Transcript JumpStart Coalition Test Info & Results

Are you Financially Literate?
Take the challenge!
Making the Case
The 6th annual Financial Literacy Survey of adults conducted in 2012 revealed that:
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2 in 5 U.S. adults gave themselves a C, D, or F on their knowledge of personal finance.
1/3, or more than 77 million Americans, do not pay all of their bills on time.
The 2011 Annual back-to-school survey of parents and teens from Capital One found that:
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93% of teens surveyed say they are not involved in paying household bills, or managing the
household budget, and 46% do not know how to create a budget
A 2011 survey of parents from Visa Inc. found that:
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37% of adults say they learned basic money management on their own. Mothers were the
primary source for 25% of respondents, while 22% learned about personal finance from their
fathers
According to Charles Schwab’s 2011 Teens & Money Survey:
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On average, teens have nearly $1,000 saved, and 76% say their main reason for saving is to pay
for college. Fewer than 5% agree that “you might as well spend as much as you can today,
because you never know what tomorrow will bring.”
Making the Case cont’d
Results of the 2011 Junior Achievement/Allstate Foundation “Teens and Personal Finance”
Survey indicate that:
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Nearly 50% are unsure of how to use a credit card effectively, yet 24% think high school or
younger is when they should get their first credit card.
The 2010 Families & Money Survey by Charles Schwab revealed that:
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Parents cite college debt (32%) and unemployment (31%) as top reasons their children are
relying on them more. However, they also believe that some contributing financial pressures fall
squarely within the kids’ control. Parents also cite overspending (25%) and consumer debt (19%)
as reasons for their kids’ delayed independence.
A 2010 survey by the College Savings Foundation revealed that:
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Three quarters (75%) of 16-17-year-old high school students surveyed said that it is their
responsibility to fund part or all of their higher education costs.
According to the FINRA Investor Education Foundation’s 2010 State-by-State Financial
Capability Survey:
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Young Americans [18- to 34-year-olds] nationally were more likely to be less financially capable
than older Americans, with 23% spending more than their household income, 68% not having
money set aside to cover expenses for three months (rainy day fund), 34% engaging in non-bank
borrowing, and averaging only 2.6 correct out of 5 questions covering concepts of economics
and finance expressed in everyday life.
About the Jump$tart Coalition
for Personal Financial Literacy
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501-c-3 non-profit organization
based in Washington, DC.
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An organization of organizations
that share an interest in
advancing financial literacy among
students in pre-kindergarten
through college.
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A partnership of about 150
national organizations
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Consists of a network of 49
affiliated state coalitions and
their local partners.
Take the test and see where you fall!
2008 Survey Results
6,856 Seniors – Mean score = 47.5%
Version 2 – Coming Soon
 Learning Point Associates hired to develop a
Version 2
 Funded by seed grant from Bank of America
 Test in online format.
 Survey is currently being pilot tested
 Additional funding needed to administer new
survey