Articles of Interest From Our February 2011 Newsletter:
Show us the money!
Submitted by Field Reporter Hanna Karimipour, to DoSomething.Org 01/13/2011
The young generation of today is in for a fun financial ride. With a stagnant recession occurring and unemployment sky-rocketing, youth are a few of many victims of the terrifying economy. The lack of financial education is no help preparing today’s youth for tomorrow’s financial world.
Recent studies have shown that the debt of the average graduating college student has topped $20,000. With all of the school loans, food, and other expenses, and the convenience of credit cards, it can be easy to fall into a downward financial spiral. Because of this, the fastest growing bankruptcy rate is for those between the ages of 20 to 24.
Because of a variety of options of loans, those in their twenties who are buying houses and cars often rack up quite a bit of debt, with the median first time home buyer paying only 2% on a $150,000 home. This can lead to a nightmare of debt if you do not have the proper amount of savings. According to MSN Money, the best way to save is to make savings a priority.
Your financial situation can control your life, which is why it is important to get the proper financial education. Studies have shown that only 10% of high school seniors by the time they graduate have had financial education, and only 52% of them are financially literate, leaving many students to make some mistakes.
Because of these tough financial times, although many people are suffering, even more people are realizing the importance of financial education, and keeping yourself aware of your options.
What can you do?
Teach financial literacy workshops.
Explain mortgages, credit scores and other details in a video that you make.
Prevent that college debt. Spread the word about scholarships.