Statistics from CEE inspire mandatory personal finance course in Massachusetts

POSTED: February 19, 2013 | BY: admin | TAGS: , , ,

When CEE released the Survey of the States in early 2012, we supplemented the printed report with a website dedicated the state of financial and economic education, www.surveyofthestates.com.

Principal Julie Miller of Stoughton, MA, used statistics from CEE’s website when she went before the school committee to ask for a required personal finance course at Stoughton High School.

She presented:

  • In 2010, more individuals filed for bankruptcy than graduated from college.
  • ⅓ of parents are more comfortable talking with their kids about smoking, drugs and bullying than about money.
  • 30% of 18-24 year olds income goes towards the payment of debt.
  • Only 56% of teens plan to save some of their income, down from 89% in 2011.
  • 75% of credit card carrying college students were unaware of late payment charges.
  • 81% of college students underestimate how long it will take to pay off a credit card balance.
  • Current Student Loan Debt exceeds $1 trillion, that is greater than the national credit card debt.
  • 30% of college students with loans drop out of college without a degree.

Julie Miller made her case, and a financial literacy class will be offered to Stoughton High School juniors and seniors starting in the 2013 school year. The course, which focuses on subjects like budgeting, savings and loans, will be a graduation requirement starting for the Class of 2017.

Read more about Julie Miller’s success here.

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