Yeah, we are a nation of financial dummies. 1. Look at all
worthless get-rich schemes on Net and TV. These ads exist BECAUSE people are buying.
2. Watch confused look on cashier’s face when you hand over extra coins AFTER register displays your change.
3. Witness people standing in line overnight for privilege of “25% savings.” Aren’t they waiting to SPEND money?
If you’re a non-believer, read these statistics:
1. According to fool.com, “68% PER CENT of graduating high school seniors surveyed by Jump$tart Coalition for Personal Financial Literacy failed a personal finance test in 2002, compared with 44% who failed in 1997.”
2. The U.S. Public Interest Research Group states that “40 percent of college students are graduating with unmanageable levels of student loan debt, and half of those have an average credit card debt of $3000.”
3. Near retirement age baby boomers have saved only 12% of what they think they will need for retirement.
THE REASONS WHY?
The U.S. Public Interest Research Group attributes debt issue to rising costs.
The deputy assistant secretary for financial education at Treasury department testified before House, "The downstream, adult problems of rising bankruptcy rates, low savings rates and misuse of credit can all be traced upstream to how our schools FAIL TO adequately prepare children for their financial futures."
