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- A Parenting Magazine poll indicates that 49% could not cover even one month's expenses if they were to miss a paycheck.
- 53% of Americans have less than $25,000 in retirement savings. 43% of those people are over 55! Retirement Confidence Survey, 2006
- Savings rate for 2006 was -1%, the lowest since the Great Depression. Cureau of Economic Analysis, January 2006.
- The Credit Card was born in 1950. American Express in 1958. Visa in 1976. Discover entered the scene in 1986.
- The average household with debt carries approximately $10,000 to $12,000 in total revolving debt and has 9 credit cards. -Jump$tart Coalition, 2007
- The credit card industry takes in $43 BILLION per year in additional, unexpected fees from the consumer, such as late payment, over-the-limit, and balance transfer fees. Late fees along bring in more that $11 BILLION.
- 16% of the students surveyed have taken any type of money management course. -Jump$tart Coalition, 2006
- In 2007, a Charles Schwab survey on teens and money reported that only 45% of teens know how to use a credit card, while just 26% understood credit-card interest and fees.
- Americans shelled out more than $24 billion in credit card fees in 2004, an 18% increase over the previous year. -Cardweb.com 2005
- While teens believe when they get older that they will earn an average salary of $145,000. In reality, adults with a bachelor’s degree earned an average of $54,689 in 2005. The reality: Only five percent of the U.S. population currently earns a six-figure income. -Charles Schwab Teens and Money, 2007
- 19% of Americans between the ages of 18-24 declared bankruptcy in 2001.
- USA Today, 2001
- The fastest growing group of bankruptcy filers are those people who are 25 years of age or younger. - Senate Committee on Banking, Housing and Urban Affairs, 2002
- Over 80% of undergraduates have at least one credit card and nearly 50% of college graduates carry four or more credit cards. According to the Department of Education, the average balance carried by these students is more than $3,000.
- Senator Chris Dodd, CT
- 68.1% of high school seniors surveyed failed a basic financial survey, up from 52.1% in 2001, and only 10% scored a "C" or better.
-Jump$tart Coalition for Personal Financial Literacy, Annual Summary, 2002
- A recent survey Sallie Mae did in 2007, they found that more than half of college students accumulated more than $5,000 in credit card debt while in School.
- Nearly half of college-age adults (49%) said they believe they are more likely to become millionaires by starring in a reality TV series than by learning how to budget and save wisely (36%). -Visa USA, 2003
- Persons entering college are offered an average of 8 credit cards in their FIRST WEEK of school.
- Jump$tart Coalition for Personal Financial Literacy, Annual Summary, 2002
- 83% of adults are unaware of the resources available to help them teach children practical money skills. - Visa USA, 2003
Out of 6 children:
- 5 of these kids will be left behind in the global economy
- 4 will never be able to manage a household budget
- 3 won’t know how to save for retirement
- 2 won’t learn how to balance a checkbook
- 1 will likely declare bankruptcy during his/her lifetime
-Money Savvy Generation
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