11 Facts About Finances for Young People

1. 11% of teens have their own credit card, an additional 10% have access to a parent’s credit card.
2. 64% of consumers ages 18 to 24 don’t even know the interest rates they pay on their credit cards.
3. 83% of college students have at least one credit card.
4. 21% of undergrads with cards have high level balances between $3,000 and $7,000.
5. Students double their average credit card debt – and triple the number of credit cards in their wallets – from the time they arrive on campus until graduation.
6. Graduating students have an average of $20,402 in combined education loan and credit card balances.
7. Almost half of college students with credit cards have paid a fee for late payment, and 7% have had a credit card canceled because of late payments.
8. The fastest growing group declaring bankruptcy is young adults age 20 to 24.
9. Only four states require students to complete a course that includes personal finance before graduating from high school.
10. The U.S. national debt is 10 trillion dollars and growing every second. In October of 2008, the US National Debt Clock in Times Square ran out of digits to record the spiraling figure. As an emergency measure, the counter’s electronic dollar sign was hastily replaced with the extra digit needed.
11. The Millennial Generation (born between 1978 and 2000) is the first generation in American history to inherit a nation in decline. This means is it almost impossible for us, as a generation, to be more financially successful than Baby Boomers, our parents’ generation.

Sources:
National Post-Secondary Student Aid Study

Parent Map
My Vesta
Consumer Jungle
My Money
The American Financial Services Association Education Foundation
Practical Money Skills