The Cost of Financial Illiteracy

Posted on : Apr 25, 2012 | Filled under : News

Today’s twentysomethings hold an average debt of about $45,000, which includes everything from cars to credit cards to student loans to mortgages,
according to a PNC financial independence survey released last month. Unemployment for those 18-29 is 12.4%, well above the national rate of 8.2%; and
young people face an increasingly complex global economy that is credit-driven and puts more responsibility on individuals to plan for and manage their
retirement accounts. Read the article here

By the numbers:

  • $25,000: Average student loan debt for class of 2010 (The Project on Student Debt)
  • $1,800: Average credit card debt for those 20-29 (PNC financial independence survey, March)
  • 12.4%: Unemployment rate for those 18-29 (BLS data, March)
  • 13: States that require high school students to take a personal finance class (Survey of the States, 2011)
  • 60%: 18- to 34 year-olds not keeping a budget (NFCC financial literacy survey, 2012

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