>Adding fuel to the fire for the need for better financial education – here are some scary statistics from the US regarding students and finance.
More college students drop out of college because of financial reasons than because of academic reasons?
Some college age students have committed suicide because they can’t handle the debt that they got themselves into?
62% expect of college graduates will have a student loan debt averaging $27,236 (Student Monitor)
40% will never gain a net worth in excess of $10,000 (American Dream Education Campaign)
In most cases, economics and personal financial literacy programs are elective classes so “only 12% of Americans graduate from high school having learned anything about money at all.” (FoxNews.com)
Less than 1/4 of students and only 20% of parents say students are very well prepared to deal with the financial challenges that await them after graduation. (KeyBank)
57% of college graduates plan to move back with their parents. (MonsterTrak.com)
Research shows that individuals who have taken a personal finance education course have a higher savings rate, higher net worth and make larger contributions to their 401ks. (The Department of the Treasury)
Studies show that it takes less than 10 hours of financial literacy education to influence a child’s financial choices and decisions as adults.
