don’t save enough, and more than a third say that they often (11%) or sometimes (25%) spend more than they can afford. More than one-in-three (36%) Americans also say that they have at some point in their lives felt their financial situation was out of control.
Jump$tart: Making the Case for Financial Literacy, 2007
The average 21-year-old in the U.S. will spend more than 2.2 million in their lifetime.
The State of Financial Literacy in America
Only 14% of American adults mentioned their company's 401(k) plan when asked about ways they save.
Jump$tart: Making the Case for Financial Literacy, 2007
In 2004 the credit card industry took in $43 billion in fee income, up from $39 billion in 2002, according to R.K. Hammer Investment Bankers. Fees accounted for 35% of industry income last year, up from 18% six years ago.
USA Today
Students entering college are offered an average of eight credit cards during their first week of school.
The State of Financial Literacy in America
More than 40% of American households have less than $1,000 in liquid, non-retirement savings accounts according to Census Bureau data, leaving them incredibly vulnerable financially.
How to Survive Seven Big Budget Busters
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Research has shown that as little as 10 hours of personal financial education positively affects students spending and savings habits.
Making the Case for Financial Literacy [DOC]
In 1999, approximately 461,000 Americans under age 35 sought protection from creditors through declaring bankruptcy, according to Harvard Law School professor and researcher Elizabeth Warren. This figure was up from 380,000 in 1991.
USA Today Collegiate Case Study: Money Matters for College Students [PDF]
Children's spending has roughly doubled every ten years for the past three decades, and tripled in the 1990s.
Making the Case for Financial Literacy [DOC]
More than 1 in 5 youths ages 12 to 19 have their own credit cards or have access to parents' credit cards, and 14% have debit cards.
Making the Case for Financial Literacy [DOC]
83% of college students have at least one credit card, and undergrads carry an average of three cards. But it's not like teens enroll in college with plastic in their pockets. Actually, 55 percent of students acquire their first credit card during their freshman year. On average, credit card companies extend credit lines between $500 and $3000 to college students.
Making the Case for Financial Literacy [DOC]