Why Financial Education?

It is a sad fact today that most people starting with students are financially illiterate.

Here are some sobering facts:

• The average score on a freshman "financial literacy exam" was 59%, according to the JumpStart Coalition.

• The average student has roughly $23,000 in student loans, $4,000 in credit card debt and four credit cards.

• An average of 7% percent of graduates default on their student loans within the first few years.

Here’s what students are begging to understand:

• 84% say they need more education on financial management, according to Sallie Mae.

• 62% say their knowledge of credit reports is either fair or poor, according to the Consumer Federation of America.

• 60% have only a vague understanding of their debt, according to TheFreeLibrary.com.

 

For More: Why Financial Education? 

Thank you,