Two-thirds of high school seniors recently failed a basic financial literacy survey conducted by the Jump$tart Coalition. The lowest scoring groups were those whose families have the least disposable income: African Americans, Hispanics, the poor and non-college bound youth.
- The Forum for Youth Investment
Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt.
-Student Loan Hero
President Trump's full budget proposal for fiscal year 2018, to be released Tuesday, calls for a $9.2 billion, or 13.5 percent, spending cut to education. The cuts would be spread across K-12 and aid to higher education, according to documents released by the White House.
Teens are spending big, but for the most part, they have a very limited understanding of personal finance basics, like what the difference is between debit and credit cards. A 2012 poll from ING Direct and Capital One found that 87 percent of teens say they know little to nothing about managing money. While the majority of teens said they learn about money at home, close to 12 percent reported not having any kind of parental guidance on how to handle their finances, which could explain why they struggle to understand certain fundamental concepts.