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 The Free Library.com.
So what can we – as parents, activists and educators do?
For More: Why Financial Education?