Did You Know?

Facts and Stats You Never Knew About Financial Literacy!

01

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

02

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

03

04

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

05

06

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

07

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

08

09

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