The Challenge
Financial illiteracy is one of the gravest, yet least talked-about issues facing America today.
- The average American household with at least one credit card has nearly $10,700 in credit card debt.
- Between 25 and 56 million Americans do not have a bank account.
In light of the recent economic crisis, we can no longer ignore the problem. Financial illiteracy is prevalent among both adults and minors, and is most serious in our nation’s underserved neighborhoods.
- Based on a national survey, America’s teenagers as a group score a failing grade in basic financial literacy knowledge.
- Among parents with children older than five, 74% do not feel qualified to teach their kids about basic personal finances.
- Only 35% of teenagers have ever learned about money management topics in school.
