• In 2012 there were... 1,219,132 non-business bankruptcy filings (fiscal year 2012)
• Outstanding student loan debt hit $1 trillion
• In 2012... roughly 650,000 people lost their homes
• Credit card debt hit $850 billion
• The average total credit card debt of those who carry a balance in 2012 was... $15,418
• Nearly 1 in 3 Americans have zero emergency savings
• 89% of people who have access to a 401(k) are not contributing enough to retire
• When surveyed, 75% of credit card carrying college students were unaware of late payments
• 26 - the number of states with zero requirements to teach personal finance. This means schools in these states are not even required to integrate basic personal finance concepts into other content areas.
• 1 - the number of new states who began personal finance instruction in a stand-alone semester long course required for gradation (Virginia).
The nasty ripple effects of poverty and financial stress by the numbers...
• #1 cited reason for divorce is financial stress.
• #1 cited reason for dropping out of college is for financial reasons.
• It is not a number, but it is a fact that financial stress sadly leads to suicide.
It is time legislators across our country get serious about education legislation that teaches to the whole child. It is time our education system prepares every student to make wise and informed financial choices.
To better understand the need for financial literacy in our schools, watch this short video.