Module 2: Financial Planning (Opening a checking account, balancing account, budgeting, and debt management.)

  • In 2012, 56% of people in the U.S. have no ‘rainy day funds’ according to FINRA Investor Education Foundation.
  • More than half of millennials (about 54%) say debt is their “biggest financial concern.” Wells Fargo Study
  • 39% of millennials worry about their financial future “at least once a week.” Fidelity study
  • 83% said that personal financial challenges had a large impact or some impact on overall employee performance. Society for Human Resource Management
  • Yet 90% of students have a skewed sense of financial reality. “Even though 37% of us are unemployed, nine-in-ten report having enough money to eventually meet our financial goals.” Millennial Jeffrey Arnett, Emerging Adults
  • Student load debt exceeds $1.1 Trillion. Fastweb and FinAid
  • According to a report from the Institute for College access and success, individual average student loan debt approaches $30k.
  • According to Sallie Mae’s National Study of Usage Rates and Trends, most college students use credit cards. Many parents of college students who are over 18 may not know if their student has one credit card or multiple credit cards.
    1. 84% of undergrad’s have at least one credit card
    2. 4.6 cards held on average per college student
    3. 50% of students have 4 or more credit cards
    4. $3,173 average balance carried by college students
    5. 21% of students carry a balance between $3,000-$7,000