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Making the Case for Financial Literacy
A collection of personal finance statistics gathered from other sources.

 

Study:  Nearly Half In U.S. Lack Financial Safety Net

Financial Literacy Education

Adults and Parents:

1. The sixth annual Financial Literacy Survey of adults, conducted in 2012 on behalf of the National 
    Foundation
for Credit Counseling and the Network Branded Prepaid Card Association revealed 
    that:

    · Two in five U.S. adults gave themselves a C, D, or F on their knowledge of personal finance.
    ·  56% admit that they do not have a budget.
    · One-third, or more than 77 million Americans, do not pay all of their bills on time.
    ·  39% carry credit card debt over from month to month.
    · Two in five adults indicated that they are now saving less than they were one year ago and 39% do not
        have
any non-retirement savings.    
    · 
25% of those who do not currently have non-retirement savings indicated that, if they did begin to 
        save,
they would keep their savings at home in cash.
    · More than one in ten (13%), or about 30.5 million Americans, typically use prepaid debit cards to pay 
        for
everyday transactions such as groceries, gas, dining out, paying bills, and shopping online.
    · 78% of adults who use prepaid debit cards for everyday transactions say they use them because they 
        are
convenient.
    ·  74% use prepaid cards because they feel the cards are safer than carrying cash.
    ·  72% utilize prepaid cards because it allows them not to overspend or spend money they don’t have.
    ·  56% find that the cards enable them to better manage their money.

[National Foundation for Credit Counseling, Inc., Financial Literacy Survey Exposes Significant Gaps In Grasp Of Personal  Finance Skills, April 2012, http://www.nfcc.org/newsroom/newsreleases/SIGNIFICANT_GAPS.cfm]


2. DoughMain’s 2012 survey of parents revealed that:
   · 81% of parents feel it is their responsibility to teach their kids about money and savings.
   · 63% of kids 18 and under have savings accounts, and 73% of those savings accounts were started 
        before the age of three.
   · 43% of parents review bank statements with their kids monthly.
   · 51% of parents give their children allowance, but only 4% require them to deposit that money into a 
        bank account.
   · Only 28% of children have used online banking to view their savings account balance.
   · Only 38% of parents are matching their children’s savings.
   · Only 30% of children give some of their savings regularly to charity.
   · For children without savings accounts, their money is most frequently saved in a piggy bank,
        bonds/CDs, or checking accounts.

[DoughMain, Study Reveals Need for Tools to Help Parents Teach Kids About Savings, February 17, 2012,
http://www.doughmain.com/odmpublic/includes/footer/about/docs/Help%20Parents%20Teach%20Kids%20About%20Savings.pdf]


3. The College Savings Foundation’s 2010 “The State of College Savings” survey of parents revealed that:
   · 65% of parents are saving for their children’s college education, up from 59% last year. Conversely, the
          number of parents who weren’t saving at all has fallen to 35% this year, down from 41% in 2009.

   · 76% of all respondents said that they take the time to teach their children how to be financially literate.
          Nearly all – 90% – said that they believe there is a need to teach financial literacy to children as part of the 
          school curriculum.  Of those parents, 82% said that they believed that school districts should be required to offer 
          a multi‐grade integrated financial literacy curriculum.

[College Savings Foundation, Parents Shift Behavior to Save More for Their Children’s College Education, Says College
Savings Foundation Survey, August 25, 2010.
http://www.collegesavingsfoundation.org/pdf/2010CSFStateofCollegeSavingsPR8-25-10.pdf]



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